Many businesses have yet again fallen prey to cyber-criminals with a new scam that has fooled them into losing millions of dollars. The latest scam concerns fake invoices that are made to look as realistic as possible, sent from a legitimate-looking email address and showcasing many of the signs of real invoices.
Does panic set in the moment you receive a call from the ATO or your Accountant telling you that you are about to have your taxes audited? If it does, and you lose your sense of control & begin stressing, the first thing to do is just stop and breathe. Many times, its not what you think it is and you may have a few options on the table should you undergo an audit anyway.
The New Year is the perfect time for organisations to reassess their operations, and to implement new and more efficient processes.
If done correctly, this will lead to better productivity and greater profits, as well as more satisfied customers and better employee morale.
The agenda? – To shape and preserve the Australian community’s confidence that taxpayers are indeed paying the correct amount of tax. With this in mind, the ATO recently introduced its Justified Trust Initiative and its already leaving its mark on businesses in WA!
Trying to figure out how much money you can save on your taxes can be difficult, especially since the tax guidelines seem to change just slightly every year.
Tax Time Tips: Small Business Tips for the closed financial year
Now that we’re into a new financial year, you’re probably still cleaning your books to meet with your Accountant and talk about your tax liability for last year.
Personal income tax cuts for low to middle income earners. From July this year, the 32.5% tax bracket will be lifted to $90,000 from $87,000.
A new tax offset of $530 a year, paid as a lump sum. Those earning between $48,000 and $90,000 will get the full benefit of the offset.
The Tax system has been simplified so that 94% of taxpayers pay no more than 32.5 cents in the dollar in 2024–25.
SMALL BUSINESSES AND COMPANIES
From 1 July 2017, the concessional corporate tax rate of 27.5% will only be available for ‘‘base rate entities’’, being entities with no more than 80% of its income being ‘‘base rate entity passive income’’
The ATO will be allowed to disclose to Credit Reporting Bureaus the tax debt information of businesses that have not effectively engaged with the ATO to...