It's time to prepare a PAYG payment summary for each person you employed during the financial year ending 30 June 2013. The PAYG payment summary must be given to the employee by 14 July 2013. You also then need to provide a copy of each PAYG payment summary to the Australian... read more →
Jul
03
Jul
01
The Government recently proposed new super changes which are far reaching and intended to make the superannuation system more sustainable, efficient and equitable. Although the new super changes may not be passed until the next parliamentary sitting, it is worth being prepared if they do come into effect later... read more →
Jun
24
With the end of financial year fast approaching, starting to prepare now will save time and headaches when the June 30 deadline arrives and will allow you time to develop some personal super strategies for year end. There are a few common financial planning strategies that may be appropriate for... read more →
Jun
17
ATO Increase Penalty Units There are now greater penalties in place for breaches of most Australian tax laws. The ATO has increased the value of a penalty unit from $110 to $170, the first such increas since 1997. A maximum of 5 penalty units for a very late... read more →
Jun
03
With so many businesses now being run from home, the ATO is eager to ensure that those claiming tax deductions do so correctly. Talk with our accountants abour your home business tax deductions. Understanding the rules. A home-based business may use the home as the principal place of business (such as a hairdresser), with... read more →
May
31
Here's some useful year end tips from our accountants. To find out more about year end strategies ask for our year end strategy newsletter or speak with one of our Newcastle based accountants. Fixed assets Review fixed assets useful life and determine if there are any benefits in scrapping or trading... read more →
May
14
We have pleasure in enclosing a summary of the significant announcements from the Federal Government's 2013 Budget. There are some key changes that may require some immediate action so please call us to discuss how these changes impact upon, you, your business and your superannuation. Highlights 2013/14 Federal Budget highlights The... read more →
May
06
Are you leaving money on the table In relation to R&D? Accessing the federal government’s research and development tax incentives is often considered too complicated by small to medium enterprises to be worth their while. However, the benefits are real and quite simply amount to money in the bank. In recent... read more →
Mar
22
TAX FOCUS: COMMON FBT EXEMPTIONS With the Fringe Benefits Tax deadline fast approaching, small businesses should review some of the key FBT issues. The FBT for the year ending 31 March 2013 is 46.5%, on the grossed-up taxable value of fringe benefits provided to employees during the FBT year. Common... read more →
Mar
20
Small businesses entitled to refunds of GST may not be aware of the four year time limit on claiming those refunds. GST refunds are claimed under the indirect tax laws, which cover GST, Luxury Car Tax (LCT), Wine Equalization Tax (WET) and fuel tax credits. They are a form of... read more →