Taxation
Understanding Fringe Benefits Tax
The 31st of March is fast approaching, which means the end of another Fringe Benefits Tax (FBT) year. FBT can quite often be ignored by many
March 13, 2023
The 31st of March is fast approaching, which means the end of another Fringe Benefits Tax (FBT) year. FBT can quite often be ignored by many
It’s important to acknowledge that the Government’s announcement is a proposal only. It will need to go through the usual parliamentary process and if legislated
Around this time last year, we sent you an email alerting you to the new process for Director IDs. With the deadline of 30th November
With the end of the financial year fast approaching, it is the ideal time to review your 2022 tax year so there are no surprises
The 2022 Budget marked a big change from the past 2 years which saw large expenditure and business support to help the economy and country
About STP Phase 2 STP is the new norm for reporting payroll information electronically to the ATO. STP Phase 2 is an expansion on an
Existing company directors will soon be asked to verify their identity and will be required to apply for a Director Identification Number (Director ID) by
Late last week, additional financial support was announced for businesses impacted by the recent South East Queensland and Cairns lockdowns. Under the package, businesses in
The Queensland Government has today announced further relief packages for tourism and hospitality businesses impacted by the recent COVID-19 lockdowns in South East Queensland and Cairns.
Prior to the Cairns three day lockdown, many businesses in the region were struggling after a decline in visitor numbers caused by lockdowns in South
Single Touch Payroll – Annual Finalisation All employers must complete their STP Finalisation declarations by 14 July 2021. The ATO recognise the effects of COVID-19 and
On Tuesday 11th May 2021, the Treasurer handed down the Federal Budget which sees a continuation of the Government’s focus to support the economy through a
It’s that time of year, where the festive season has us all digging deep into our pockets to give generously to charities and to those around us. While just about every employer puts on a Christmas party or celebration of some sort for their staff, they may be unaware of
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? Data matching capabilities are profound, and with unprecedented access to taxpayer records from
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. Another area where the Government
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. Recent years have
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
Helpful links to STP Help Notes for Accounting Software, including MYOB | XERO | QB Online | Reckon Hosted
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
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. Consider some of the below and how they have evolved: Supermarket Checkout – now in the form of Self-service Transport – Driverless
Single Touch Payroll – what is it and why does everyone seem to be panicking about it? 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
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
Benefits of record keeping 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
