Are you being targeted by
By snappybo, Jul 20 2012 12:21AM
The ATO compliance program monitors small business, big business and individual tax returns for evasion, avoidance and other criminal behaviour. This year the ATO has soldiers, cafes and plasterers in its sights.
Are your records tax compliant? Are you inadvertantly avoiding paying tax? Do you know what you can claim and what you can't? Do you work mainly with cash?
Taxation Institute of Australia spokesman Robert Jeremenko says coffee shops will be under the microscope because they operate largely on a cash economy.
“The Tax Office will be matching up data that it has from coffee traders and the coffee bean suppliers and making sure that cafe operators are not skimming off income and not reporting the correct amount.”
Soldiers and plasterers are of special interest:
“Having reported some details from the recent Queensland floods, the tax office has noticed that [plastering] is a particular industry that they need to have a look at.”
“They will be focusing on to make sure that all of the income is recorded and expenses aren’t inflated.
“With the Defence Forces it is mainly work-related expenses and the tax office is saying that it is a particular industry that has a tendency to have a high claim for work-related expenses.”
The number one tip from MYOB for small business to have a happy financial year is:
Get professional help to know your business better
So talk to Snappy Books today and see how we can help.
Snippets taken from Yahoo7 Finance
Filed under: Tax compliance, Tax minimization, Tax avoidance, Tax evasion, End of Financial Year, Australian Tax Office
Fringe Benefits Tax
By snappybo, Apr 30 2012 4:46AM
Fringe benefits tax is tax payable on certain benefits employers provide to their employees or their employees' associates in place of salary or wages.
The FBT year runs from 1 April to 31 March
The lodgement date for your yearly FBT return and payment (if required) is 21st May 2012.
Fringe benefits may be provided by another person on behalf of an employer. It may also be provided to another person on behalf of an employee (for example, a relative).
The employer has to record the value of fringe benefits provided to each of its employees. If the value of certain fringe benefits provided exceeds $2,000 in an FBT year the employer will be required to record the grossed-up taxable value of those benefits on the employee's payment summary for the corresponding income year (1 July to 30 June). It may also be necessary to report the notional value of certain exempt benefits.
For more information regarding what is reportable and not-reportable go to the ATO's FBT reference section:
Filed under: Fringe Benefits Tax, FBT
Help for small businesses
from the ATO
By snappybo, Mar 5 2012 11:52PM
As a small business owner you sometimes feel that you bear the weight of the world on your shoulders.
You are the magic glue that holds it all together. You are working hard to get momentum and create a decent income for you and your family.
Sometimes it just isn't enough.
And the bank balance just gets lower and lower and sometimes you even need an overdraft facility to cover things.
On top of all of that, horror of horrors, your BAS payment is due for sales you made in a better period!
We can all relate to having short-term financial difficulties at some point or other. However, help is at hand. Did you know that a simple phone call to the tax office can alleviate the impending pain of a late BAS payment and even help avoid or allow you to be eligble for a remission of a GIC (general interest charge)?
The ATO can help you by providing flexible payment arrangements that sit better within your cashflow situation and/or remission of GIC where appropriate.
There are conditions to be met, but you may be eligible for help if your business:
- has an annual turnover of less than $2 million
- has a recent activity statement debt of $50,000 or less, which has been outstanding for no longer than 12 months
- has a good payment and lodgment compliance history, including
- no more than one payment arrangement default within the last 12 months
- no outstanding activity statement lodgments
- is unable to obtain short-term finance through normal business channels
- is able to demonstrate ongoing viability, and
- agrees to a sustainable direct debit payment arrangement that will allow the debt to be paid within 12 months
If you need to know more, click on the link to go directly to the relevant ATO information page.
Filed under: fines, BAS, financial difficulties, Late payment, GIC
BAS due tomorrow!
By snappybo, Feb 26 2012 8:50PM
We hope you all have your key reporting dates recorded in your diary? Tomorrow is the deadline for the December 2011 quarterly BAS lodgement.
This means you must have correctly recorded and calculated your GST payable, GST claimable, GST adjustments, PAYGW payable, Fringe Benefits Tax, any Superannuation adjustments, PAYG installment, and any Income Tax that may be due.
How are you recording all of these tax obligations? Have you recorded everything? Are you maximising your claims to offset your tax payable?
How will you submit your completed BAS? Will you trust good old Australia Post to deliver your document on time? Or are you set up to lodge electronically?
Don't forget there are fines applied to late lodgements - and the later they get, the heavier the fines get!
Don't get caught short on time and money - let Snappy Books help ease the pressure. Call us now and let us show you how we can save you both time and money.
Filed under: fines, Installment, GST, BAS, Fringe Benefits Tax, FBT, PAYGW, PAYG
By snappybo, Feb 20 2012 7:33PM
The tax office regularly update on the latest scams hitting your inboxes. What are you doing to stay safe?
Currently there are "tax office" phishing emails enticing you to click through and confirm your bank account or fill out personal details in a form. The email will have a subject line and domain name (@ato.gov.au or @taxoffice.com.au) that look genuine.
The Tax Office (and Snappy Books) will never ask you to confirm your bank or credit card details in an email.
If you do click through any of the links in one of these emails you are in danger of allowing malicious code install itself onto your computer or infect your computer with malware (malicious software).
Protect yourself from these and other sypes of online scams and fraud, by familiarising yourself with these tips:
- Ensure your computer has up to date security software. This includes anti-virus, anti-spyware, anti-spam and firewall protection which protects your computer from malicious programs
- Enable automatic updates for your computer's operating system and applications including your web browsers to ensure they remain up to date
- Ensure you install and enable a firewall on your computer before connecting to the Internet
- Download and regularly use a malware removal program
- Use a SPAM filtering product to help block fake or virus-related emails. If you receive a spam email, delete it. Do not open email attachments from unknown sources
- When using social networking sites such as Facebook, Twitter and LinkedIn never publish personal information such as your date of birth, TFN, bank account details or personal contact details such as your home address
Above all use discretion and common sense when using the Internet. Don't click on online advertisements/emails or go to sites you think may be untrustworthy. You wouldn't just give a stranger in the street your credit card or bank account numbers, so why would you do the same online?
Filed under: LinkedIn, Twitter, FaceBook, Firewall, Spam, Spyware, Virus, Fraud, Scams, Malware, Online, Security, Phishing
Employers guide to
By guest, Feb 1 2012 5:48AM
The ATO has updated information regarding your obligations regarding Superannuation, PAYG and FBT.
This information applies to any staff you employ or contractors you engage, and is relevant from their first day of work for you.
Here is a link to all the ATO information: http://www.ato.gov.au/content/00292769.htm
And if you need any help with preparation for your compliance, don't hesitate to call Snappy Books!
Filed under: Australian Tax Office, ATO, Contractor, Employees, Employer, Fringe Benefits Tax, FBT, Super, Superannuation, PAYGW, PAYG
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