Hiring new employees? Superannuation rule changes from the 1st of November 2021. Here’s what you need to know. This new reform talks about “Stapling rules”. These stapling rules mean new employees will keep the same super account (if they have one), when they change jobs unless they choose another preferred super fund. This prevents the…
Not all work-related expenses are created equal such that we think we can claim anything or everything as a tax deduction. This is a no no! The proliferation of “Work from home” (WFH) related expenses during this ongoing pandemic is now more than ever, attracting ATO’s intense scrutiny. The key thing to remember is that…
In an update to tax professionals on the 9 February 2021, the ATO is replacing the Business Portal with the new service ‘Online services for Business’. It has greater functionality than the Business Portal and has faster processing time. Please note that the ATO recommends that sole traders continue to use the ATO online services…
The last sitting of the Queensland Parliament before the election was 17 September 2020. During that final session, legislation was passed that now makes it a criminal offence to knowingly underpay staff. (Stand by for some heavy legal argument around the term “knowingly”.) This potentially means jail time for erring employers for up to fourteen…
I have many times heard the same question asked in a myriad of ways. “How do you succeed in business?” Over four decades of working in diverse industry sectors with multinationals to sole traders, I would answer that this requires a multi-faceted response. There are so many sides to success (even the term success can…
I have many times heard the same question asked in a myriad of ways, “How do you succeed in business?”. Over four decades of working in diverse industry sectors with multinationals to sole traders, I would answer that this requires a multi-faceted response. There are so many sides to success (even the term success can…
When it comes to employee super; it’s not what you think. Like us, you probably thought that paying your employee superannuation contributions by BPay on the 28th of the month following the financial quarter-end was meeting both the word and the spirit of the superannuation system. Well, it turns out that we are all wrong,…
It is a truism that great results are almost always the outcome of great planning. Today, courtesy of Results Legal, we reproduce an article by Anna Taylor. Entitled “The Pre-Emptive Strike”, Anna examines what needs to be done to ensure that you have the best possible chance of recovering trade debts outlined in a simple…
Many small businesses use the family home as a base for business. The complexities of what can be claimed versus what is not a deduction can be confusing. Today we have put together a general guide on the issue. There is no formula as to how to claim home based business expenses. But there are…
Shortly we will be sending out our annual tax audit insurance offers. Today we offer five good reasons why you should consider the risk removal this provides. 1. You are comprehensively covered – All of your current and previously lodged returns are covered by our Audit Shield service, even if you had another accountant taking care of…