For some time now, the Building and Construction Industry has been required to lodge an annual Taxable Payments Annual Report (TPAR) with the Tax Office detailing which contractors they have paid, what their ABN is and how much they have paid them during the year. This measure was intended to catch out contractors who were not paying tax on their income.
If your business isn’t up to date with your PAYG withholding obligations, you may not be entitled to claim any business related tax deductions.
From the September 2019 quarter you will need to be ready for Single Touch Payroll if you have 19 or fewer employees. If you have 20 or more Continue reading
Christmas can present a tax headache in the New Year if you’re not aware of the Fringe Benefits Tax (FBT) implications of your Christmas celebrations. FBT is a complex Continue reading
By Marie Olesen Do happy holiday-makers streaming into your local area each school holidays make you think about putting your home on AirBnB? While it seems like an attractive way Continue reading
By Blair Speakman To many, business budgeting doesn’t sound very interesting. To a successful small business owner, the word ‘budget’ has a different meaning. Business budgeting is more about Continue reading
Single Touch Payroll (STP) requires payroll information to be reported to the Taxation Office each time you pay your employees, rather than monthly or quarterly via an Activity Statement. Continue reading
Payments of superannuation must be received by the relevant fund by 30 June to obtain a tax deduction for the current financial year. Accordingly, we suggest you do not leave this Continue reading
To enable a claim for motor vehicle expenses by either the “log book” or “cents per kilometre” methods, odometer readings need to be recorded as at 30 June 2018. Continue reading
With the end of the financial year just around the corner, it’s a good opportunity to step back and highlight some of the significant tax changes ahead, and draw your Continue reading
We’re driven to create a workplace where our team members can thrive, so today we’re humbled and honoured to pause, and be recognised once again by the B Corporation community as Continue reading
Are you looking to automate, streamline and simplify your bookkeeping processes? As a business owner do you want more time to spend on the important things in your life – like growing your business, Continue reading
The articles, templates, and media posted on this blog do not give business, accounting, taxation or financial planning advice. The articles are intended to provide information in a summary form and are general in nature. The contents do not constitute business, accounting, taxation or financial planning advice and should not be relied upon as such. Formal business, accounting, taxation or financial planning advice should be sought in particular matters. O’Connells OBM Pty Ltd accepts no liability in respect of this information and any person acting solely on the information contained within does so entirely at their own risk.