As the 2023 tax return due date is approaching, let’s go through the process of how to prepare your docs to see an accountant and get the most out of your tax appointment! The Basics When seeing an accountant, there are a few basic things that you should bring along with you. Firstly, bring a photo ID. If you are on a temporary visa and are not entitled to Medicare, bring your passport. Secondly, save a copy of your last payslip for the financial year (last pay before 30 June) from each of your employers. Working under an ABN If you work under Australian Business Number (ABN), the accountant w ..read more

Understanding the Significance of March Tax Deadlines As we are in the middle of March, we need to bring attention to critical tax deadlines that demand the awareness of businesses and super funds. Let’s delve into why these deadlines are of utmost importance and how they impact financial health and compliance: 21 March – Monthly Instalment Activity Statement If your Instalment Activity Statement (daj tu link – mamy gdzies wyjasnione co to jest) is set for monthly cycle, your February IAS is due on the 21st of March. Failure to meet this deadline can lead to penalties and disruptions in cash f ..read more

Let’s start with the purpose: Proper cash flow management is crucial to maintain liquidity and growth All business decisions must be made in consideration of cash flow impact Cash is King Running a small business may be a rewarding experience, but more and more business owners face mounting cash flow challenges. With cost pressures on both the businesses and the consumers, growing costs of borrowing and tougher lending conditions, businesses must remember that cash is king: business keeps afloat as long as it has access to cash. In banking terms, it’s called maintaining liquidity. Whether th ..read more

What’s Going on in January – March 2024   28/01/2024Super Guarantee Contributions | Quarter 2 FY 2024 Superannuation Guarantee is the required amount of super which employers must pay on behalf of their employees, to their respective superfunds. Currently, this amount sits at 11% of an employee’s ordinary time earnings. This payment must be made in full by the due date, that being 28 days after the end of each financial quarter. Penalties for late or short payment are set and strongly enforced by the ATO. If the super guarantee is not paid in full by the due date, employers will have to ..read more

Superannuation Guarantee (SG) is a legislated super contribution that employers must make on behalf of their employees. There are few things to know about SG: SG only applies to employees, so if you’re self-employed, you don’t need to make any payments for yourself SG applies to all types of employees: casual, part-time and full-time SG also applies to Director Fees and some Contractors SG is 11% (2024 Financial Year rate) of Ordinary Time Earnings, being regular Salary/Wages and some allowances SG must be paid quarterly, within 28 days after the end of each Quarter: Quarter ending 31 March ..read more

Scams are easily the most prevalent danger we face in our day-to-day lives. Even if you are familiar with all the classic warning signs, your online safety is not guaranteed. In light of this year’s Scams Awareness Week theme, ‘Impersonation Scams’, there is no better time than now to take a look at ATO related scams and what to do if you fall victim to online tax fraud.   Popular Scams We’ve all received those suspicious texts about missing parcels or unpaid tolls, but scammers posing as the ATO are just as rampant, if not more dangerous. According to the latest figures from the Australi ..read more

PAYG (Pay-As-You-Go) instalments are a form of pre-payment for your income tax obligations. The amounts you paid in your instalments will be credited to you on your tax return. If your instalments (along with any other credits) exceed your tax obligation, the extra money will either be refunded to you or used towards your other tax office debts. What is an Instalment? Instalments are routine payments made during the financial year. They are calculated based on your past year tax return. PAYG instalments are issued after the lodgement of your return, usually in quarterly or annual instalments ..read more

If you’re going into a business with others, we strongly encourage you to put a decent Shareholders Agreement in place. When you plan your venture, your thoughts are most likely aligned, and your communication is superb. We wish you it lasts forever, but we all know this is not always the case. And it’s best to sign it when you are all in agreement, and before committing your time and capital. In this blog post, we briefly explain why a well-drafted shareholders agreement is not just a piece of paper, but a part of a solid foundation for business success. What is a shareholders agreement? It i ..read more

People plan significant acquisitions from various angles. But large transactions, such as purchasing expensive equipment, taking out strategic lease, investment property or holiday house, may have different tax implications. However, tax and asset protection are often omitted. Today we will briefly analyse tax and asset protection consequences and explain how large transactions may impact your tax. Large transactions and tax: isolation of risks and assets Proper holding structure, such as trust, can save the asset from any problems that your business may face in the future, and can assist in a ..read more

Succession planning and exit strategies are vital for your business’s growth. A good plan guarantees a new owner’s success and lets you leave on your own terms, be it due to retirement, new pursuits, or health. Moreover, the dynamic nature of the Australian business landscape requires careful planning to secure smooth transitions and maintain business continuity. At BTMH, we have helped many clients dealing with these matters and today we want to share some insights. Understanding succession planning Succession planning involves identifying and developing internal talent to assume key roles wi ..read more