CALL US: (07) 3367 0999 | EMAIL US:

Preparing for the second half of the financial year

Posted on May 8, 2013 by admin


Businesses should start reviewing whether their accounting systems are keeping track of all revenue and expenses, together with any private use of business assets. Planning ahead can save significant tax penalties, which start at 25 per cent of the unpaid tax to as high as 75 per cent. There are a few key areas business owners should focus on. –       Go through each employee and check whether contractors are actually employees, as the ATO has flagged this as an issue they will be cracking down on. –       Look at whether any new business equipment needs to be bought in order to take advantage of the new $6,500 instant write off. –       Review quarterly PAYG instalments. If profit is down considerably from last year businesses may wish to reduce their instalments. –       Businesses may also wish to review personal loan agreements and trust deeds to make sure they comply with the law and that company distributions to owners are properly treated for tax purposes.


Keep Reading...


Business Fraud

Posted on by admin


Last year business fraud over $100,000 hit the courts more than 61 times, totalling more than $131 million. There are a few ways to minimise the potential of business fraud happening. –       Start at the recruitment phase. Look for employment gaps in the potential employees history, do an internet search to see whether someone left under improper circumstances. –       Notice different or anti-social behaviour of employees. Also look for circumstances changing, such as their partner losing their job or an illness in the family. These things happen to everyone, but it can cause a lot of stress and anxiety and may cause them to find risky solutions to their problems. –       Check on the accounting systems in place. Avoid having all the business asset eggs in one basket. Separate responsibilities for those who record and those who have power to confirm any changes. – Regularly review bank reconciliations to check for a growing discrepancy between accounting records and actual cash and be aware of who can authorise payments and change accounting records.


Keep Reading...


Business
advice

taxation
planning

compliance
services

News

SMSF annual return for pension phase trustees

November 15, 2017

Self-managed super fund (SMSF) trustees who are in pension phase must lodge their SMSF annual returns if they remain active, or choose to wind up the fund.

The ATO is warning SMSF trustees about their regulatory obligations and is paying close attention to those SMSFs that are not meeting their lodgment obligations.

Trustees must lodge a Self-managed superannuation fund annual return 2017 if it was a self-managed super fund on 30 June 2017, or a self-managed super fund that was wound up during 2016-17.

Super funds that are not SMSFs at the end of 2016-17 must use the fund income tax return 2017 and, where required, a separate super member contributions statement.

Even if your fund does not have a tax liability, your SMSF must lodge an SMSF annual return.