The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you … Read More
The last part of the reforms the QBCC brought in with the Minimum Financial Requirements (MFR) will take effect on 1 January 2020. This will affect all self-certification categories (SC) 1-2 and category 1-3 licensees by requiring them to undertake Annual … Read More
A QBCC license holder who is unable or does not know how to meet the new QBCC reporting requirements might find his license cancelled or suspended. When the QBCC suspended a major construction company’s licence in May it sent shock … Read More
Small business entity (‘SBE’) taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for … Read More
Communication with existing customers is generally neglected by businesses as they often focus their marketing and advertising on communicating with potential customers instead. All businesses should be in contact with their existing customers a minimum of 12 times per year … Read More
The ATO is warning that scammers have adopted ‘Robocall’ technology to target taxpayers across the country. Assistant Commissioner Gavin Siebert said: “Scammers are sending pre-recorded messages in record numbers and are manipulating caller identification so that your phone displays a … Read More
By calculating the true value of a customer, or potential customer, it places a value on the total sales and profits generated by the customer over their lifetime with the business. The actual numbers can be astounding. For example, although … Read More
The ATO has recently warned employers that it considers that annual leave loading should normally be part of ordinary time earnings (‘OTE’) for superannuation guarantee (‘SG’) purposes, unless it is referrable to a “lost opportunity to work overtime”. Therefore, if … Read More
ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that … Read More
The rules for claiming deductions for payments to workers are changing. From 1 July 2019, businesses can only claim deductions for certain payments made to workers where they’ve met the Pay As You Go (‘PAYG’) withholding obligation for that payment. … Read More