by Swot Accoountants | Apr 1, 2022 | Business News, Super, Tax & Compliance
Determining the nature of the engagement – is the worker an employee or contractor? This is important from the tax and super point of view because employees will have tax withheld from their wages and super paid by the employer. In contrast, contractors may be treated...
by Swot Accoountants | Mar 1, 2022 | Business News, Companies & Trusts, Tax & Compliance
The ATO has released public advice and guidance (PAG) products relating to the tax treatment of trust entitlements arising out of reimbursement agreements and unpaid present entitlements (UPEs) of trust beneficiaries. The following draft products have been released...
by Swot Accoountants | Feb 2, 2022 | Tax & Compliance
If you have more than one job, you will usually get taxed a lower amount of tax on your first job and a higher amount on the additional jobs you have. This is because you are claiming the tax-free threshold from your first job which does not apply to your second...
by Swot Accoountants | Jan 1, 2022 | Business News, Business Training, Penalties
When you need to apply for a director ID depends on when you first became a director. If you were appointed a director on or before 31 October 2021, you have until 30 November 2022 to apply If you were appointed a director between 1 November 2021 and 4 April 2022, you...
by Swot Accoountants | Dec 1, 2021 | Business News, Capital Gains Tax (CGT), Tax & Compliance
THE THINGS YOU CAN CLAIM STRAIGHT AWAY Expenses for which you may be entitled to an immediate deduction in the income year you incur the expense: Advertising for tenants Bank charges Body corporate fees and charges* Cleaning Council rates Electricity and gas (while...
by Swot Accoountants | Nov 10, 2021 | Business News
Queensland Premier Annastacia Palaszczuk has pulled out the stick to boost the state’s COVID-19 vaccination rate by banning unvaccinated people from taverns, bars, pubs, clubs, restaurants, galleries, stadiums, festivals, museums from 17 December 2021. While NSW has...
by Swot Accoountants | Nov 2, 2021 | Business News, Companies & Trusts
From the 1 of November 2021, Australia’s 2.7 million company directors can apply for their director identification numbers (Director ID) using the Australian Business Registry Services (ABRS) website. All directors of a company, registered Australian body, registered...
by Swot Accoountants | Oct 8, 2021 | Business News, Business Training
It has never been more important for small business owners to become aware and get smarter about cyber security. While the big companies are spending billions of dollars on cyber security each year, small and medium-sized businesses (SMBs) are not doing enough to...
by Swot Accoountants | Sep 1, 2021 | Business News, Business Training, Companies & Trusts, Tax & Compliance
When starting a small business, you need to choose which type of business structure to use. It is very important to understand the responsibilities of each structure, as it will affect the set-up and running costs, the tax obligations, asset protection, and potential...
by Swot Accoountants | Aug 16, 2021 | Business News, Tax & Compliance
Most people look forward to receiving a tax refund when they lodge their tax return however, in some cases the ATO will issue a tax bill instead. Generally, people who earn income as employees have tax payments made on their behalf throughout the year through...
