Tag Archives: SmallBusiness

Making Sense of Taxes on Money You Get Back from Your Bank

Introduction: In a perfect world, banks would always do right by us, giving good advice and being transparent. But sometimes, they mess up. When this happens, regulators step in to fix things and compensate those who get hurt. If you find yourself getting money back from your bank, you might wonder if you have to … Continue reading Making Sense of Taxes on Money You Get Back from Your Bank

Shining Bright in Your SMSF: Pink Diamonds as Investment Assets

Introduction: Investing wisely in a Self-Managed Super Fund (SMSF) requires careful consideration of asset choices to ensure compliance with super laws and the best financial interests of fund members. Recently, the Australian Taxation Office (ATO) has shed light on the classification of pink diamonds within SMSF investments. In this blog post, we’ll explore whether pink … Continue reading Shining Bright in Your SMSF: Pink Diamonds as Investment Assets

Small Businesses Dealing with Taxes

Introduction: Running a business comes with responsibilities, and one big one is paying taxes on time. But, sometimes, small businesses face money challenges. In those times, making a plan to pay taxes over time can be a smart move. Let’s talk about when and how small businesses should think about making a tax payment plan … Continue reading Small Businesses Dealing with Taxes

ATO’s Latest Values for Private Use of Trading Stock

Introduction: Business owners often use their trading stock for personal purposes, a common practice across various industries like butcheries, bakeries, cafes, and corner stores. To guide businesses, the Australian Taxation Office (ATO) has released 2023-24 income year values for goods taken from trading stock for private use. Understanding the Basis: The ATO determines these values … Continue reading ATO’s Latest Values for Private Use of Trading Stock

Wonderland for Your Holiday Home

Introduction: Owning a holiday home can be a dream come true for many Australians, providing a retreat from the hustle and bustle of everyday life. However, when it comes to tax time, holiday homeowners need to navigate the rules surrounding deductions accurately. This blog aims to shed light on the key considerations and questions to … Continue reading Wonderland for Your Holiday Home

A Comprehensive Guide for Businesses

Introduction: In the dynamic landscape of business, understanding and navigating through the intricacies of taxation is crucial. One such essential aspect for businesses is the Goods and Services Tax (GST). This comprehensive guide aims to shed light on how GST works and the obligations businesses need to fulfil to stay compliant. How GST Works: GST … Continue reading A Comprehensive Guide for Businesses

A Look into Australia’s Not-for-Profit Sector in 2024

As we step into the final stretch of 2023, the Australian Taxation Office (ATO) has unveiled a roadmap for the Not-for-Profit (NFP) sector, outlining significant changes and initiatives set to shape the landscape in 2024. A Shift in Focus: One notable move is the transition of the NFP Centre from the ATO’s Private Wealth business … Continue reading A Look into Australia’s Not-for-Profit Sector in 2024

A Guide for Small Businesses

Tax time can be a challenging period for small businesses, but with the right tools and information, you can ensure a smooth and efficient process. The Australian Taxation Office (ATO) offers a range of resources to help you manage your tax and superannuation obligations. In this guide, we’ll cover essential information and updates for small … Continue reading A Guide for Small Businesses

Australians will save time and money by using digital statutory declarations

Australia has just made a significant change in how people officially declare things, waving goodbye to traditional pen-and-paper methods. Led by Attorney-General Mark Dreyfus, a new law has been passed, making it possible for Australians to use digital execution, electronic signatures, and video-link witnessing for Commonwealth statutory declarations. This move towards digitization is a response … Continue reading Australians will save time and money by using digital statutory declarations

Superannuation Compliance: Understanding the 2022-23 Results

Introduction: Let’s take a closer look at the Australian Taxation Office’s (ATO) efforts to make sure employers follow the rules for super guarantee (SG) payments in the 2022-23 financial year. This blog will break down what employers need to do, what the results show, and share some interesting stories from the year. Overview of SG … Continue reading Superannuation Compliance: Understanding the 2022-23 Results