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Finally. An easy way to track your personal spending patterns.

Most people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from one pay period to the next. 

With the ageing population and many Baby Boomers now continuing to work-at least on a part-time basis-past the traditional retirement age, people are working more years than ever. Even if a person works only 40 years, at average earnings, that's a lot of money. 

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If you once ran a thriving taxi company that started to fade when Uber burst on the scene or a hotel that suffered from the impact of Airbnb, you know what the word "disruption" means. 

You probably don't do either of those things but could the business you do run be equally at risk from rapid changes in your industry in the future?

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While most business owners know that budgeting is a critical part of their planning, there is some confusion about which components should be included in a budget. 

There are three critical elements. Together, they provide the oversight you need for your business - and the key targets to work towards. 

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Managing receipts: 4 apps to make filing receipts quick and easy

 

They say only two things are certain in life: death and taxes. For a lot of people, there's also a third certainty in life: the pain of keeping track of every receipt when it's time to do the taxes. 

How many times has your bookkeeper or finance manager asked you for a receipt (that you swore you stuffed somewhere in the wad of receipts in your wallet) that you've then had to scramble and search everywhere to find? 

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Don't lose a deduction for non-compliant payments to employees

Don't lose a tax deduction for non-compliant payments to employees 

If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go (PAYG) Withholding obligations. 

This applies to tax returns lodged for the 2020 year onwards. 

The PAYG rules require that you: 

1.     Withhold the tax amount from the payment before you pay your employee; and

2.     Report that amount to the ATO – in a Business Activity Statement (BAS) 

You will only lose your tax deduction if no amount is withheld or reported to the ATO, unless you voluntarily disclose this to the ATO before the ATO ever audits you.

These new laws have been introduced to level the playing field for businesses doing the right thing by their employees.

NEXT STEPS

Please contact Complete Business Strategies on 07 5439 1600 today if you have any questions about how these new laws may affect how you do things in your business.

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