Archive for February 2020
Directors liable for more tax
Last month, the Government passed legislation to include GST in the Director Penalty Notice (DPN) scheme. This means that individual business directors can be held personally liable for unpaid GST from 1 April 2020. What is the DPN scheme? The DPN was launched by the Government to address underreporting by businesses on mandatory taxes and…
Read MoreA word from the NSW Business Chamber – Central Coast Natural Disaster Assistance
Following the severe storms and flooding over the weekend, a State of Natural Disaster has been declared for the Central Coast region. This means that assistance from NSW Government is available to businesses whose property and belongings have been affected. If your business has been affected, you may be eligible for funding assistance from the…
Read MoreWealth: Now is the time to revisit your investment strategy
An investment strategy – whether inside your SMSF, or more generally – is an essential part of securing a positive return. A strategy is a tangible document that outlines your goals and actions now and later. A considered and thoughtful strategy that is regularly reviewed is the best way to become better off. Goals –…
Read MoreAccounting: Cash stress despite healthy profit
Digital credit agency, CreditorWatch has tipped 2020 to be a tough year for SME’s. All too often, smart and profitable businesses find themselves short of cash because of the debtors and creditors they rely on. It takes one payment default to set things off course. Prevention is always the best cure, and communication is key.…
Read MoreTax: MyGovID deadline 27 March
The ATO has announced a termination date for AUSKey of Friday 27 March. This means, the transition to MyGovID for digital interaction with the Australian Tax Office will be compulsory. Here’s what you need to know… What is AUSKey/MyGovID? This is authorisation system that enables digital interaction with the ATO. Tax agents and small business…
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