Blog

The ATO has advised that it will acquire rental bond data from state and territory rental bond regulators bi-annually for the 2023–24 through to the 2025–26 financial years.

The end of year is fast approaching, meaning gifts and parties become part of your business. We’re here, as always to remind you of your tax obligations and to assist in your decision making.

From 1 July 2026, employers will be required to pay their employees' super at the same time as their salary and wages.

The ATO will conduct a data matching program to acquire property management data from property management software companies for 2018-19 through to 2025-26.

If you’re thinking about setting up a self-managed superannuation fund, here are five key areas to be aware of when managing your fund. #SMSF #superannuation

The 2024–25 Federal Budget is out, here are the highlights sharing what you need to know for you financial year ahead #FederalBudget2024

Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction. #expenses #homeoffice

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.

The ATO is reminding businesses to lodge any overdue taxable payments annual reports for 2022-23 or prior years, by 22 March to avoid being penalised. 

Tax may be boring, but smart use of tax planning is a superb way to help your company do more with your money. #tax #accounting #businesstips #tax #taxplanning

Consumers are becoming increasingly green in their purchasing habits. So, we’ve pulled out five ways to make your business more green, sustainable, and eco-friendly. #businessadvice #SmallBusiness #SmallBiz #sustainability

If your medical practice pays contractors, you could be caught by tax laws that deem some contractor payments the same as wages. 

The rules on entitlements for public holidays, shutdowns and leave provisions can be confusing. Has your business got a plan for staff annual leave and public holidays? We can help you plan for cash flow while meeting your employer obligations.

When you’re in control of your profit and loss (P&L), you have a tighter hold on the reins of your profitability. Read our Plain English guide to P&L and learn how to boost your profits. #tax #accounting #businesstips #ProfitAndLoss #P&L

Want to push your business to the next level? We’ve shared 10 hot questions to ask yourself as a business owner, with advice on how they will drive your growth and success. #businessadvice #SmallBusiness #growth #strategy #advice

Are you looking to purchase assets for your business? Eligible businesses can spend up to $20k per asset and immediately claim the tax deduction and GST. Talk to us about the best strategy for purchasing business assets.

Thinking about end-of-life planning might sound morbid. But by planning ahead, you remove the worry and hassle for your loved ones and secure your long-term legacy. #businessadvice #SmallBusiness #endoflifeplanning #estateplanning

With the ATO shifting its focus on taxpayers with outstanding tax lodgments and debts, find out how to avoid being penalised at the increased penalty rates in 2023–24.

Thinking of acquiring a business? Whether you’re a new entrepreneur, or a seasoned business owner, we’ve got the key questions you need to ask prior to the purchase #businessadvice #SmallBusiness #acquisitions #M&A

Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.

As the end of the financial year approaches, the temporary full expensing rules will be coming to an end. Considering this, we explore the options that are now available for small and medium businesses to optimise their tax deductions.

The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Talk to us now to start preparing for the changes, so you don't get caught out.

The ATO has announced the commencement of a new data matching program for property investors which involves obtaining data from various financial institutions. Among other things, the information collected will include loan details and borrowing costs.

The Federal Treasurer Jim Chalmers handed down the 2023 Federal Budget on 9 May 2023. The following is a list of highlights from a tax and superannuation perspective.

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.

It's time to transition to STP Phase 2 in Xero if you haven't already. Mandatory Phase 2 reporting is set to commence on 31 March 2023. We can help guide you through the steps.

As of 1st Feb, Paid Family and Domestic Violence Leave is a paid leave entitlement for employees of larger employers, and from 1 Aug 23 for employees of small employers. 

Do you know your business breakeven point? Knowing how much income you must generate to cover all fixed and variable costs means you can make better business plans and financial decisions for long-term sustainability and profit.

Did you know that authenticated digital signatures can be more secure than handwritten ones? .

ABN holders will now be required to be more accountable and comply with income tax return obligations in order to keep their registration.

The ATO lets us have a little more time for December lodgments, but you’ll still need to plan for paying your BAS and super soon! Talk to us about getting organised for the first ATO lodgments and payments of 2023 and make the start of the year easy.

Does your business need to improve its cash position? Poor cashflow is a problem for many businesses, whether you’re a start-up or an established family business. Talk to us about how you can get proactive with cashflow management.

Have you got a plan for staff annual leave and public holidays? There are rules to follow on entitlements for public holidays, shutdowns and leave provisions. We can help you plan for cash flow while meeting your employer obligations.

If your business needs to manage expenses more efficiently, check out digital credit cards. Digital cards give you control over spending and minimise fraud and unauthorised auto payments.

