Keep cyber-safe: 4 easy steps

Keep cyber-safe: 4 easy steps

In the year 2021–22, cybercrime reports flooded the Australian Cyber Security Centre (ACSC), with one report every 7 minutes. As we observe Cyber Security Awareness Month (October), here are some basic tips to keep ‘cyber safe’. Follow these 4 quick steps...
When to issue a tax invoice

When to issue a tax invoice

Guidelines on when to issue a tax invoice, the required contents, and how to handle non-taxable sales and rounding. Determining the timing for issuing a tax invoiceTransactions involving amounts less than $1,000Transactions involving amounts of $1,000 or...
Fringe benefits in tax, and how it works

Fringe benefits in tax, and how it works

Understanding how Fringe Benefits work in tax (FBT): Learn about the application of FBT, your responsibilities as an employer, and the potential deductions you can claim. Covered Topics: Explaining Fringe Benefits TaxIdentifying Fringe BenefitsBeneficiaries of Fringe...
Record keeping rules for business

Record keeping rules for business

Record keeping requirements for your business, to help you meet your tax, superannuation and registration obligations. OverviewWhat is a record?Five rules for record keepingBenefits of keeping accurate and complete records Overview As you embark on the journey of...
Electric vehicles: What you need to know

Electric vehicles: What you need to know

Navigating the complexities of electric vehicle management for clients can pose challenges. It entails assisting clients in comprehending the nuances of the new FBT exemption, including its limitations, and ensuring accurate deduction claims. This task becomes...
Tax time countdown – 2023 financial year

Tax time countdown – 2023 financial year

Many things need to happen between the end of financial year (EOFY) and tax time. Note the below dates and deadlines to keep in mind, when getting tax ready. Key dates in June 30 June is EOFY. All new transactions from 1 July go into your FY23 books. The next month of...
Small business tax & AI – Pros & cons

Small business tax & AI – Pros & cons

In recent years, artificial intelligence (AI) has become an increasingly popular tool for small businesses in Australia, to streamline their tax return processes. With the ability to automate many of the manual tasks involved in tax preparation, AI has the potential...
Stage three of XERO’s STP Phase 2

Stage three of XERO’s STP Phase 2

We’re now arriving at the final stage of Xero’s transition to STP Phase 2. Rolling out from late October, stage three introduces a new set of ATO reporting categories for use in your practice’s leave pay items. You will be notified within...
2022-23 Budget 2.0: Shuffling the decks

2022-23 Budget 2.0: Shuffling the decks

There is nothing in the 2022-23 Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity...