Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Common problem areas that people feel…
Tax time: Are you in the ATO’s sights?
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and…
Tip Tuesday | Bookkeeping To Grow Your Business!
Accountants help keep your finances in order but bookkeepers play an important role too. So what’s the difference between a bookkeeper and an accountant? And how can a bookkeeper help you run your business? Bookkeepers and accountants are not the same If you’re a small business owner, you’ll be familiar with juggling several…
Tip Tuesday | 10 Step Checklist to Grow Your Business
Your business is up and running and you understand what works and what doesn’t. Now you’re ready to take a step back and be strategic about how – and when – to grow your business. 10 steps for business growth Seeing an opportunity for business growth can be exciting. But turning your big idea…
Tip Tuesday | 9 Steps to an Awesome Invoicing Process
You need billing to be fast and accurate. Because the sooner invoices go out the door, the sooner you get paid. These 9 suggestions could make your billing better. 1. Set a billing schedule It’s tempting to give preference to paid work and put invoicing off. But no work is paid without invoicing, so…
Tip Tuesday | Small Business Bookeeping for Beginners
Bookkeeping lets you know how your small business is doing, and it helps keep you onside with the tax office. So what does it involve and how do you make it less boring? We break down bookkeeping for beginners. What is bookkeeping? Bookkeeping involves recording and classifying all the financial transactions in your business....
Tip Tuesday | The Best Inventory Management Software for Small Business
There’s more to inventory management than keeping track of your products. When to order stock, how much to order, and how much to sell it for can feel like trial and error. But inventory management software can remove the guesswork and give you greater control of your business. Why you need inventory management…
Tip Tuesday | Getting Your Head Around Small Business Payroll
If you’re starting to employ people, congratulations – business is obviously going well. And welcome to payroll. Here’s your introduction to the basics of pay, deductions, and dealing with the tax office. What does payroll mean for small business? At a basic level payroll is giving with one hand and taking with the other. You…
Blog | ATO Toughens Stance as Employers Hit with Rolling Superannuation Guarantee Audits
Employers are increasingly being subjected to a rolling series of audits by the ATO where they slip behind on their Superannuation Guarantee (SG) obligations as the Tax Office now taking a harder line on non-compliance, warns a technical expert. Insyt chief executive Darren Wynen said the focus by the federal government on SG non-compliance has…
Tip Tuesday | 10 Ways to Stay Out of Debt!
Bad debt and late payment can be problems for almost any business. What’s the best way to handle them? Here we look at ten ways to stay out of debt and reduce the impact of debtors. Stay in control of the money you’re owed Business owners often worry about payment. That’s especially true in the…