The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government's first Federal Budget on 22 October 2022. Here are the highlights of the tax and accounting measures announced. #budget

The temporary fuel excise cut has ended. See what this means for your fuel tax credit claim going forward.

What are the key reports to focus on in your business? We'll show you how to track performance, take action and prepare your company for surviving the new business normal.

If you’re not already using Single Touch Payroll Phase 2 in your payroll software, you may have more time before you have to start using STP 2. Talk to us today to check your payroll systems and software before upgrading to STP Phase 2.

Does your business buy products and services from overseas suppliers? If so, you may be charged GST, but not always! We can review your accounts and software tax codes to make sure GST claims on overseas purchases are correct.

Would you like to know more about the relationship between costs and revenue to make better business decisions? Book a session today to examine your financial reports with an experienced business advisor.

Do you know when your business should register for GST? If you're not charging GST, check your income to know when to register with the ATO. Most businesses must register at $75k, but there are special rules for some. Talk to us to get set up.

Are you across the recent payroll and employment law updates? We can help check your payroll setup, award provisions, employee agreements, and payroll costing. We can also assess if your software is ready for ATO STP Phase 2 reporting.

Minimum drawdowns for self-managed superannuation pensions have been halved again for the 2022–23 income year.

Illness and labour shortages – business owners are under more pressure than ever before. If you’re feeling stressed, here are three tips to prevent burnout.

We’ve all been doing a lot more remote working in recent times. But have you thought about the security implications of using your device on a public network? #internetsecurity #cybersecurity

The $450 threshold for super eligibility is removed from July 2022. This could impact payroll costs. If you rely on a pool of casual workers who earn less than $450 per month, talk to us. We can help you prepare for the increased cost.

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.

Do you understand your personal income tax, what you have to declare, and how much you can claim? We can help get your taxable income correct, maximise allowable deductions and get the best tax return.

Invoice fraud is on the rise, but you don’t need to leave yourself vulnerable to scammers, E-invoicing is the secure way to send and receive invoices, backed by a government platform.

Not sure about the guidelines for cashing out annual leave? You need to know some essential rules before paying out annual leave so that employees are not disadvantaged.

Are you spending hours of precious business time completing your bank reconciliations? We’ll show you how to switch to cloud accounting and automate these bank recs. #businessadvice

Investing or considering buying cryptocurrency like bitcoin? It’s important to explore the tax implications. #crypto #bitcoin

New laws mean company directors need to get a unique director ID number from November 2021 Talk to us if you have any questions about the new registration requirement.

Have you bought and sold shares this financial year? Share trading is easier than ever but you still need to include details on your tax return. Talk to us about your share holdings so we can maximise your return.

Many businesses get pay wrong without being aware of it. But pay or payroll errors are a major financial and legal risk, so you need to know where you could be going wrong and ways to stay compliant. This article covers the most common pay mistakes.

Employers, there are some payroll changes this year, including new rules for casuals. Minimum pay increases from 1 July and there are some changes to awards. We can help you navigate payroll admin and look after Single Touch Payroll for you.

Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book in your tax return appointment now and rest easy knowing it’s under control.

Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.

Planning a Christmas party? Giving gifts to clients and suppliers? Paying a Christmas bonus? Talk to us to see if you can claim all or part of the cost as business expenses. Don’t get caught out by tricky entertainment rules!

New rules for super contributions, age limits, and the work test mean older workers can keep making contributions. Time to review your super plans? We’ll help you make the most of your allowable super contributions.

Should your staff be contractors or employees? There are many factors to assess and it’s the business owner’s responsibility to get it right. Talk to us now and we’ll review your workers’ basis of engagement.

The Federal Budget, announced on Tuesday 6th October, focuses heavily on job creation in order to pull the country out of the economic crisis it faces. Talk to us about the impacts on you and your business.

Unclear on the story your Balance Sheet tells? Don’t know how to calculate key ratios to measure the strength of your business? We can help demystify your Balance Sheet. The stronger it is, the stronger your business will be! Get in touch!

ffering people attractive benefits and perks as part of their employment package makes good business sense. This article details the top benefits to enhance your employees’ working lives.

Looking to buy a business? Good independent advice will ensure you make an informed investment. We can give you assistance in analysing the financial performance and potential of the business, so you can make the best decision possible.

It’s a good idea to think about your succession plan long before you need to sell. With a plan in place, you can maximise the value of the business and achieve a better outcome.

