Monthly Archives : May 2017

Staying on top of your records

Staying on top of your records  A good record keeping system is essential for small business owners. Staying on top of your records helps to manage cash flow and prepare your business activity statements (BAS) and tax returns more easily. In addition to keeping basic legal records, such as banking, expense and sales

ATO targeting online selling

ATO targeting online selling The Australian Taxation Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards and online selling. The data will include:the total amount of credit and debit card payments businesses received the total amount of credit

Easier GST reporting for food retailers

Easier GST reporting for food retailers Many small food retailers buy and sell products that are both taxable and GST-free. Depending on the point-of-sale equipment used, identifying and recording these sales can be difficult for business owners. These methods help you work out the information you need to correctly complete the GST

Super reforms on the way

Super reforms on the way The changes made to Australia's superannuation system announced in the 2016 Federal Budget will take effect from 1 July 2017. The reforms have significantly changed the landscape for retirement savings, affecting both pre-retirees and retirees. $1.6 million transfer balance cap The introduction of a $1.6 million cap on the

A better workplace

A better workplace The Mid-Year Economic and Fiscal Outlook 2016-17 announced that, from 1 July 2017 the ATO will disclose business tax debt information to credit reporting bureaus. The new measure is geared to enhance the integrity of the tax system and ensure businesses who are not compliant do not gain an

Building a sustainable lifestyle

Building a sustainable lifestyle While there have been no tax cuts for individuals in the Budget, the Government has introduced concessions in several areas addressing the cost of living. These areas include: Downsizing retirees Affordable housing Medicare Higher Education National Disability Insurance Scheme Downsizing retirees From 1 July 2018, Australians over the age of

Keeping taxpayers honest

Keeping taxpayers honest The Budget focuses on maintaining the integrity of Australia's tax system to ensure it is fair and secure to all and covers five key areas. These key areas are: Avoidance Residential Property Goods and Services Tax (GST) Capital Gains Tax (CGT) Superannuation Avoidance The Government will continue to crack down on