Category: Compliance

Written by seriously good accountants. For business owners who want to understand their numbers, make good decisions & grow.

Image for What are Director Identification Numbers and do I need one?

What are Director Identification Numbers and do I need one?

Some of the 31 registers that are currently part of the Australian Securities and Investments Commission will be brought together under a new entity which will be known as the Australian Business Registry Services. As part of these changes, from November 2021 directors will need to apply for a Director…

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Filed Under: Business Advisory, Compliance, General, Leadership

Image for Thinking about becoming a contractor? Here’s what you need to know

Thinking about becoming a contractor? Here’s what you need to know

If you are an employer looking for a contractor or if you are considering becoming one yourself, it’s critical that you understand what legal obligations contractors have as well as what sham contracting entails so that you avoid falling into illegal practices. What is the difference between a contractor and…

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Filed Under: Business Advisory, Compliance, Tax

Image for How stapled super funds will impact employers

How stapled super funds will impact employers

From 1 November 2021, if you have new employees who don’t choose a specific super fund, you may need to request their ‘stapled super fund’ details from the Australian Taxation Office. We’ll explore what a stapled super fund is and how it will impact you as an employer. Existing superannuation…

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Filed Under: Compliance, Financial Awareness, General, People

Image for Why you should never breach the complex laws that surround SMSFs

Why you should never breach the complex laws that surround SMSFs

Your super is your nest egg for retirement. So why would you risk losing almost half of it by not complying with the laws around SMSFs? The common question of “what should I do about my super?” has seen more and more people turn to Self Managed Superannuation Funds…

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Filed Under: Compliance, Tax

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Image for Are you a property investor? Here’s the tax information you need to know

Are you a property investor? Here’s the tax information you need to know

One of the most important aspects about investing in property is ensuring that you maximise your return on investment. However, while both repairs and renovations can be claimed as tax deductions, it’s vital to know how to do so correctly or else it can be costly and unlawful. Rental property…

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Filed Under: Compliance, Tax

Image for I owe money to my private company money but can not pay it back at the moment.  Can I get more time?

I owe money to my private company money but can not pay it back at the moment. Can I get more time?

Well, there is good news for you, the ATO announced it is to allow extended time for minimum yearly repayments on complying Division 7A loans, so if you owe money to your private company, you have more time! What is a complying Division 7A Loan Agreement? Many incorporated business owners…

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Filed Under: Compliance, Financial Awareness, Tax

Image for Working from home? How to boost your next tax return

Working from home? How to boost your next tax return

With the range of technology and software available today, it’s become easier than ever to work from home. Employees can efficiently complete calls using teleconferencing software, many collaboration tools are now cloud-based, and work devices, including laptops and tablets, are light and portable. If you’ve been working from home, you’ve…

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Filed Under: Compliance, Tax

Image for What you need to know about trust distribution resolutions

What you need to know about trust distribution resolutions

Following on from my article on 21 May 2021, https://seriouslygoodaccounting.com.au/articles/5-small-business-strategies-for-kick-starting-the-financial-year/, an essential part of tax planning for any business that trades through a trust, or a trust that has been set up to accumulate the family wealth, is to decide and document the trust distributions. These…

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Filed Under: Accounting, Compliance, Small Business Tax, Tax

Image for What can you tell your employees about super?

What can you tell your employees about super?

It’s a common question asked by employees: “what should I do about my super?” If you are an employer or manager and feel confident of your knowledge of superannuation and investment, it can be tempting to give an answer. However, just about anything helpful you have to say will likely…

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Filed Under: Compliance, Financial Awareness, General, People

Image for Make sure you update your ABN: It can be vital

Make sure you update your ABN: It can be vital

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a…

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Filed Under: Business Advisory, Compliance