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Meeting Your Business’s Tax Obligations At The EOFY

Posted on June 10, 2024 by admin

As the End of the Financial Year (EOFY) approaches in Australia, businesses must gear up to meet their tax obligations efficiently and accurately. This period can be hectic, but with careful preparation, you can ensure compliance with Australian Taxation Office (ATO) requirements and optimise your financial outcomes. Here’s a comprehensive checklist to help your business prepare for EOFY tax obligations, including lodging Business Activity Statements (BAS), reconciling accounts, and more. 1. Review and Reconcile Accounts Task: Reconcile Bank Statements Ensure all transactions are recorded: Match your bank statements with your accounting records to ensure every transaction is accounted for. Identify […]

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Understanding The Superannuation Clearing House

Posted on June 4, 2024 by admin

As the End of the Financial Year (EOFY) approaches, employers and self-employed individuals must ensure their superannuation contributions are processed efficiently and on time. Utilising a superannuation clearing house can streamline this process, ensuring compliance and maximising the benefits of super contributions. Here’s a comprehensive guide on why and how to get your super into a superannuation clearing house before 30 June 2024. Understanding Superannuation Clearing Houses A superannuation clearing house is a service that allows employers to make super contributions to multiple super funds in one transaction. This service is particularly beneficial for businesses managing contributions for multiple employees […]

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The Instant Asset Write-Off Continues To The 2024-25 Financial Year

Posted on May 28, 2024 by admin

In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months. This extension, part of the 2024–25 Budget released on 14 May 2024, will see the measure continue until 30 June 2025. This initiative allows small businesses with an aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets costing less than $20,000. To qualify, these assets must be first used or installed and ready for use between 1 July 2023 and 30 June 2025. […]

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How to Manage Cash Flow and Plan for Growth: A Guide for Small Businesses In The Lead Up To EOFY

Posted on May 20, 2024 by admin

Effective cash flow management is essential for the success and growth of any small business. Proper budgeting, forecasting, and managing finances ensure that your business remains solvent and can seize growth opportunities when they arise. Here are key tips and strategies to help small businesses manage cash flow and plan for sustainable growth. 1. Understanding Cash Flow Cash Flow Basics: Cash flow refers to the movement of money in and out of your business. Positive cash flow means more money is coming in than going out, which is essential for covering expenses and investing in growth. Negative cash flow, on […]

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Millenial & Gen Z – Preparing For The Future With Superannuation

Posted on May 12, 2024 by admin

Millennials and Gen Z are facing some of the most difficult challenges when it comes to financial priorities. Between paying off HECS debts/HELP loans and saving for a first home, these immediate concerns can often overshadow long-term goals like retirement planning. Amid these immediate concerns, it’s easy to overlook long-term goals like retirement planning. However, when it comes to securing our financial future, superannuation planning should be a top priority. Superannuation planning is crucial for millennials, and starting early can significantly impact your retirement security. Starting Early: The Power of Compound Interest One of the most compelling reasons millennials and […]

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Trust Tax Return Compliance: A Guide

Posted on May 6, 2024 by admin

Managing a trust comes with its share of responsibilities, especially regarding tax compliance. To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with tax regulations. Let’s delve deeper into what the Resolutions Checklist entails: Distribution Resolutions: One of the primary tasks is to determine how income will be distributed among beneficiaries for the financial year. This resolution must be documented and finalised before 30 June to optimise tax outcomes for the […]

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Strategic Planning for Business Resilience: The Importance of Disaster Management, Crisis, and Continuity Plans

Posted on April 29, 2024 by admin

Strategic planning for businesses ensures resilience and continuity in adversity. While businesses often focus on growth and expansion, preparing for potential disruptions and emergencies that could threaten operations is equally essential. This is where disaster management, crisis, and continuity plans come into play.  Disaster Management Plans Disasters can strike without warning, ranging from natural calamities like floods, earthquakes, and hurricanes to human-made incidents such as cyberattacks, data breaches, or supply chain disruptions. Disaster management plans outline strategies and protocols for responding to and recovering from such events swiftly and effectively. These plans typically include measures for ensuring employee safety, protecting […]

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Understanding Fringe Benefits Tax (FBT) And What It Covers

Posted on April 14, 2024 by admin

For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with their employment. Let’s explore the types of fringe benefits subject to FBT to help businesses navigate this complex area of taxation. Car Fringe Benefits One common type of fringe benefit is the provision of a car for the private use of employees. This includes company […]

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No More Shortcuts: The Methods You Can Use To Claim WFH Expenses

Posted on March 25, 2024 by admin

Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If part of your role allows you to work from home, you may be able to claim certain expenses on your tax return this year using one of the following methods. The Revised Fixed Rate Method: Under the revised fixed rate method, individuals can claim 67 cents per hour worked from home during the relevant income year. This […]

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Holiday Hustle: Crafting Engaging Content for April’s Festive Occasions

Posted on March 20, 2024 by admin

As April rolls around, businesses have a perfect opportunity to refresh their content marketing strategies and engage with their audience in new and exciting ways. With the changing season and various events occurring throughout the upcoming month, there are plenty of opportunities to connect with customers and drive brand awareness. Here are some creative content marketing ideas tailored for Australian businesses to consider this April: Easter-Themed Content Tap into the festive spirit of Easter by creating themed content that resonates with your audience. This could include: Easter-themed social media posts featuring your products or services. Creating an Easter egg hunt […]

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Meeting Your Business’s Tax Obligations At The EOFY

Posted on June 10, 2024 by admin

As the End of the Financial Year (EOFY) approaches in Australia, businesses must gear up to meet their tax obligations efficiently and accurately.

This period can be hectic, but with careful preparation, you can ensure compliance with Australian Taxation Office (ATO) requirements and optimise your financial outcomes.

Here’s a comprehensive checklist to help your business prepare for EOFY tax obligations, including lodging Business Activity Statements (BAS), reconciling accounts, and more.

1. Review and Reconcile Accounts

Task: Reconcile Bank Statements
Task: Review Accounts Receivable and Payable

2. Update Financial Records

Task: Inventory Stocktake
Task: Fixed Assets Review

3. BAS and GST Lodgement

Task: Prepare and Lodge BAS

4. Payroll and Superannuation Compliance

Task: Finalise Payroll
Task: Superannuation Contributions

5. Review and Claim Deductions

Task: Identify Deductible Expenses
Task: Claim Depreciation

6. Financial Statements Preparation

Task: Prepare Financial Statements

7. Plan for the New Financial Year

Task: Budget and Forecasting
Task: Review Business Structure

8. Ensure Compliance with ATO Requirements

Task: Review Tax Compliance
Task: Lodge Tax Return

Preparing for EOFY tax obligations can be a complex process, but with a systematic approach and detailed checklist, you can ensure compliance and optimise your financial outcomes.

Regularly reviewing and updating your financial records, reconciling accounts, lodging BAS statements on time, and claiming all eligible deductions are crucial steps.

Additionally, planning for the new financial year and consulting with a tax professional can help you navigate the complexities of tax compliance and make informed financial decisions.

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