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Businesses

Are my staff employees or contractors?

You may have heard that if your employees get ABNs and call themselves contractors, then you do not have to pay their Superannuation Guarantee, Work Cover and Payroll Tax. If you think this sounds too good to be true, then you are spot on! What is the Government’s view? To truly be a contractor, you…

The ATO are becoming more strict on under-reported income

ATO new credit and debit card matching project. Have you disclosed all of your income correctly? Don’t wait until 30th June to rectify any anomalies. Contractors and Sub-contractors are being targeted in a new crackdown by the ATO, and they will be cross-matching businesses and payments between those of whom have worked for one another. The…

Why Small Businesses Fail!

At Knox Taxation we love business start-ups and enjoy helping clients buy and develop a new business. However, a very large percentage of small business start-ups fail, so we thought that it would be worthwhile to highlight some of the most common reasons why! Common reasons for failure include: Lack of in-depth planning prior to purchasing/creating a new business Unrealistic expectations…

Tax Alert! – Recent Changes to Small Business Asset Write-Off

Small Business Asset Write-Off Changes – Be Aware! The Coalition Government recently announced that it would make the small business asset write-off rules less generous as follows: The $6 500 Instant Asset Write-Off – will be reduced to its old rate of $1 000. The $5 000 Vehicle Write-Off, which allowed small businesses to claim a bonus…

We’re not just Accountants. We’re Business Advisory Experts too!!

Number crunching with sound business advice in the one place. Getting a handle on your accounting and compliance in business is one thing, but at Knox Taxation we go the extra mile and guide you with extensive Business Advisory Services as well. Find out how we can help you with your business in a multitude of…

Construction Industry Contractor Payment Report

As part of the 2011-12 Federal Budget, the government announced the introduction of taxable payments reporting for businesses in the building and construction industry. The ATO claim their aim is to improve compliance with tax obligations by those contractors who are currently not doing the right thing. They advise that information reported about payments made…

Business Taxation

Reporting of Subcontractors In the 2011-12 federal budget, the government announced a new tax compliance measure to require certain businesses to report annually to the ATO on payments they make to contractors in the building and construction industry. The system aims to improve compliance with taxation obligations by providing us with payment information that will…