Listed here are upcoming deadlines and once-off alerts for your business. Many of them won’t apply to you, but some will. Refer to this as a master list for your business planning. We’ve highlighted the simplest BAS-type dates in green. Dates given are for submission through a Tax Agent like us.
On July 13 2022, the ATO finalised a Determination that changes how they view unpaid present entitlements (UPE) sitting in a trust with a private company beneficiary. In short, it now views them as a loan from the company to the trustee, requiring a complying loan agreement to avoid a tax liability.
Superannuation is a special world with special rules. To make sure that when you die the balance of your superannuation goes to the people you want to receive it, you need to sort out your Death Benefit Nomination for every super fund account you have. And make sure it’s up to date, because some nominations lapse after three years.
Initiative comes in many forms. It’s not everyone who can walk in off the street and ask for a job. Then back it up with working long hours while being valedictorian of his Accounting Degree at La Trobe University for three years running.
It’s no secret that small businesses have been doing it tough over the past two years. With ongoing lockdowns and restrictions in place throughout 2020 and 2021 due the COVID-19 pandemic, many small businesses have been on the brink of collapse.
Lodging a tax return yourself can be both time-consuming and confusing so it pays to seek the help and experience of an accountant/tax agent. One of the biggest pitfalls for people who decide to self-lodge a tax return is failing to claim what they are entitled to. The truth is many people simply don’t know about all the tax deductions they can claim for or they haven’t kept an accurate record of them. Many others forget to report some income or incorrectly enter figures – both of which can lead to interest and penalties.
From tech unicorns to online retail stores that have gone global, we all hear about the businesses that have managed to make millions or even billions within a few short years of launching. Yet, for most of the 2.3 million small businesses in Australia, the reality is very different. In fact, for many businesses, it actually takes years before they turn a profit.
Choosing the right accountant is important for your business’s financial future and long-term success. Whether your business operates in e-commerce retail, property, health, hospitality or another industry, managing your firm’s finances and tax can be overwhelming. Yet, you might not be at the stage where hiring an in-house accountant or chief financial officer is justifiable. This is where an accountant outside of your business can help. The right accountant will save you time and money through strategic advice. They can assist in setting up systems for you and identifying growth opportunities for your business. So what should you look for when choosing an accountant?
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