It’s time for all small businesses to start getting ready for Single Touch Payroll (STP), with the ATO announcing businesses will need to start reporting through the STP service from July 1, 2019. ATO Assistant Commissioner John Shepherd said the ATO will be working with employers to support them as they transition to STP. “Single… Read more »
In an effort to combat the challenges faced by small business regarding tax compliance, Labor frontbencher, MP Andrew Leigh, has proposed funding be established for 10 free tax clinics across the country to assist micro-businesses and low-income taxpayers in understanding their tax obligations. The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has welcomed the… Read more »
In this year’s budget, the government vowed to tackle the $50 million that goes untaxed in Australia each year — commonly known as the black economy. The initiative isn’t designed to penalise compliant small businesses, but new regulations mean there will be significant changes for all. Incentives to encourage better accountability and reporting are also… Read more »
Research from the Australian Taxation Office (ATO) has discovered Aussie consumers are turned off by businesses who lack the convenience of new technologies such as Tap-and-Go. The new research shows that most Australians have negative views of cash-only businesses, with consumers describing them as ‘inconvenient’, and saying it makes them wonder if the business is… Read more »
With the end of the financial year beckoning, it’s time to start thinking about lodging your return. Thanks to the adoption of cloud accounting solutions and online processing, it is easier than ever to lodge your tax. Whilst this is great news for individuals and small business, tax time is also fraught with fraud as… Read more »
As of July 1, 2018, all businesses with 20 or more employees will need to take part in the government’s new single touch payroll (STP) initiative. STP requires all affected businesses to report superannuation and payroll data to the ATO every time they pay run. It’s a massive change from existing requirements and many Australian businesses… Read more »
“It’s all good, I’ll claim it back on tax”. How often have you found yourself saying these words without having any clear idea how you’re actually going to claim that long liquid lunch back at tax time? Did you even keep the receipt? As a small business owner, you have many responsibilities, none more so… Read more »
Did you know that Superannuation payments will attract more interest and penalties than unpaid tax liabilities.
This question was sent to Kochie’s Business Builders from Simon via Facebook. It is one that has affected so many small businesses in Australia.
Watch how Diverse Interior Linings bounced back after losing nearly $100,000 to a phoenix business.
Understand the risks and how to stay on the lookout for phoenix activity near you.