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Business

Have you lodged your tax return?

If you lodge your own income tax return, you have to do so by October 31 (unless you have a substituted accounting period). Because October 31, 2021 falls on a Sunday this year, the effective last day to lodge a return is the following Monday,...

What is a director ID and who needs to apply

The director identification number (director ID) initiative is introduced as a part of the Government’s Modernising Business Registers (MBR) Program. Directors will be required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a unique...

How to protect yourself from increasingly sophisticated scams

We are living in a digital world where we are often just one click away from catastrophe. Many people believe they wouldn’t fall for a phishing fraud – but scammers have become increasingly sophisticated in their methods, making it's harder to tell the fakes from the...

Significant changes to business tax 2021-22

Are you a business owner? There are some significant tax changes for businesses this financial year that you should be aware of. Read on to learn more! Temporary full expensing of depreciating assets This is an outright deduction for the cost of a depreciating asset first acquired...

Do you need to pay tax on COVID-19 financial support payments?

There are a number of different schemes providing government help for individuals and businesses affected by the COVID-19 pandemic. If you receive assistance (whether from the Commonwealth or a State or Territory government), you may be wondering if you need to pay tax on the assistance....

How to develop a profit improvement strategy

By Michael Fox and Chrisanthe Lekatis This is the second blog of our 'Profit Improvement Strategy' series where we will discuss improving gross profit margin and how to avoid the price trap. In the first blog, we explain the basic principles to improve business profit from four...

How to develop a ‘financial picture’ for your business

The business planning process helps! Business Plans are like maps for tourists – you need a plan for where you intend to go, what you want to look at, where you are going to stay and, if you deviate off track, you need to be able...

Tax News and Updates August 2021

To keep you up to date with the tax changes that might affect you, here are some latest news and updates from the ATO: Paying reasonable travel allowances to employees The ATO has issued Tax Determination TD 2021/6, which sets out the reasonable allowances for the 2021/22 year...

Don’t forget to keep records when working from home

If you're continuing to work from home during 2021-22 income year, this is a reminder for you to keep a record of the hours you work from home and keep receipts for all items purchased. Keeping appropriate records now will allow you to use the method...

When to lodge your 2021 tax return

Your employer has until 31 July 2021 to finalise your end of year Payment Summary. You can check your myGov account to see if your 2021 Payment Summary is available. Please note that if your tax return is lodged before your employer has finalised your Payment...