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.

A common question we are asked by clients is….. How long do I need to keep my records for? While we have the mindset that we just need to keep records to satisfy ATO audit periods, there are many other reasons why keeping good records is important and beneficial to you. It is time to start thinking of record keeping as more than just satisfying a document retention period.

I was lucky enough to spend some time in Vietnam earlier this month on a business trip. I was there to assist a client with capital raising and exploring potential new markets. Personally and professionally, the trip was very enjoyable, however this was not an opportunity I would have expected to arise just a few months ago.

When asked by that trusting friend/colleague to join them as a Director in their company…. Are you aware of the responsibilities that you are signing up for? Being a silent director, does not mean that your duties as a director are silenced. You can be prosecuted just the same, should something go wrong!

It’s important to take the time to understand what expenses you are entitled to claim against your taxable income and remember that spending the money is only half of it, you must have proof of the expenditure and be able to substantiate to the ATO how it relates to your work.

Recent legislative changes have now restricted the ability to claim certain rental property expenses. There are two main items where tax deductibility have been significantly reduced impacting on most investment property owners. Read on as we explore and explain the changes in relation to claiming Travel Deductions and Depreciation for your investment property.

As the end of financial year fast approaches, clients are reminded to consider their tax planning strategies to ensure prompt action is taken before the 30 June deadline. Below are some useful reminders and references for SMSF trustees in the lead up to 30 June.

30 June is fast approaching! With that in mind, now is the opportune time to plan for the 2018 Tax Year, so that you are not taken by surprise. Some areas of your business that you should consider to ensure you achieve the best tax outcomes are explained below.