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Keep Your Details Updated – Your friendly Empire reminder this tax season

Whether you’re an individual filing a tax return or a savvy business owner, updating your details is so important for good record keeping and compliance.

ATO Hot Spots for 2023 – What Business Owners Need to Know

In this article, we’ll explore the ATO’s agenda items for 2023, highlighting the three hotspots subject to increased scrutiny: rental property.

The true cost of Fringe Benefits Tax on a small business

The area of tax law that addresses the tax impact of providing benefits is the Fringe Benefits Tax (FBT) regime.

What’s the Difference Between Tax Offset and Tax Deduction? The Distinction is Important!

We’ve all heard the terms “tax offset” and “tax deductions.”  While many use these terms interchangeably, the reality is that they have two different meanings. As such, they have varying impacts on your tax result when it comes to completing your return! It’s true that both tax offsets and tax deductions can help you reduce […]

Is Your Business Ready for STP Phase 2? We’ve Got your Back!

Single Touch Payroll Phase 2 was designed to require businesses to report additional information to the ATO each time payrun is filed. Therefore, every business in Australia with staff members are required to comply with STP reporting requirements. Notably, the government has provided businesses utilising Xero payroll an extension to 31 March 2023 to report […]

PAYG Instalments - What it is and what it means for you

In the last 10 years of being an Accountant, hands down, this system is the one that trips clients up constantly. If there was a matrix of PAYG Instalments, I think it would look a little like this:                   Clients either understand it and pay it, don’t […]

COVID-19: Update JobKeeper Payments & Reporting

Over the past few weeks there have been changes, developments, enhancements and clarity provided by the ATO regarding JobKeeper. Some helpful, some to be desired, but all in all JobKeeper is certainly keeping us Accountants on our toes! Please see below update for those of you who are DIY’ing your JobKeeper applications. Here’s a quick […]

The Super Guarantee Amnesty

The ATO has announced a one-off opportunity for employers to “self-correct” noncompliance of super guarantee payments without penalty. After estimating that $2.85 billion is currently owed in late or missing super guarantee payments, the ATO are running a 12-month amnesty period where employers can voluntarily disclose undeclared super guarantee shortfalls or missing payments. Employers who […]

The ATO vs The ‘Cash Economy’ | Motor Vehicle Data Matching

The ATO are cracking down on the cash economy in a bid to catch people out who are hiding their true wealth by trading in cash. The new data matching strategy is designed to catch out anyone from cash in hand tradies to organised crime gangs trying to legitimise their money by buying assets. Using […]

What is Audit Insurance and why is it a Must Have for SMEs and Sole Traders?

Each year the ATO has typically more than 640 million transactions reported to them. In this the ATO aims to contact in excess of 450 000 tax payers for data matching concerns, 245 000 pursuits around the cash economy, more than 43 000 GST and other indirect tax refund integrity checks, audits, reviews and more. […]

Tax Deductions: Entertainment

Well that’s not very entertaining! It’s annual Christmas party time for you, your staff and clients, but before you get stuck into the Vodka Cruisers and Jager Bombs let’s make sure you’re up to speed on the taxman regulations for the festive season. Generally, not one to walk around quoting tax legislation but it seems […]

Reasons Why You Can Count On Us

Accountants aren’t usually considered the most colourful of folk. The wallflower of the finance world, it’s easy to think we’re all number crunchers and spreadsheet lovers who let their hair down but once a year, sometime past June; who spend too much time face-to-face with your money and your paper work and not enough face-to-face […]