Employers, are you SuperStream compliant? With only 15 days until the end of the financial year, as an employer, you need to ensure you are complying with the new SuperStream rules for employee super contributions. Super contributions made after 1st July, 2016 Any superannuation contributions made post 1st July, 2016 need to be: Reported electronically. Paper contribution forms are no longer an option. MUST be paid electronically. Cheque payments are not…
A reminder to our Geelong Accounting clients with tax deductible motor vehicle expenses, it may be beneficial for you to start a motor vehicle log book. In the May 2015 Federal Budget there were changes made to the way motor vehicle deductions for individuals could be claimed. These changes took effect from 1 July 2015. Previously you could choose from one of four methods: The logbook method, where the business portion of…
The ATO has the power to issue a Directors Penalty Notice (DPN), effectively transferring the debt from the company to the director if you fail to meet your tax obligations.
We encourage our clients to use the new myDeductions free phone App from the Australian Taxation Office. Making tax return record keeping a breeze.
Keeping financial records for tax time needs to be easy. Here we give you smart tips for record keeping so you meet Australian Tax Office guidelines.
It’s that time of the year when you are probably busy gathering your year-end receipts and income and deduction information together to have your income tax return prepared.
Now is a good time to ask yourself, do I find this process easy? Do I have adequate systems in place throughout the year to make this process less stressful?
If the answer is no, then the start of the new financial year may be the perfect time to set some processes in place to make the next financial year ahead your best yet!
Here are some great ways to streamline your record keeping and take the stress out of the end of the financial year. And remember, you need to keep your records for five years!
Taking on a business partner for the first time or introducing a new partner into your existing business can be a big step. Suddenly, someone else’s opinions really need to be considered! Enterprise Geelong recently ran a Business Boot Camp Session with guest presenter Emma Welsh from Emma & Tom’s Food (and Juice). Emma gave some valuable insights and advice on business partnerships. Emma and Tom have known each other since…