Do you understand your lock up days? The higher your days, the less cash you have available. Talk to us about how to reduce the lock up days in your business to free up your cash #FinancialAwareness #CashIsKing

Making time to look over your financial reports each month is an important task for any business owner. We can give you an overview of what reports you'll need to help you build a thriving business.

For most businesses, income and expenditure don’t always happen at the same time so focussing on strong cashflow management is vital. We can help with that.

Are you ready for TPAR? Update your supplier information now in preparation for your taxable payments annual report lodgement by 28th August. #TPAR #TaxTime #SmallBusiness

Have you maximised your concessional super contributions for 2019? Act now to take advantage of the new rules allowing you to make a top-up payment. Get in touch today before your super fund contribution deadline for 2020.

How long do your customers take to pay you? Understanding the average number of days it takes to get paid is vital business information for cashflow planning, especially in tough times.

Are you making the most of your allowable tax deductions? Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home. Book a time now - we’ll help maximise your return.

This year more than ever it’s important to get your records and tax return correct because of the unusual business circumstances and JobKeeper. Talk to us - we can help make tax time easy.

Xero have launched new features to track work-related expenses. Employees can submit expenses paid with company money and use the new integrated map to calculate mileage.

Fringe Benefits Tax Returns are not always straightforward! Get your information ready now for lodgement and talk to us. We can assist with your FBT calculations and lodgement, to make sure you are receiving eligible concessions and exemptions.

It’s not easy to request payment right now but it is important to keep cash flowing into your business. As with all business dealings right now, a little empathy and a lot of open communication can go a long way.

The ATO is announcing a special arrangement for people working from home, to claim running expenses without the need to calculate specific running expenses. 

The JobKeeper payment is for businesses significantly impacted by the Coronavirus pandemic, and the measures in place to restrict it. The treasurer has now released rules governing the scheme. Get in touch with us about your business.

'Business continuity’ is the process of planning out how your company can continue trading – when disaster hits. In essence, it’s your Plan B for how to set up a means of trading, when you don’t have access to your usual offices, workspaces or equipment. Right now businesses are having to put ‘Plan B’ into action.

Do you have unpaid super owing to employees? Act now to take advantage of the super amnesty to avoid further penalties. Contact us to calculate and report your unpaid super during the amnesty.

There are a wide range of support measures being implemented by both Federal and State Governments as well as financial institutions. Below is a list of the available assistance that has been announced as of the 2nd April 2020.

. 

The JobKeeper Payment aims to support businesses to maintain their income and their connection with employees. The payment will be $1,500 per fortnight per employee for up to 6 months. Talk to us about your business.

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.

The Federal Government have today announced an economic response to the Corona Virus. 

We have attached a summary of these measures for your information. 

If you have any questions in relation to this please contact us.

Small businesses are particularly vulnerable in tough economic times.

When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.

Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for.

If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether this means talking to your supplier or creditors to figure out an arrangement, or compromising on other business outgoings, you must make a plan to ensure that the business, or your staff, won’t suffer.

Unsure if you have the working capital needed to grow your business? We’ll help boost your cashflow and financial position – and can advise on additional finance and funding.

Employers will voluntarily be able to report deductions related to child support from employee salary or wages through Single Touch Payroll if new draft legislation is passed.

Do your employees sacrifice salary to super? New rules apply from 1 January 2020 that may affect how much super you need to pay for employees. 

When you're looking to expand and grow your business, you'll almost certainly need extra finance to achieve this. But what’s the best funding route for your company?

Should you opt for equity or debt when it comes to sourcing this additional investment and capital? And what are the pros and cons of these two options?

Holiday breaks are a time to re-charge for the year ahead. However, for business owners, this time can be stressful without careful cash-flow planning. Have you got the strategies in place to ensure you are in the best financial position this year?

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.

Are you confident in understanding the financial snapshot of your balance sheet? Would you like to know more about the relationship between assets and liabilities to assist business decisions?

Reducing the average time-frame on payments, for your business will help with your overall business health. Start with a straight forward system, clear credit terms and good communication with customers. 

Supercharge your business with some simple tips. Eliminate distractions & bad customers, get a plan, use tech, deploy marketing and asking for referrals are just a few ideas.

Are you feeling like a slave to your business? GetInTouch - we can help you regain control of your business using the three tools every business must have: A Business Plan, an Annual Forecast and Accountability. It’s best practice in business.

Business data is only powerful with context, it needs to be accurate and organised and you need to be clear on the necessities vs the niceties.

Want to achieve the best results from your earnings as a director and shareholder? Come and talk to us. We’ll review your tax situation to ensure you’re getting the maximum value from your earnings. 

