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.
As of the 1st of July 2018, those who purchase new residential premises or potential residential land need to withhold an amount from the purchase price and pay it directly to the ATO on or before settlement.
We are excited to have our Managing Director, Dinesh Aggarwal, as the new president of the prestigious Wanneroo Business Association (WBA). The new board was appointed during the AGM held on 18th of July 2018 and was witnessed by members of the Wanneroo small business community. The city of Wanneroo Mayor- Tracy Roberts also graced the occasion.
A remarkable effort indeed!
We are proud to have emerged as finalists in 3 categories of the prestigious Australian Accounting Awards 2018 :
For a more detailed budget overview click here
If you are planning a foreign venture to import low-value goods, and would like to get a head start, contact one of our Foreign Business Professionals for tailored advice suited to your specific needs.
For more information on what this means for your business, click the link Here.
For even more information visit the Australian Treasury site for a comprehensive Q & A.
When it comes to fringe benefits tax (FBT), a simple mistake or omission can attract the ATO’s attention. Small businesses are encouraged to be mindful of focus areas that provide clarity in their reporting obligations and entitlements to avoid penalties from the statutory agency. Fortuna Advisory Group specialises in Tax and Compliance services that can save you the worry when lodging FBT during tax time.
Starting from the 1st of July 2018 employers with 20 or more employees will have new reporting obligations regarding payroll processes through Single Touch Payroll (STP).
As of the 3rd of April 2018, AUSTRAC (the government body in Australia which keeps a tab on money laundering and terror-related activities) has placed new rules governing cryptocurrency transactions to provide greater transparency for regulators. Now transactions involving cryptocurrency will need to be signed up and logged onto a new Digital Currency Exchange Register. AUS
TRAC requires that dealings above $10,000 be reported as per pre-existing rules for cash transactions and bank transfers.
All Australian residents who receive overseas income, or non-residents receiving Australian income, ought to ensure that they report such income to the local tax authorities to avoid stiff penalties. The Common Reporting Standard (CRS) legislation that sets the bar for foreign tax residents regarding the exchange, collection and reporting of financial account information came into effect on 1 July 2017.
