Small Business

/Small Business

Victorian State Government Stimulus Package

By |2020-03-23T15:57:12+11:00March 23rd, 2020|Accounting, Hospitality, Small Business, Tax|

On Saturday the 21st March, the Victorian State Government announced a range of measures to assist businesses affected by the covid-19 crisis.  The measures include: Refund of all payroll tax paid by employers from July 2019 to date.  This affects employers who have annual payroll (wages, super, eligible contractors etc) of more than $650,000 to [...]

The Federal Stimulus Package: What You Need to Know

By |2020-03-23T13:49:26+11:00March 13th, 2020|Accounting, Hospitality, Small Business, Tax|

The Government has announced a $17.6 billion stimulus package (and an additional $31.9m billion announced 22nd  to support the economy through the impact of the coronavirus.  But how does it affect you, if at all?  Here's the short of it: Cashflow boost Available for employers with aggregated turnover of $50m (note: we aren't sure how [...]

Why your Self Managed Super Fund needs to comply

By |2020-03-12T14:45:45+11:00February 27th, 2020|Accounting, Small Business, SMSF, Superannuation, Tax|

To maintain the benefit of concessional tax treatment, it is important for a self managed superannuation fund to be a complying fund ie it complies with all the necessary superannuation and tax laws.  If the fund loses its status as a complying fund it can result in both financial and administrative penalties being imposed by [...]

The Age Old Question – Employee or Contractor?

By |2020-02-27T12:16:19+11:00February 27th, 2020|Accounting, Hospitality, Small Business, Tax|

It’s an area that can be easy pickings for the regulatory bodies sometimes, so making sure you understand the difference in your business is crucial. The penalties for getting it wrong are plentiful, including: Penalties for failure to withhold PAYG Witholding Superannuation guarantee charge and penalties Fair Work infringement notices Payroll tax and WorkCover So, [...]

Claiming Work-Related Expenses

By |2019-10-17T10:27:12+11:00September 17th, 2019|Accounting, Hospitality, Small Business, Tax|

The ATO have introduced a new schedule for personal income tax returns for the 2019 income year.  This new schedule is in response to the ATO’s view that many taxpayers are overstating their allowable deductions and that the cost to Treasury is measured in billions of dollars.  The new schedule requires details on an item [...]