Payroll tax audits and court cases during 2023 have brought the issue of payroll tax for medical practices into focus. Until recently, medical practices largely excluded contractors from calculations on the basis that the contractor operates their own business out of rooms rented from a medical practice. Payroll tax is a state-administered tax with different rules, rates and thresholds in each state. Employers that pay employees or contractors totalling more than the state threshold must submit wage reports to the relevant state revenue office and pay the calculated payroll tax monthly. A medi ..read more

The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time. Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days, to credit rating agencies (CRAs). Disclosure of business tax debts The ATO may report your business tax debt if it meets the following criteria: you have an ABN and your business in not an excluded entity. you have one or more tax d ..read more

If you take goods from your business for your private use, make sure you accurately record this in your stock on hand. Accessing your trading stock for private use is fine from a tax perspective, but you need to account for the stock correctly: each time you use it (as you would if you sold it) at year’s end. If you don’t adjust the actual cost of goods sold to reflect the goods you used for private consumption, you could be incorrectly claiming expenses you’re not entitled to. A good plan is to set up regular reconciliation processes to help you keep track of each time y ..read more

The Australian Govt has now passed legislation for the extension of the Job Keeper Payment scheme from the 28 Sep 2020 – 28 Mar 2021. Extension from the 28 Sep 2020 The existing Job Keeper scheme runs up until 27 Sep 2020. The Govt has announced the Job Keeper scheme is to be extended from the 28 Sep 2020 until 28 Mar 2021.  There will be two separate extension periods. For each extension period, an additional actual fall in turnover test applies and the Job Keeper payment rate is different.  Alternative tests to determine payment rates and turnover may be available in some ..read more

The COVID-19 pandemic is a crisis on a scale beyond any level experienced in recent history. The good news is this crisis is temporary. However, the challenge it’s created for business remains. Now is the time to future proof your business to recover, adapt and thrive. Below are Accorti Accountants + Advisors top 5 tips to improve your business today. 1. Accelerate your Sales Cycle Sales growth may be difficult in the next 12 months. Instead, focus on improving your sales by reducing your sales cycle time. Reduce the amount of time (and resources) required to take an initial enquiry to a compl ..read more

The Morrison Government announced on 30 March 2020 a 3rd round of economic stimulus aimed to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus. Details of the update to the plan are below: JobKeeper payment The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.  Around 6 million workers will receive a Gove ..read more

You now need a director identification number (DIN) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. A director identification number (DIN) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities and is now required by Law. How director ID works A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with Australian Business Registry Services (ABRS). Direc ..read more

QLD & NSW COVID SUPPORT – 10 August 2021 Please find below a summary of various Qld & NSW COVID support measures announced as at 10 August 2021. The below list is not exhaustive. We encourage you to monitor State & Federal Government websites and media releases for changes and/or new measures. Contact us at Accorti Accountants + Advisors for more information Queensland Support Outlined below is a summary of government support to help Queensland businesses during the COVID-19 lockdown announced on 31 July 2021. Measure Summary Resources / Link COVID-19 Disaster Payme ..read more

Key takeaways around Self Managed Super Having an SMSF provides more choice and freedom to access investment options that may otherwise be unavailable through a retail or industry super fund. An SMSF fund can now have up to six (6) members which offers greater scale to access investment opportunities that may not be available to you as an individual. Running an SMSF successfully is complex, requiring investment, legal, super and admin skills—or the ability to get help from people who have those skills. Having control over how your retirement savings are invested is one of the many benefits o ..read more

Setting up a business structure Starting up a small business? Then you will need to decide which type of business structure is going to be best suited to your needs.  Here are the main benefits and disadvantages of the different business structures types. There are four (4) standard structures to choose from: Sole Trader Partnership Trust Company We explain each, and the differences between them, below.  We can also help you decide which structure is right for you. Sole trader A sole trader business structure is the simplest. It is not expensive to set up a sole trader business as ..read more