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Director IDs – late fines, extensions and registration bugs

Approximately 700,000 Australian Company Directors failed to meet the ATO deadline of 30 November to register for their Director ID number. Thankfully, the ATO has confirmed an extension until 14 December to get this done, or face a fine of up to $13,200. The mandatory system was introduced in 2021 to combat illegal phoenixing activity,…

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ATO targets small business on late and upaid tax

Small businesses are one of the biggest contributors to the national tax debt, according to the ATO, and now they’re cracking down to recoup the $11.9 billion owed. Regular tax collection and penalties for late payment are ramping up from January 1, 2023. So what do you need to do to stay on the right…

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2023 business people and workplace trends

There is a real family and lifestyle theme to the business people and workplace trends of the future. This comes after two years of social distancing and the governments new strategy of encouraging primary carers back to work to help alleviate the skills shortage.  Here’s what you can expect to see some top employers offering…

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6 tips for being better off in 2023

2023 is likely to bring further inflation, interest rate rises and higher cost of goods and services. Now is a good time to consider how to make your money stretch further so you can be better off in the areas that mean the most to you. 1. Run a spending audit Print your bank statements…

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Federal Budget – the biz and finance wrap

By now, we’re all familiar with the political rhetoric around ‘tightening our belts’ to recover the $36.9 billion Federal Budget deficit and survive higher cost of living. The recently announced budget suggests that resource prices, taxes and low-unemployment are crucial to economic recovery. Read on to discovery how those budget themes will impact SME’s. A…

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Tax and super rules for the festive season

Small businesses gearing up to hire Christmas and summer casuals for what (we hope) will be a prosperous peak period, or who wish to celebrate without restriction this festive season, must keep the new super and tax rules in mind. Summer casuals – Employers are now required, as of 1 July 2022, to pay their…

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Property: It’s a buyer’s market!

While the cost of living continues to rise, property prices are declining. This is good news for those looking to buy property, especially if it’s for the first time. Indeed, the State Government has introduced to parliament a proposal to give home owners the option of choosing Stamp Duty OR Land Tax. So, what do…

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Time is running out to register for mandatory Director ID numbers

Almost two thirds, or 1.6 million company directors across Australia have not yet applied for their Director ID number. The ATO’s new registration scheme has a deadline of 30 November 2022 for directors appointed on or before 31 October 2021, so it is absolutely critical that directors of companies and SMSFs avoid having their head in…

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Huge risk: Steps to protect and preserve online data

The largest cyberattack in Australia’s history via Optus in September has sparked huge concern over the susceptibility of our data, our identities and our credit. Almost in the same week that the hack occurred, the ATO announced that it intends to be fully digital by 2030. So how can you protect your business and personal…

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