Unraveling Payroll Tax: Common Blunders and Grouping Dilemmas for Small Business Owners

HomeInsights

Unraveling Payroll Tax: Common Blunders and Grouping Dilemmas for Small Business Owners


Payroll tax – it's a topic that often flies under the radar for small business owners, but it can quickly become a financial headache if not handled correctly. In this blog post, we'll dive into some of the everyday mistakes and tricky grouping issues that small businesses often encounter when dealing with payroll tax.





The Lowdown on Payroll Tax


Let's face it – payroll tax can be a real nuisance. It's a tax that seems to punish you for hiring and growing your team. But don't fret; we're here to help you navigate the payroll tax maze.



Navigating the world of payroll tax might not be your idea of fun, but it's essential for the financial health of your small business. By avoiding these common blunders – like misclassification, missing taxable components, falling into the grouping trap, and neglecting accurate record-keeping – you can ensure that you're not blindsided by unexpected liabilities and penalties. Stay informed, seek professional advice when needed, and master the art of payroll tax compliance to keep your small business thriving.


Stay ahead of the game.

We're here to help you stay in the know and save on taxes!


CONTACT US CONTACT US



Education Bonds: Saving for Private School

Darren and Jenny have one child and are planning for his secondary education at a Melbourne private school. Utilising education bonds, they aim to ensure they have sufficient funds to cover all tuition fees and associated costs throughout his education.


Navigating Australia’s Bracket Creep: Strategies for Managing Rising Tax Liabilities

As Australia's highest marginal tax bracket impacts more individuals, a growing number of Australians face rising tax obligations due to "bracket creep," where wage growth outpaces tax rate adjustments. This trend is expected to persist, with tax-efficient strategies the backbone for financial advice to help individuals secure long-term wealth.


5 things to know about car loan refinancing

Car loan refinancing involves replacing your existing car loan with a new one. The new loan pays off your existing debt, allowing you to start making payments on the refinanced car loan.


How to apply for a car loan with a new job

Lenders often view job stability and income consistency as key factors in their loan approval process, which can make it tricky if you're settling into a new role.


5 important steps before making an offer

Making an offer on a property for the first time is both exciting and nerve-racking. It’s important to take several steps to ensure you’re making a well-informed decision


Market Wrap - September 2024

The presidential election in the US on 5 November could dominate headlines during October, before the next meeting of the Federal Reserve later that same week. Investors are already debating whether a further reduction in borrowing costs in the US could be announced following this meeting.


Melbourne's housing prices fall to the sixth lowest among the capital cities

Melbourne's housing market has experienced a significant shift in recent years, with its median dwelling value now ranking sixth-lowest among Australia's capital cities.


6 common refinancing traps to avoid

Refinancing your home loan can be a great way to save money, but it’s important to avoid common pitfalls.


7 tips for styling your spring open home

Spring is a popular time to sell homes, with warmer weather and blooming gardens creating an inviting atmosphere that brings out the best of any property.


Smart Financial Planning for New Parents: 9 Essential Tips to Manage Parenthood Costs

Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.


The hidden costs of late payments

Cash flow is the lifeblood of any business and when payments are delayed, it creates an immediate strain.


6 misconceptions about small business loans.

Small business loans are often misunderstood. These misconceptions can prevent owners from taking advantage of valuable opportunities to grow their businesses.


Luxury retail drives cbd revival as sydney leads the pack

Australia's CBD retail markets are showing signs of recovery post-pandemic with luxury brands leading the charge.


Commercial property cycle offers opportunities for investors

There are still excellent opportunities for commercial investors in retail and industrial sectors thanks to the current property cycle.


Business growth signals positive outlook for commercial property

The Australian business landscape is expanding, signalling a potentially strong future for commercial property markets.


SMART Life - Issue 18 - Spring 2024

The global economy is being shaped by conflicting triggers. These include productivity-boosting technology innovations, geopolitical tensions and the strident efforts of central banks to bring inflation under control. We examine the economic outlook and discuss the implications for your retirement savings.


Episode 15: Baby Boomers & The Great Wealth Transfer

In this episode of The Accountant That Builds, host Shannon Smit discusses the massive wealth transfer expected from Baby Boomers to the next generation, estimated at $84 trillion. Shannon highlights the opportunities and challenges of this transfer, focusing on estate planning, tax liabilities


The Great Wealth Transfer: What Baby Boomers Need to Know About Preserving and Passing Down Wealth

Over the coming years, we’re about to witness the largest wealth transfer in history as Baby Boomers pass their hard-earned fortunes to younger generations. With an estimated $84 trillion set to be transferred, mostly from savings, investments, and real estate, this shift holds both incredible opportunities and significant challenges for families.


Understanding the Taxable Payments Annual Report (TPAR): A Guide for Australian Businesses

The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.


Will You Pay More For Aged Care in 2025?

Changes to aged care fees are coming, and they will impact both home care and residential care. After a long wait and lots of speculation, the government has released details of the proposed changes.


Aged Care Financial Advice Case Studies

Our aged-care financial advice case studies showcase real scenarios where our clients saved thousands by leveraging strategies regarding the family home, negotiating RADs and optimising care facility choices.


Super Guarantee and Employee Terminations: Compliance Essentials for Employers

WEBINAR 11 SEPT // 12PM

In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.


How to record bad debts in Xero


How to record incorrect payment against an invoice in Xero


Allowances, FBT, and Compliance for Employers

WEBINAR 4 SEPT // 12PM

Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs. living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging arrangements.


4 factors that influence car loan interest rate

Understanding the factors that influence your interest rate can help you secure a better deal.


How to Prepare a NFP Self-Review Return

Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:


Motorbike Loan Or Personal Loan?

The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.


Will BNPL or Online Betting Impact Your Mortgage Application?

When applying for a mortgage, lenders scrutinise your financial habits to assess your creditworthiness.


Employee vs Contractor: Know the differences and get your employment right

WEBINAR 28 AUG// 12PM

Explore the crucial differences between employees and contractors. We'll discuss when genuine contractors are considered employees for PAYG withholding and SG, key factors determining employment or contract arrangements, and new guidance from the ATO.

Related News

4 Nov

Navigating Australia’s Bracket Creep: Strategies for Managing Rising Tax Liabilities

As Australia's highest marginal tax bracket impacts more individuals, a growing number of Australians face rising tax obligations due to "bracket creep," where wage growth outpaces tax rate adjustments. This trend is expected to persist, with tax-efficient strategies the backbone for financial advice to help individuals secure long-term wealth.


READ MORE READ MORE
14 Oct

Smart Financial Planning for New Parents: 9 Essential Tips to Manage Parenthood Costs

Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.


READ MORE READ MORE
19 Sep

Understanding the Taxable Payments Annual Report (TPAR): A Guide for Australian Businesses

The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.


READ MORE READ MORE