The last ten years has been a challenging time for Digital Press founder, Theo Pettaras. Having worked extremely hard to build a small business for his family, Theo, 53, often neglected his health along the way. Building his dream didn’t come with a formula and starting a small business from scratch is an exhausting process. …
Single Touch Payroll is a government initiative to streamline how employers report their tax and superannuation information to us. Employers will be able to report salary or wages, PAYG withholding and super information directly to us at the same time as they pay their employees. Single Touch Payroll will become available for a small number …
In the 2016–17 Budget, the government announced that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Some government amendments have been made to this measure and these have been incorporated into the information below. Currently, there is a small business corporate tax rate which is less than …
Selling a business at the right price and terms often takes a year or more. Owners who desire to sell their businesses should begin to maximize the value of their business at least two and preferably three or four years prior to the sale. Selling before you have to allows you to take a deliberate …
Protecting our assets and our livelihood for a future generation is something all of us working in small business should make a priority. Yet so many of us are so focussed on just making it through the day that we don’t make the time to put necessary things in place such as a three-year small …
Protect your small business by protecting yourself Read More »
We find businesses tend to forget to update their Australian business number (ABN) details in the Australian Business Register (ABR) when their circumstances or details change. You can do a few things to help keep your clients’ ABN details up to date and reduce unnecessary contact from us. Check ABNs are still in use Many …
Despite wide publicity on the issue, the ATO has reminded taxpayers that it is increasing its attention, scrutiny and education on work-related expenses this tax time. Assistant Commissioner Kath Anderson said that last year, over 6.3 million people made a work-related expense claim for clothing and laundry expenses, totalling almost $1.8 billion. She said the …
ATO reiterates concerns about work-related expenses Read More »
The AAT has dismissed a taxpayer’s appeal and affirmed the Commissioner’s decision to disallow claims for input tax credits concerning several property developments in WA: GH1 Pty Ltd, in Liquidation and FCT [2017] AATA 1100 (AAT, McCabe DP and Walsh SM, 14 July 2017. Background The taxpayer company, a property developer, had claimed input tax …
One click is all it takes to bring your business down and make you yet another unfortunate cyber victim. Can your business afford to lose $10,000? Can you afford to lose your business altogether? According to Small Business Trends, 43% of all cyber attacks are targeted at small businesses, and 60% of those businesses won’t …
In what could be a precedent-setting legal decision, the Federal Circuit Court has found an accounting business to be liable for contraventions in the Fair Work Act when it provided payroll services to a client, which was found to be underpaying staff. Fairfax reports the accounting business, Ezy Accounting 123 Pty Ltd, was found to …
