With only two quarters left until SuperStream becomes mandatory, the Australian Taxation Office (ATO) is encouraging small businesses to cross SuperStream off their ‘to-do’ list ahead of the 30 June deadline.
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The Tax Office has announced that it is contacting certain businesses in the building and construction industry that have lodged an annual “taxable payments report” about some of the information that has been provided.
The Tax Office has sent letters to people living overseas who have made claims as non-residents for tax purposes. We strongly recommend that expats consult with their tax professional prior to responding to the letter as international tax matters further compound the already complex tax rules.
Since July this year, scams targeting both individual and business taxpayers have been running rife. From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up. So how can individuals and businesses protect themselves from online fraud and crime?
The temporary $20,000 immediate write-off for “small business entities” attracts regular queries, despite it being many months since the initiative was announced in the Federal Budget in May.
Identity theft is such a threat nowadays that the Tax Office has set up a Client Identity Support Centre (find it here) to help taxpayers who have had their identities stolen or misused.
An Actuarial certificate is a statement provided by a qualified actuary to confirm the proportion of an self managed superannuation fund’s (SMSF) income that should be exempt from income tax. The tax treatment of a fund depends on whether it is in accumulation or pension phase, or a combination of both.
Your business can claim website development and maintenance costs under various tax rules. As a business owner you probably know by now that you need a website; whether to display your credibility, ensure you are accessible, target a wider audience, showcase your work or transact with your customers. Since most consumers now search online before making a purchase decision, […]
Startup small businesses are able to deduct a range of expenses associated with launching their venture, such as the costs of professional accounting and legal advice. Professional fees to launch your #smallbiz can now be deducted in the same financial year. Click To Tweet
There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). It’s always a good idea to start by sitting down to read your trust deed, as it may contain vital information about winding up your fund. Remember, once a fund is wound up, it cannot be reactivated.
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
Our mission is to help people, businesses and the community prosper.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
A: 49 Best Street, Devonport
P: (03) 6424 1451
A: 30 Burnett Street, North Hobart
P: (03) 6239 4900
A: Suite B, First Floor, 99-103 George Street, Launceston
P: (03) 6337 6777
M: PO Box 6003, Devonport, TAS, 7310