2023 Budget
The 2023 Australian Budget has been released, outlining the government’s plans for the country’s economic future. This year’s budget promises investments in infrastructure, healthcare, education, job creation, climate change and support for disadvantaged communities. However, there will likely be winners and losers, and debates about the effectiveness and fairness of the policies proposed. We’ll explore the key highlights of the budget. SME’s SMALL BUSINESS ENERGY INCENTIVE An incentive program called the Small Business Energy Incentive will be launched to aid small and medium-sized businesses in improving their energy efficiency and transitioning to electric assets. The goal is to assist …
What is the best business structure for my company????
Choosing the right business structure is crucial for any new or existing company. The structure you choose can impact your business’s growth, liability, and tax obligations. As an accountant, I often get asked the question, “What is the best business structure for my company?” The answer, of course, depends on several factors, including the size of the business, the number of owners, the type of business activities, and the potential for liability. Here are the four main business structures in Australia and their advantages and disadvantages: 1. Sole trader: A sole trader is an individual who operates a business on …
What are the benefits of a Business Restructure?
Business restructure is a process that allows companies to change their organisational structure, operations, management, or ownership structure to improve their performance and remain competitive. While the process of business restructure can be complex and challenging, there are several benefits that companies can gain from it. Here are some of the key benefits of a business restructure: Improved efficiency and productivity: One of the primary benefits of a business restructure is improved efficiency and productivity. By streamlining operations and removing redundancies, companies can reduce costs and improve their overall efficiency, which can lead to increased productivity and profitability. Increased flexibility …
Negotiating Payment Plans with the Australian Taxation Office
Are you struggling to pay your tax debt in full? The Australian Taxation Office (ATO) understands that sometimes life can get in the way, and paying taxes on time can be difficult. That’s why the ATO provides payment plans to help taxpayers manage their tax debt over time. What is a Payment Plan? A payment plan is an agreement between the taxpayer and the ATO to pay the outstanding tax debt in regular instalments over a period of time. The payment plan is tailored to the taxpayer’s individual circumstances, such as their income, expenses and other financial commitments. Types of …
Payday Superannuation
On May 2nd, 2023, the Australian Government unveiled a new policy stating that starting from July 1st, 2026, employers will need to pay their employees’ superannuation contributions simultaneously with their regular salary and wages. This change has not yet been implemented into law, but its introduction date allows ample time for employers, payroll providers, super funds, and other stakeholders to prepare. The Treasury and the ATO (Australian Taxation Office) will collaborate closely with industry players and stakeholders in the latter half of 2023 to discuss and address any issues related to these changes. For further information please see the media …
Interim tax Planning for Sole Traders:
As a sole trader in Australia, it’s important to stay on top of your tax obligations. Interim tax planning can help you avoid surprises come tax time, and ensure that you have the funds available to pay your tax bill. We’ll go over some tips and tricks for interim tax planning for sole traders in Australia. Keep accurate records The first step in effective interim tax planning is to keep accurate records of your income and expenses. This will help you calculate your tax liability and ensure that you’re not caught short when it’s time to pay your tax bill. …
Business Transactions & Valuations
As one of the most economically prosperous countries in the world, Australia boasts a thriving business landscape. With a diverse range of industries and a wealth of entrepreneurial talent, businesses in Australia are continually growing, expanding, and changing hands. However, buying or selling a business is a complex process that involves many considerations, including business valuations. In the following, we will discuss Business transactions and valuations, outlining what they are and why they are essential in the business landscape. Business Transactions Business transactions refer to the buying and selling of businesses. These transactions can involve the sale of an entire …
ATO – PAYGW prefill is coming to Activity statements – 1st July 2023
Employers will now be able to report their pay as you go (PAYG) withholding via Single Touch Payroll (STP), which will also be used to help prepare activity statements. This will allow employers to provide the necessary information only once, simplifying the reporting process. Starting from July 2023, the PAYG withholding labels W1 and W2 will be prefilled in ATO online services using the information reported through STP. This prefill service will be available on the July 2023 activity statement for monthly PAYG withholders, and on the September 2023 activity statement for quarterly PAYG withholders. Due to this change it …
Director Penalty Notices
If you’re a director of a company in Australia, it’s important to understand your responsibilities when it comes to tax obligations. Director Penalty Notices (DPNs) are one of the ways that the Australian Taxation Office (ATO) enforces tax compliance, and failure to comply can result in serious consequences. What is a Director Penalty Notice? A DPN is a notice that can be issued by the ATO to directors of a company that has unpaid tax debts. The notice makes directors personally liable for the unpaid debt, and the ATO can take legal action to recover the debt if it remains …
Why is Interim Tax Planning important to your business
Interim tax planning refers to the strategies employed by individuals and businesses to manage their tax liabilities throughout the financial year. In Australia, interim tax planning is an important aspect of financial management, and it is crucial to plan and prepare for tax obligations well in advance. The Australian tax system is complex, and tax obligations can vary based on several factors, such as income, industry, and type of business. Therefore, it is essential to seek the advice of a qualified tax professional to develop an effective interim tax plan. One of the primary objectives of interim tax planning is …