Avoid these FBT mistakes to avoid attracting the ATO’s attention

It is important for business owners to know what to report to the ATO so they can avoid making costly mistakes. Here are some fringe tax benefit related items that often attract the ATO’s attention.

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New phone scam imitates ATO phone numbers

There has been an increase in reports of scammers pretending to be from the ATO and threatening people with arrest if the outstanding tax debt is not paid immediately.

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Budget Update – Instant Asset Write-off Changes Now Law

In our recent wrap up of the Federal Budget, we flagged the Government’s intention to make changes to the small business instant asset write-off.

On 6 April, Treasury Laws Amendment (Increasing the Instant Asset Write-off) Bill 2019 received Royal Assent.

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Federal Budget 2019-20

The following is a brief rundown on the key tax related announcements included in the 2019-20 Federal Budget handed down last night (2 April) by the Treasurer, Josh Frydenberg.

As usual, the Budget includes quite a volume of announcements with limited detail.  We will be taking the time to digest those announcements and will be monitoring for the release of further detail.  Look out for updates from us in the coming weeks and months.

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Casual Workers to Permanent Employees

Casual staff who have worked regular hours for at least one year may now request a permanent position. The ruling by the Fair Work Commission was implemented in October and is expected to provide casual staff with opportunities for permanent employment.

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Single Touch Payroll for Restaurants, Cafes and other hospitality businesses

Since July 2018, companies with 20 or more employees have been required to use single touch payroll reporting through accounting systems. Now small businesses with 19 employees or less will also be required to implement STP starting 1 July 2019.

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How can artificial intelligence improve your business?

Many businesses have started their digital transformation and have focused on business intelligence over the past year. The enterprise market has started to understand the potential benefits of artificial intelligence (AI) in their businesses and it could even become a necessity to remain competitive.

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GST mistakes to avoid this tax season

Here are several common GST mistakes to avoid this coming tax season.

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What are franking credits?

There are two types of dividends: franked and unfranked. A franked dividend has a tax credit attached to it while an unfranked dividend does not.

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