Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavour. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to…  Read more

Good Records Save Small Businesses

According to the Australian Taxation Office (ATO) many small businesses fail due to poor record-keeping. Aside from the legal reasons, there are many financial reasons for making sure your books are in order. Every small business owner knows that record-keeping can be one of the most time-consuming jobs; usually it’s the first task put aside during busy times which often results in difficulties catching up with the bookwork later. The…  Read more

Five Ways to Bring in More Cash for Your Business

Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow: 1. Evaluate your current company assets. Take a look at your assets, both fixed and human. Could you make slight pivots to create a new form of income? For instance, if you run a coffee…  Read more

GST Misunderstandings

Australian businesses with an annual turnover of more than $75,000 must be registered for GST. Charging an extra 10 per cent on top of services sounds simple, yet a number of traps routinely catch small business owners. Businesses falling beneath the $75,000 threshold are not required to register for GST. Those businesses that choose not to register cannot: state “Tax Invoice” on invoices; they must only use the word “Invoice”,…  Read more

The impact of tax deductions on investment property

Property is a popular investment asset that contains a number of significant advantages including income generation, capital growth, resistance to major market downturns and substantial tax deductions. Although tax deductions and offsets shouldn’t be the key reason to invest in property, if you have purchased a property make sure that you use every concession available to you. Deductible expenses There are three categories of rental property expenses: Expenses to be…  Read more

Benefits of using technology

These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It…  Read more

Why hiring a bookkeeper is a great investment

As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business. So what does a bookkeeper do? Bookkeepers take care of the daily financial…  Read more

Super Guarantee Amnesty: Time is Running Out

On 6 March 2020 the government introduced a superannuation guarantee (SG) amnesty which allows employers to disclose and pay previously unpaid super guarantee charges (SGC), including nominal interest, that they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018, without incurring the administration component ($20 per employee per quarter) or Part 7 (double SGC) penalty. In addition, payments of SGC made to the ATO after…  Read more

Our Convenient Tax Pack Service

Do your tax from the safety and comfort of your own home   Tax filing season is in full swing, and in the wake of the COVID-19 pandemic, getting your tax done correctly and on time, while still getting the best possible refund, is more challenging than ever before. Gladstone Accounting and Taxation has been providing our clients with a handy Tax Pack Service for years. Our tax packs are…  Read more

Lodging Your Return after COVID-19: Wait for the end of July

This year, with JobKeeper payments in play , the ATO is urging taxpayers to hold off from lodging their returns until their employers have finalised their income statements as tax-ready. If you lodge before your income statement is tax-ready, your employer might make changes, and you may need to lodge an amendment. In some cases, additional tax and interest may be payable, and it is therefore recommended to wait for…  Read more

Tax time 2020: ATO flags work-related hotspots

The ATO is bracing for a substantially different tax time this year, due to flow-on effects from COVID-19 restrictions on work-related expenses claims, and has announced a number of hotspots that it will pay close attention to this year. They expect a reduction in claims for work-related expenses, and an increase in working from home claims for the last quarter. Specifically, they have flagged: Laundry expenses – not wearing a…  Read more

Claiming Deductions 2020 – Quick Guide

Basic rules for claiming: you must have incurred the expense in 2019–20. you must have spent the money yourself and were not reimbursed the expense must be directly related to earning your income you must have a record to prove the expense. you received a bill or invoice for an expense that you were liable for (even if you paid it after 30 June 2020) you did not receive a bill…  Read more

Why your tax refund could be bigger than ever this year

With so many of us taking a financial hit from COVID-19, there’s never been a more important time to get your taxes right. Tax time 2020 is looming. Here are some things to keep in mind to get the best outcome from this year’s return. If you lost your job or had your hours reduced, it’s possible that your employer will have over-deducted tax earlier in the year in relation…  Read more

Why you should let us do your payroll

Payroll can be stressful. With ever-increasing compliance requirements, we know these are challenging times for small and medium businesses – and we’re here to help. Gladstone Accounting and Taxation’s Payroll services mean one less thing for you to worry about. With our Payroll services, you know your employees will always be paid correctly AND on time. From changes to award rates and calculating employee entitlements, we know payroll inside and…  Read more

Current Covid-19 Assistance Measures – Quick Reference Guide

All the current Covid-19 Government Assistance Measure in one place, in a handy, one-page guide! As we worked through the numerous current Covid-19 Assistance packages for our own business, we created a brief summary of all of the measures in one place, which we have found useful. We hope that you find it useful too and please feel free to share this with your colleagues, family and friends as it…  Read more

New tax shortcut for working from home – but should you use it?

As many Australians now find themselves working from home full time, the Australian Tax Office (ATO) has announced some changes to work from home tax deduction rules, aimed at making it easier for people new to working from home to make a claim. In short there are two main changes: The previous requirement to have a dedicated home office or study to make a claim has been removed. The kitchen…  Read more

The JobKeeper Payment: How to apply it in your business

Happy about the JobKeeper Payment but uncertain how to apply it in your business? Read on to get the answers: The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers. The following is a broad summary of the key aspects…  Read more

$130 billion JobKeeper Payment: Relief for Employers, Employees and Sole Traders

Over the course of a few weeks nearly everyone’s business and life has been turned upside down. It’s been a crazy time with toilet paper shortages, businesses forced to close, an overload of information (and mis-information on social media). With the recent disruption in mind, we want to help support you however we can. We’ve seen a number of our clients already impacted by the virus and want to assure…  Read more

Are You Under-Utilising Your Accountant and Letting a Valuable Resource Go to Waste?

In the current business landscape, where SMEs face so many business challenges – from ATO debt crackdowns to government red tape to access to credit – your Accountant is well placed to add real value to your business! The September 2019 SME Growth Index conducted by banking analysts East & Partners, on behalf of national working capital funder Scottish Pacific, has found that 82.9 per cent of business owners who…  Read more

Budget News for Small Business

The Federal Budget, which was announced on 2 April, is good news for Australian SMEs, proposing an increase in the instant asset write-off threshold to $30,000, lower tax rates, and a more streamlined tax dispute service for small business The new budget would mean that the instant asset write-off threshold would increase from the original $20,000 to $25,000 first announced in January, and again to $30,000 announced with this Budget.…  Read more

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