Tax Planning Opportunities from COVID-19 Federal Budget Measures
The COVID-19 Federal Budget announced on 6 October 2020 has given way to new measures that can create tax planning opportunities for businesses. This includes new loss carry back rules and temporary 100% instant depreciating asset write off. Photo by De an Sun on Unsplash Loss Carry Back Rules The new loss carry back rules […]
To-do: Christmas shutdown procedure for businesses
With Christmas right around the corner, you and your team are probably preparing for the holiday shutdown period and settling your annual leave. That being said, the process is not as simple as closing your doors and turning off your lights, although those are definitely things you should do and not take lightly! Here is a […]
5 tips for preparing payroll during the Christmas period
The payroll procedure during the Christmas period is a little trickier than usual. But not to worry – these few tips should be able to get you sorted. Photo by Jonathan Borba on Unsplash 1. Get a plan going It’s always best to sort out administrative issues ahead of time, especially when heading into holiday […]
Landmark Federal Court ruling decides that casual workers are entitled to paid leave
In a landmark ruling, the Federal Court decided that Robert Rossato, a casual mining worker employed by labour-hire firm WorkPac was entitled to paid leave. The decision could significantly affect payroll costs for many businesses. The judgement of the case decided that Rossato was entitled to annual, sick and carer’s leave. The reason for this […]
Are You Really Lodging That BAS? 3 Steps To Know If You Are Doing It Right
One of the most common questions I get asked is “Justin, do I have to go to a tax/BAS agent to lodge my Business Activity Statements (BAS)?” The short answer is no, you do not. However, the question remains, SHOULD you be lodging your own BAS? While it would save you some money in the […]
What’s the difference between Pay-As-You-Go-Withholding (PAYG) v Pay-As-You-Go-Installment (PAYGI)?
It is just another ordinary day. You wake up, make the bed, put some coffee on and freshen up while you get ready for the day. As you are travelling to work, you notice there is little to no traffic on the road. Parking’s even better. You start to think to yourself, “Is today a […]
Hire a Bookkeeper or D.I.Y?
A make-or-buy decision is a common problem that businesses large and small have to solve. Small businesses have an even more difficult time deciding if it’s best to make or buy something, as they have limited resources in both time and money. Small businesses learn to make the most of the resources they have. As […]