Accounting & Financial Reporting

STP year-end finalisation

STP Year-End Finalisations … Due Soon!

By Karyn Clarke / July 29, 2022

Employers need to make STP finalisation declarations For employees with 20 or more employees If you have 20 or more employees, you should be reporting closely-held (related) payees each pay day along with arms-length employees. The finalisation due date for closely-held payees is 30 September each year. A ”closely-held (related) payee” is an individual directly […]

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family trust distributions

Family Trust Distributions – Further Developments

By Wen Wen / May 13, 2022

New developments on the ATO’s crackdown on trust distributions For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions. Backstory In February, to recap, the ATO updated its guidance around trust distributions made to adult children, corporate beneficiaries, and entities […]

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financing motor vehicles

How to Finance The Acquisition Of Motor vehicles

By Wen Wen / May 12, 2022

Different ways to finance motor vehicles A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having a unique taxation treatment. 1.  Outright purchase The advantage of purchasing a vehicle outright, as opposed to financing the acquisition […]

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cashflow forecasting

The Importance of Cash Flow Forecasting for Your Business

By Wen Wen / March 23, 2022

Businesses now starting to prepare cashflow forecasts Now more and more businesses start to consider preparing cashflow forecasts. According to the Australian Bureau of Statistics, half of all small to medium businesses fail in the first three years of operation. The Australian Securities and Investment Commission states that poor cash flow is cited as a […]

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temporary full expensing

Temporary Full Expensing (What It Means For You And Your Business)

By Wen Wen / February 23, 2022

The TFE measures are available to support business As Australia looks to get back to work and continue its recovery, the Temporary Full Expensing (TFE) measures are available to support business and encourage investment. Eligible businesses can claim an immediate deduction for the business portion of the cost of most assets in the year they […]

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Single touch payroll phase 2 - employer reporting guidelines

Single Touch Payroll 2 (Everything You Need To Know)

By Wen Wen / February 9, 2022

Single touch payroll regime In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019. For background, the STP regime is a government initiative which is designed […]

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