Posts

Update on COVID-19 business assistance

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Action required: update on COVID-19 assistance for your business

Things have changed significantly around Australia with the recent announcements of enforced closing of some businesses and other restrictions imposed by the Governments to stop the spread of COVID-19.

It is going to be a very tough time for all of us business owners over the […]

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Support measures to assist those affected by COVID-19

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Options available to assist businesses impacted by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief […]

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Salisburys announce changes to business office hours

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Salisbury Accountants & Business Advisors’ new office hours from March

From 2 March 2020, Salisbury’s office in Albury will extend their office opening hours from Monday to Thursday and will be closing earlier each Friday as follows:

Monday to Thursday 8AM-5PM Friday 8AM-2PM

Director, Ben Gay, said the adjustment in working hours will be a […]

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Do you hire contractors?

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When hiring workers, do you understand the difference between contractors and employees for tax and super purposes?

Getting it wrong compromises your ability to meet tax and super obligations, and can mean your workers miss out on employee entitlements.

If your business misclassifies workers, employers can also be caught out with penalties and charges.

Understand […]

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Salary sacrificing super

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Information for employers

An employee can ‘sacrifice’ part of their salary or wages into super contributions under an agreement with you.

You then pay the sacrificed amount to your employee’s super fund on their behalf.

There may be benefits to both of you in that:

for your employee salary sacrificing is a tax-effective way of […]

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Superannuation Guarantee amnesty reintroduced

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Proposed Superannuation Guarantee amnesty

Under existing law, if you’ve missed a payment or haven’t paid an employee’s super on time, you are required to lodge a Super guarantee charge (SGC) statement and pay the super guarantee (SG) charge on any SG shortfall amounts.

The SG charge includes a liability for the mandatory administration component of […]

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Don’t lose a tax deduction for non-compliant payments to employees

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Are you meeting your Pay As You Go (PAYG) Withholding obligations?

If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go (PAYG) Withholding obligations.

This applies to tax returns lodged for the 2020 year onwards.

The PAYG rules […]

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Indicators of itinerant workers

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Bonafide ‘mobile’ work can open up more deductions

Digital capabilities, a growing “gig economy” and the changing nature of employment means that many Australians are becoming more mobile in their income-earning activities, or in some circumstances practically nomadic chasing work.

With the ATO on the lookout for “red flags” for taxpayers making false work travel […]

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Work expense deductions

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Myths (and the facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

Mainstream media only recently was peppered with reports about the ATO being faced with many outlandish tax deduction claims — dental expenses, gambling losses, Lego sets and […]

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Tradies claiming tax deductions

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Tradies: Some tax claims pivot on how you operate

Working tradies need to be certain about what can or can’t be claimed on their annual tax return.

A lot of the time, what you can claim depends on whether you’re an employee tradie or a small business (that is, operating as a sole trader, partnership, […]

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