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Single Touch Payroll – When your reporting can cease

February 4, 2021

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19. Depending on your business’s situation…

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Calling time out on your business

Calling time out on your business? Some essentials you’ll need to know

December 2, 2020

When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. In a way, a business ending is inevitable, whether through the outcomes of COVID-19, retirement, health or, in another scenario, pursuing…

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Goal posts moved on vacant land and active assets

Small business CGT concessions: Goal posts moved on vacant land and active assets

December 2, 2020

Businesses wanting to claim CGT concessions for active assets may find hope in a recent Full Federal Court decision on a long-contested vacant land case. In 2007, the Administrative Appeals Tribunal (AAT) ruled that vacant land on which two shipping containers had been placed for storing business records did not qualify as an “active asset”…

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What is a recipient created tax invoice

What is a recipient created tax invoice?

December 2, 2020

What is a recipient created tax invoice? Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for GST will generally be…

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What the full expensing write off deduction means for business

What the “full expensing” write-off deduction means for business

November 6, 2020

The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6…

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New data matching programs initiated by the Federal Government

New data matching programs initiated by the Federal Government

October 2, 2020

Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds. Data matching involves bringing together data from different sources and comparing it. For example, records from different agencies or businesses are compared, with the results possibly identifying people who are being paid…

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The realities of insuring against cyber crime

The realities of insuring against cyber crime

July 7, 2020

Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these recent times of COVID-19 with nearly everyone…

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Remote AGMs and document signing allowed

Remote AGMs and document signing allowed

July 7, 2020

Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. ANNUAL GENERAL MEETINGS…

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Succession planning for family businesses

Succession planning for family businesses

February 4, 2020

Photo by Photo by Sabine van Straaten on Unsplash For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include…

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E invoicing is on its way

E-invoicing is on its way

December 2, 2019

Photo by Clay Banks on Unsplash Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow. The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices – think PDFs and…

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