Income-to-expenses ratio improves
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Hornsby Based Accountants, Business Tax Agents and Consultants
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As a business owner with employees, the Australian Taxation Office (ATO) has warned that it is important to stay on top of your payroll.
This includes:
* Accurately recording the amount you pay employees
* Withholding the correct amount of tax
* Calculating and paying superannuation guarantee accurately
As the end of this financial year draws closer on 30 June, remember these important ATO dates:
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Inefficient debtor management can hurt your business by causing irregular cash flow, increased bad debt and strained relationships. CreditorWatch has compiled a list of steps to improve your debtor management:
1. Reduce manual tasks: Minimising manual tasks will save you time and can reduce the room for human error.
2. Centralise your systems: Controlling your accounts in one central location allows you to quickly assess the state of your accounts and pursue payment where necessary.
Scammers have been using fake myGov sites to steal myGov login details to commit tax fraud in people’s names, the federal government has warned.
The scam involves using a text message or email to lure people into clicking a link that then gives the scammer access to your Australian Taxation Office (ATO) or myGov details.
The messages are often something like “You are due to receive an ATO Direct refund, click here” or “You have a new message in your myGov inbox”.
Accessing your self-managed super fund (SMSF) early could land you in serious trouble with the Australian Taxation Office (ATO). For most people, you can only access your SMSF when: * You retire and turn 60 * You turn 65, regardless of whether you’re working Illegally accessing your SMSF early could mean you: * Lose your retirement savings |
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Running a small business is a rewarding endeavour but tax compliance can bring unique challenges. There are a number of common mistakes that small business owners often make that can have significant financial implications.
As a small business owner, you can take advantage of one of four capital gains tax (CGT) concessions offered by the Australian Tax Office.
These allow you to reduce, disregard or defer some capital gain from an active asset used in your small business.
Eligibility
These concessions become available when you dispose of an active asset, provided you meet certain eligibility requirements.
First, you must be one of the following: