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Maintaining accurate business records is essential, especially when dealing with personal services income (PSI). If you’re unsure about PSI regulations, consulting professional small business accountants can provide guidance. It’s important to meticulously track both expenses and income to comprehend the […]

In response to recent security concerns, the Australian Taxation Office (ATO) has put in place new measures to enhance the safety of online services. Starting from November 13, 2023, businesses with an Australian Business Number (ABN) must select their accountants

Director Identification Number (DIN) The director’s Identification Number (DIN) has become an important component. Similar to a tax file number, it is indispensable for directors across various companies, including those overseeing self-managed superannuation funds (SMSFs). The DIN system aims to

Introduction As the end of the financial year approaches, businesses are dealing with various responsibilities, and one of them is understanding the Fringe Benefits Tax (FBT). In this detailed guide, we’ll break down the complexities of FBT for the year

Introduction In 2018, the Australian Government introduced Single Touch Payroll (STP), changing how employers report payroll information. Adhering to payroll rules is crucial for businesses to operate smoothly. Recently, the Australian Taxation Office (ATO) launched Single Touch Payroll (STP) Phase

Introduction Effectively handling cash flow is necessary for business owners, serving as a vital safety net rather than just a strategic move. The ups and downs in cash levels don’t just impact daily decisions; they significantly influence a business’s overall

Extension of the Temporary Reduction in Superannuation Minimum Drawdown Rates Because of the uncertain economy, the government has decided to continue letting retirees take out only half of the usual minimum amount from their superannuation (retirement savings) until June 30,

Introduction Where our information is at risk from cyber threats, keeping our personal data safe is really important. A recent cyber attack on Optus, where the personal info of 10,000 customers was exposed, reminds us how crucial it is to

Introduction Starting an SMSFs can be complex. Making mistakes in the process can significantly impact your finances and retirement goals. The first thing to figure out is if an SMSFs is the best choice for you. Creating an SMSFs can

Diversifying Investments: Boosting Returns for SMSFs A recent study from the University of Adelaide shows that spreading your money across different types of investments is a good idea. They looked at over 318,000 self-managed super funds (SMSFs) from July 2017

What is the $20,000 Instant Asset Write-Off? The $20,000 instant asset write-off is a rule from the Australian government that helps small businesses save money. It lets them take away the full cost of things they buy for their business,

Introduction It’s really important for small businesses to stay competitive and up-to-date. The Australian government knows how crucial it is for small companies to use new technology and be innovative. That’s why they’ve introduced something called the Small Business Technology

Understanding Fringe Benefits Tax (FBT) To begin, let’s understand Fringe Benefits Tax (FBT). FBT is a tax from the Australian government that applies to certain non-cash benefits given by employers to their employees on top of their regular pay. These

Introduction The Australian Taxation Office (ATO) knows that small businesses require support to succeed. So, they’ve created the Small Business Skills and Training Boost program to help small business owners do well in today’s competitive market. In this article, we’ll

Introduction Australia’s taxation system encompasses the taxation of capital gains. Typically, capital gains arising from the sale of assets like land, business assets, and intangible assets fall under the purview of Capital Gains Tax (CGT). It’s important to note that

Introduction In the wake of the recent cyber attack on Optus, the ATO (Australian Taxation Office) and Australian Cyber Security Centre have provided some important steps to help people keep their data safe. After the Optus data breach, which exposed