Small Business

Sometimes less information can be a lot more informative. This is usually the case when it comes to producing meaningful reports from your accounting software. Don’t get me wrong, detailed reporting can provide tremendous insights for management. However, for many small businesses, too much detail results in too little information that’s genuinely useful. Just because your ...

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Remember that all employee superannuation guarantee contributions for the December quarter should be paid into funds by 28 January, 2012. Employee super contributions actually paid by this date will be eligible for a tax deduction. It is important to meet the 28 January deadline in order to qualify for a ...

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A new Bill has been introduced into parliament to establish a payroll tax rebate scheme which is intended to encourage the employment of people with disabilities (as opposed to the general dis-incentive payroll tax offers for employing people). The Payroll Tax Rebate Scheme (Disability Employment) Bill 2011 will provide employers with ...

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Anyone who reads the blog knows that I love online tools and calculators. I was very excited to hear of the launch of PayCheck Plus, an online tool provided by the Fair Work Ombudsman, designed for employers and employees to quickly calculate base pay rates, allowances, overtime and penalty rates ...

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TaxWise Business News is published each quarter. The September, 2011 issue of TaxWise Business is now available from the main site. This quarter’s issue includes the following articles: ATO Compliance Target Areas 2011-12 Taxing Carbon Managing Tax Debts Proposed Not-for-profit Reforms Car Fringe Benefits Rules Changed Excess Super Contributions Tax CGT ...

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The start of a new financial year is a great time to do some thinking and planning as to what is happening in your business. A good place to start is – What is the purpose of my business? How much do you want to earn? How many hours are you prepared ...

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Periodic Financial Accounts – Each month we consider questions related to the preparation of a business plan. This time we’re looking at periodic financial accounts. Are periodic financial accounts prepared throughout the year? If so, how often? Are other periodic accounts prepared on a detailed management basis to assist management ...

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Taxation – Each month we consider questions related to the preparation of a business plan. This time we’re looking at Taxation. Have adequate systems been implemented for recording transactions relative to income tax?   Pay As You Go installments?  Pay As You Go withholding amount (withheld from salaries and wages)?  Pay ...

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New tax thresholds were introduced at the start of the financial year for payroll tax in NSW. The annual payroll tax threshold is now $678,000 and the rate is currently 5.45%. From 1 July 2011, the monthly threshold is: 29 days = $53,721 30 days = $55,574 31 days = $57,426 ...

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Please remember that all employee superannuation guarantee contributions should be paid into funds by 28 July, 2011. All employee super contributions actually paid by this date will be eligible for a tax deduction. It is important to meet the 28 July deadline in order to qualify for a tax deduction ...

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ASIC fees are being increased based on the Consumer Price Index for the March quarter 2011. This includes a rise in late payment fees. The following are a few of the more common fees which will be increasing from July 1st: Registration of a Pty Ltd increasing to $426 (up from ...

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