ATO targeting fringe benefits tax

The ATO has fringe benefits tax (FBT) in its sights this tax time, with a crackdown on employers that are deliberately avoiding or minimizing their tax payable. The specific areas of focus include: Motor vehicles Situations where an employer-provided motor vehicle is used, or available for private travel or employees.  This constitutes a

Checklist for new workers

Employers need to be aware of their responsibilities when hiring new staff to ensure they are complying with workplace laws and for their business to continue to succeed. Three main things to consider before hiring new workers include: Understanding your legal obligations Pay slip and record keeping Offer of employment Understanding your

Improving internal communication

Internal communication can mean the difference between having a team that thrives or plummets. Businesses with effective internal communication experience higher levels of productivity have stronger working relationships and a positive workplace culture. Here are a few ways to ensure effective internal communication in your workplace: Regular check-ins Regular communication processes, such as a

Simpler BAS from 1 July

  As of 1 July 2017, the ATO has reduced the amount of information needed for the business activity statement (BAS). Small businesses with a GST turnover of less than $10 million will use Simpler BAS as the default reporting method.  These businesses will only need to report total sales, GST on

Passing on the family business

Transitioning a family business to the next generation can be an incredibly confronting process. Stepping back from your business is a big move and can be quite difficult if there isn't a solid plan in place.  Succession planning helps to ease the process.  A strong succession plan reduces the risk of

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