News

“The federal government has unveiled changes to paid parental leave rules designed to give greater flexibility to both new parents and their employers, but small business owners remain “discriminated against”.  This article from mybusiness explains the proposed changes which include being able to take the leave in more than one block.  Check it out here

GST and BAS tips to keep your business on track

Get on top of your record keeping early and be better prepared for lodging your BAS ‒ it can help manage your cash flow and get you your refund faster.

Keep your business on track with these GST and BAS tips:

1. Keep all of the records you use to prepare your BAS. Generally, these records must be kept for five years.
2. Only claim GST credits for business purchases that include GST in the sale price from suppliers that are registered for GST.
3. Make sure you have a tax invoice for any purchases over $82.50.
4. Fill in the amounts on your activity statement as whole dollars ‒ leave out cents and don’t round up to the nearest dollar.
5. Lodge your BAS using our online services. It’ll prompt you to correct any errors and allow you to check whether you’ve completed your BAS correctly.
6. Putting money aside in a separate bank account for the GST you receive may make it easier to pay your BAS and manage your cash flow.
7. If you think you might not be able to pay, contact us as soon as possible before your BAS is due. Even if you can’t pay, you still need to lodge your BAS on time.

Find out about:

• Lodging and paying your BAS
• Lodging your activity statement online
• Due dates for lodging and paying your BAS

• If you can’t lodge and pay on time

We thought these were useful.

Small Business Tax time checklist 2018

Top questions at tax time

“Scammers pretending to be from the ATO are using a new tactic. They’ll phone you about a fake tax debt and try to start a three-way call with another scammer who claims to work alongside your regular tax agent.”  Full details here

If you do receive anything that seems odd, please give us a call, or you can report a Scam directly to the ATO on 1800 008 540

Thanks to Holly Cook at the ATO for sharing this with us