What’s the difference between cash and accrual accounting? Cash accounting is all about money in and out. Accrual accounting is all about invoices issued and bills received.

Are you withholding tax from workers and reporting to the ATO correctly? New rules mean that if you don’t comply with PAYGW reporting requirements, you may lose your tax deduction.

It can be a big decision to commit to having a new member on the team but the right person will help drive your business forward or give you more time in your day. We can help you identify the costs when you are ready to expand.

Is your small business registered for GST? You might not be entirely confident of your projected earnings, so it’s fine to hold off until you’re sure you’ll hit the threshold. But remember to monitor your profit closely so that you don’t pay extra.

Working for yourself or running your own business? Set up a robust system for expenses and tax obligations so that you can focus on getting things done. 

The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses? 

Running a business from home? Make sure you understand what you might be able to claim, and how to keep accurate records so that you’re sorted at tax time. 

If you operate a cleaning or courier business, you need to submit a taxable payments annual report for the first time this year. The first report is due August 28th. 

There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year!

Not sure what an accountant can do for your business? Well, the right accountant will do a lot more than just help with your tax returns! Your accountant should be a trusted business advisor, helping you lead with more confidence.

The end of the payroll year will be here sooner than you think! We can help make the process easier by reviewing and validating your payroll figures prior to issuing payment summaries by July 14.

Single Touch Payroll (STP) is a new system of reporting wages, tax and superannuation information to the ATO.

Bank reconciliation keeps your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. 

Xero will soon start making two-step authentication (2SA) compulsory for all business clients, just as it has for accountants. There is now an opt-in period which has begun for subscribers and Payroll administrators and will be mandatory by September 11. By the end of this year, every user with access to Xero in Australia will be required to take up 2SA.

Gold Group Consulting are pleased to (belatedly) welcome Tayla Thorsborne.

Key Tax Tips for Accommodation Sharing - with the Commonwealth Games fast approaching we thought it would be a good time to discuss the tax implications of renting out your property.

SINGLE TOUCH PAYROLL REPORTING

The A.T.O’S introduction of the Single Touch Payroll Reporting (STPR) is set to streamline the way employers report some tax and superannuation information to the A.T.O.

From 1.7.2018, Australians aged 65 years or over will be able to contribute the proceeds of a house sale (up to $300,000 for an individual, or $600,000 for a couple).

Ordinarily, vendors (sellers) pay GST on the value of the taxable supplies that they make. Vendors will sell goods or services for a price that includes a GST component. When it comes time to lodge their BAS, the vendor will then pay that GST component to the ATO. There may be a three or four months delay between a vendor receiving a purchase price (including the GST component), and having to pay the GST to the ATO.

In recent times, the ATO and the government have become increasingly concerned that some property developers collect the GST on a sale, but ultimately do not pay GST. The ATO have also publicly acknowledged that their enforcement and detection methods are not effective.

Ten Tips for all Directors on how to minimise your risk of being personally liable for company debts The ATO have ever increasing powers and right now the they are increasing its use of Director Penalty Notices (DPNs) for unpaid PAYG tax and superannuation debts. The ATO have adopted this strategy since the new laws were passed in July 2012. It is predicted by Irish Bentley Lawyers that DPNs will become one of the ATO’s main collection tools. Directors of companies with arrears need to take prompt action to avoid or mitigate personal liability.

What is Modern Estate Planning

Looking to buy a new car - how to beat the car dealers price this EOFY

On Tuesday 9th May, the Federal Government handed down its Budget for the 2017-18 financial year.

5 Things to consider before a sea or tree change

The Australian Taxation Office have recently released the 2014/15 individual tax return statistics and it makes for some interesting reading.

We all remember the recent story about how much the head of Australia Post was being paid. Well did you know that in Sweden you can request a copy of anyone else’s tax return and find out how much they earn.

Need help with your short term cashflow or simply looking to maximise your credit card reward points.

Gold Group Consulting are pleased to welcome Chase Perkins to the team. Chase is a TSS graduate, and is currently studying a Bachelor of Commerce ...

After 30 years of service with Gold Group Consulting, 28 of which were as a partner, Rob Fearnley has decided to retire. During this time Rob has been involved...

Gold Group Consulting are pleased to welcome Tegan Scott to the team. Tegan has worked in public practice for the past 8 -9 years. She holds a Bachelor of ...

We are pleased to welcome Roy Chak to Gold Group Consulting. Roy has a Bachelor of Commerce with a major in Accounting and is currently undertaking...

Did you know that during 1 July 2014 to 30 June 2015, the ATO reported that 3,179,845 people received a low income superannuation contribution totalling...