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.
We're here to help you stay in the know and save on taxes!
WEBINAR 25 SEPT // 12PM
The final session focuses on the changing legal environment, highlighting recent amendments to the Fair Work Act, capturing independent
contractors under workers' compensation schemes, payroll tax considerations, superannuation compliance, and practical steps to mitigate
risks.
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.
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.
Understanding the factors that influence your interest rate can help you secure a better deal.
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:
The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.
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:
Systemisation is the backbone of a successful business. It is the process of creating repeatable and efficient workflows that streamline operations, reduce stress, and foster growth. This blog explores why businesses should embrace systemisation, how they can implement it, and what types of businesses stand to benefit the most.
Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.
