This month's content focuses on some important changes for small business being superannuation, payroll & record keeping obligations. ATO warning regarding small business record-keeping According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their Protecting honest business campaign needed to improve their record keeping. Issues they found include businesse
ATO warning regarding work-related expense claims for 2017 The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years. While this increase isn’t a sign that all of these taxpayers are doing the wrong thing, it is giving us a reason to pay extra attention.” Ms Anderson said common mistakes the
Extension of the $20,000 SBE Immediate Deduction Threshold In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity (or ‘SBE’) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 until 30 June 2018. This Budget Night announcement has now been passed into law. Prior to the relevant legislation being passed into law, the outright deduction th
Renting out a room is rental income The ATO has issued an information sheet to let taxpayers know that money earned from renting out a room in a house is rental income. This applies to rooms rented by traditional means or through a sharing economy website or app. Also, taxpayers can only claim expenses related to the part of the house they rent out (so expenses will need to be apportioned accordingly). If this applies to you let us know and we will work through what you can a
Government 'backflip' on superannuation changes Following further consultation, the government has announced the following 'improvements' to the superannuation changes announced in the 2016/17 Budget: the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year; individuals with a superannuation balance of more than $1.6 million will no longer be eligib
Refresh - 3 tax changes for small business The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015: A tax offset to individuals who run small businesses (with an aggregate annual turnover of less than $2 million), or who have a share of a small business’ income included in their assessable income. The tax offset is available to individuals, partners, or beneficiaries of a trust that is a small busi
It is not always easy running a business and many clients mention one of their biggest gripes can be staffing. In this months tax update their are some recent rulings where directors have unsuccessfully argued against personal penalties for staff entitlements.
Staff are an integral part of all businesses so embrace it! If you can't afford to pay staff give us a call so we can determine where the problem is in your financial position.
Clear Accounting Solutions will work wi
By SARAH KIMMORLEY (www.businessinsider.com.au) There’s nothing like some beautiful, fresh green foliage to break up the monotony of an office space. But did you know plants can also affect your bottom-line? According to research carried out by the University of Queensland, an office enriched with plants makes staff happier and boosts productivity by 15%. Along with this, Professor Alex Haslam from UQ’s School of Psychology, also found that by adding plants to a workplace it
Written on the 19 February 2015 by Jenna Rathbone (from http://www.goldcoastbusinessnews.com.au/) THE Gold Coast tourism industry is confident that a change of government is exactly what the city needs to boost tourism and ensure the industry is not overlooked by a dominating political party.
Head of Gold Coast tourism Martin Winter (pictured below) met with the new Minister for Tourism Kate Jones today and says, ironically, the benefits of having no Labor representation on
(article credit: Bob Gorman, dynamicbusiness.com.au) Small business marketing doesn’t have to be intimidating. In fact, if you take a common sense approach and have a plan, you can succeed with ease. However, if you don’t try hard or understand how to proceed, you can waste your time and money, which can hurt your business greatly. With this in mind, here is a short guide on how to create a marketing plan. What you want First and foremost, before you do anything, you need to