No one wants to be audited and we have no reason to suspect you will be. But did you know that the ATO raised an additional $16.9 billion in the 17/18 financial year through increased audit activity?

The Government has recently legislated significant changes to Company Director Penalties. These changes have been introduced in an attempt to discourage corporate and financial sector misconduct. Key changes include, expanding the penalty regime to a wider range of scenarios and introducing harsher penalties for offences.

Consider Innovative companies – your mind goes to Apple, Samsung & Google. These major tech companies are generally your first thoughts when it comes to innovation. Here in Far North Queensland (FNQ), our farmers and primary producers are also very active with developing their own innovative practices.

Welcome to Financial Year 2020! The 1st of July not only signals the commencement of a new year, but is also a date for the commencement of many significant legislation and tax changes. Budget announcements, superannuation changes and minimum wage increases are common topics we are queried on at this time of year. It is time to break down some of the things that you need to know for the coming Financial Year.

Single Touch Payroll (STP) is an ATO initiative which requires employers to lodge payroll information online with the ATO. We have compiled a list of STP help notes for accounting software.

We all know that planning for the future is important, but it’s especially crucial when it comes to helping secure our family’s financial future. While the end of financial year gives everyone the opportunity to review their 2019 tax year and business owners the chance to look at their business structures going forward, it’s also the perfect time to ensure your future financial plans are solid in order to protect your assets.

With just weeks to go until it’s tax time again, now is the perfect time to plan and review your 2019 tax year so there are no surprises awaiting you. We explain some areas of your business that you should consider in order to get the best tax outcomes possible.

The technology around us is rapidly changing, and we are starting to witness a strong emergence of Artificial Intelligence (AI) and automation in our day to day lives.

Single Touch Payroll (STP) is an ATO initiative which requires employers to lodge payroll information online with the ATO. That’s it - no hidden surprises. Employers already report payroll information – weekly, monthly or quarterly via Activity Statements. Reporting via STP uses a new online system that utilises your payroll software and a connection with the ATO to load payroll information on a pay cycle basis direct with the ATO.

All North Queensland small businesses know the start of the year always creates a cash crunch. A combination of the holiday break, a slow start to the year and the wet season often sees a reduction in timely debt recovery impacting all businesses. There are however, a few easy to implement strategies you can use to improve your cash flow and get off to a positive start in 2019.