Hospitality Industry Threats & Opportunities 2019

By Sky Accountants

Changing social trends drive revenue growth and consumer demand for restaurants and café dining. Less leisure time and busier lifestyles have led to the solid growth of the café industry, affording customers to dine with leisure and avoid spending time on home cooked meal preparation. However, while industry revenue is expected to rise, hungry competition, …

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Single Touch Payroll News and Updates

By Sky Accountants

For financial year 2019-20, the ATO will provide an exemption for closely held employees. STP reporting for these payees will start on 1 July 2020 and it is best to get a head start and consult with an accountant now. A closely held employee is one who is a non-arm’s length employee and directly related …

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Comply with your withholding obligations to claim tax deduction

By Sky Accountants

Businesses who fail to comply with their withholding obligations will be denied an income tax deduction based on new laws that will focus on the on-time lodgment of BAS. The new PAYG laws will deny a tax deduction for certain payments if the business has not complied with the associated withholding obligations. These payments include …

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Tips on how to improve your cash flow

By Sky Accountants

Cash flow is one of the biggest issues for small businesses. It is important to get an in-depth cash flow analysis to determine if your cash flow is positive based on budget estimates and current actual results. Improve your bottom line by creating cash flow reports and strategies. Find out if you are sitting on …

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How to build a good business credit profile

By Sky Accountants

A good business credit profile is important especially for those who are looking to get loans or larger investments to grow their business. Here are a few tips on how to build a good business credit profile. Remember that it is important to start building your business credit score from day one. If you are …

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Manage your variable expenses to effectively forecast budget and expenditure

By Sky Accountants

Businesses often focus on fixed expenses such as rent, salaries and wages, machinery, vehicle and insurance, among others. However, it is also important to look into your variable expenses as these amounts can accumulate over time and make a significant impact to your bottom line. These unexpected expenses can disrupt your budget and cash flow. …

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SMSF: Timeframe to become compliant shortened to aid acceptance of employer super guarantee

By Sky Accountants

The ATO has reduced the timeframe it takes for SMSFs to become compliant and announced several changes with the process of issuing the compliance notice. According to the ATO, starting March 2019, the timeline for new SMSFs to be compliant on the super fund lookup will become shorter. Several days after registration, the fund will appear …

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Find out if you are Fair Work compliant to avoid hefty fines

By Sky Accountants

More than 15% of Australian employees are paid based on a modern award but plenty of employers are still non-compliant mainly because awards are complex and interpretations are not always straight forward. Because of this, the new Fair Work Amendment law was introduced to place financial penalties on businesses that breach their obligations to their …

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Are you required to pay payroll tax?

By Sky Accountants

If your business employs people, you should know more about payroll tax – a self-assessed State and Territory based tax imposed in Australia. This is the tax payable when the total wages paid or owed to employees exceeds the threshold in the state where the business is located. Note that rates and thresholds vary between …

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Sky Update – February 2019

By Sky Accountants

In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest. Increasing the Instant Asset Write-Off A Bill to increase the instant asset write-off from $20,000 to $25,000 and extend it 12 months to 30 June 2020 has been introduced into Parliament. When the …

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