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Don't Let the ATO Sting You for FBT!

Among other things, the ATO regularly matches vehicle registration information against company and business tax files. If you own a vehicle in your business then you are at risk of being targeted for a Fringe Benefits Tax enquiry or audit.

The FBT year runs from 1 April to 31 March 2015, so now is a good time to consider how the FBT rules may affect you. Where an Employer provides a non-cash benefit (ie. use of a motor vehicle) to an employee (including an Owner of the business who is a Director) FBT applies to the value of that benefit at the FBT rate of 49%.

If you provide vehicles to your staff or director(s) or provide other fringe benefits then FBT may apply to you and you should give us a call on (07) 5439 1600 to discuss your possible liability. Or CLICK HERE to make an appointment with one of our qualified advisors.

 

ATO Penalties Don't Have to Hurt

Affordable ATO Payment Arrangements – Don't Pay Unnecessary Penalties and Interest!

When business gets tough cash can be applied to payments that are absolutely vital to keeping your business going. Often this means that funds are not always available to make your tax payments as and when they fall due. We have an excellent track record of successfully negotiating affordable arrangements with the ATO and have even managed to have thousands of dollars of penalties and interest remitted too.

We always advise a proactive budgeting strategy to ensure you can afford to meet your tax obligations as and when they fall due.

Here at Complete Business Strategies though, we understand the realities of doing business and the pressures of managing your cash effectively. If you have a tax liability that you think you may struggle to pay in full and on time talk to us early. We will advise you on the best course of action to avoid unnecessary penalties and interest and talk to the ATO about an affordable payment arrangement for you  Give our office a call right now on 5493 1600 and speak to one of our qualified experts and let us help you reduce your exposure to unnecessary penalties, interest, and legal recovery action. 

Complete Business Strategies strive to provide innovative solutions to legally minimise the tax payable on our clients' hard earned income. CLICK HERE to Make an Appointment with our Qualified Team.

Drowning in Your Receipts?

Get Rid of the Shoe Box Forever

If the ATO asked you for a $65 receipt for petrol from 2 years ago could you find it and could you read it?

Records must be kept for up to 7 years and we know this can be a painful process for many clients. We regularly get asked about easy ways to record and store these documents and we are happy to say there are many simple cost effective solutions available.

While our answer is always guided by your specific circumstances, more and more clients are turning to the cloud to store their receipts. What happens to the paper receipt after filing then becomes largely unimportant.

Cloud based document storage may sound complicated but it can be as simple as popping your receipts into an envelope and posting them away. Of course, if you were more technically oriented you could scan them from the phone App and code them on the run. The choice is yours.

Receipt Bank is just one possible solution but most cloud systems can also integrate into your accounting system saving you time and money on bookkeeping too.

Complete Business Strategies strive to provide innovative solutions to minimise the time and cost of doing business. We know business is tough and with our range of innovative solutions we can help you achieve your goals quicker. If you want more information on this or other innovative solutions just pick up the phone and give Vicki in our office a call on 5439 1600. Or CLICK HERE to Make an Appointment with our Qualified Team to show you how easy it is to set up and use.

New ATO Scam Warning - Beware

WARNING: New ATO Scam - You Need to Read This!

We have been advised from a client that he has just received a phone call from a person claiming to be from the Australian Tax Office (ATO).

The caller wanted to organise a meeting to discuss some "irregularities" in our client's tax affairs.

Enquiries with the ATO proved the person was a fraud.

If you receive a similar call do not provide any details and certainly do not agree to a meeting. It is most likely the meeting is just an excuse to ascertain your level of gullibility and the first step in fraudulently extracting your personal details.

 

Would You Spend $8 to Save $50mil

Don't Burn Your Money

Even the biggest companies can make mistakes. It just seems that when it comes to the Personal Properties Security Register (PPSR) the message is not really as clear as it should be. (Please CLICK HERE for our last post on this subject)

Here is an example of how to burn $50 million by NOT taking proper advice and NOT paying $8 in registration fees to protect your assets.

Recently a US company, APR Energy, decided not to register a security interest on the Personal Properties Security Register (PPSR) for four gas turbines it had on lease to an Australian company. The Australian company, Forge Group, was placed into receivership in February 2014 while they were leasing four gas turbines from APR Energy. As reported by The Age, receivers of Forge Group are now trying to assert their right to gain control of the turbines to satisfy the debts of Forge Group. If they are successful APR Energy will be relegated to an unsecured creditor and may well get nothing from the liquidation of their customer.

It only costs $8 to register a security interest on the PPSR. It seems ludicrous to us that people in business would not want to make sure their valuable property is appropriately secured.

If you provide finance, supply, lease, hire or loan assets to third parties, we strongly recommend you obtain appropriate advice and consider registering your 'security' interest in the assets.

REMEMBER THE RULES HAVE CHANGED – POSSESSION REALLY CAN BE 90% OF THE LAW

Complete Business Strategies strive to provide pro-active solutions to help our clients maximise their hard earned profits. Please call us on 5439 1600 or CLICK HERE to make an appointment with one of our specialist advisers. Don't be too cheap to take proper advice, we don't want you to become the next newspaper headline.

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