Is it a business or a hobby

You would normally be considered to be in business for tax purposes if you enter into an activity with the intention of running it as a profit-making business, and if the activity is carried out in a way that shows it has a significant commercial purpose and viability. read more

Maintain personal and business security to stop fraud

There are many different types of scams – online, phone, mail and face-to-face. Online scams, such as email ‘phishing’ scams are on the rise and are designed to trick you into giving away your money, passwords and personal details such as Your tax file number – TFN Date of Birth Protect yourself and/or business from a potential scam by: deleting any suspected scam email hanging up on a suspected scam phone call not sending money or giving away your financial details to anyone you don’t know or trust Ensure that one avoids sharing passwords and login details change passwords and remove user access when a staff member leaves secure tax records when they aren’t in use avoid circulating tax file numbers in emails unless it’s absolutely necessary ensure your computers have up-to-date security software, including anti-virus, anti-spyware, anti-spam and firewall protection. Tax Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or by third parties on behalf of others. Sometimes this involves identity crime, where taxpayer identities are used by third […] read more

Failure to lodge Business Activity Statement

A failure to lodge (FTL) penalty is applied when Businesses are late with reporting to the ATO to supply information as and when required. It is applied when an ‘approved form’ is required to be lodged with the ATO by a due date and is not received by that due date. These include: Business activity statement (BAS) fringe benefits tax return pay as you go (PAYG) withholding annual report annual goods and services tax (GST) return annual GST Information report A failure to lodge on time (FTL) penalty is an administrative money penalty which may be applied where you are required to lodge a return, statement, notice or other document with the Australian Taxation Office (ATO) by a particular day, and you fail to do so. And payment is not claimable as a tax deduction. The team at South East Access has extensive experience in accounting, personal and business tax, financial management, payroll services and bookkeeping. Our “Compliance Made Easy” Package gives you stress-free business reporting to the Australian Taxation Office. This package includes all the essentials: Meeting with South East Access Accountant in the final quarter to review your business financial position and to advise you on ways to […] read more

New charity regulator operations

From 3 December 2012, there is a new national regulator for charities, the Australian Charities and Not-for-profits Commission (ACNC). Contact South East Access should you require more information about charity tax concessions. read more

“Compliance Made Easy” Package

compliance-made-easy-package This package includes all the business essentials for reporting to ATO and unlimited access to advice on taxation matters during the year. read more

Consider fringe benefits tax this festive season

Reminding businesses that while staff Christmas parties can attract fringe benefits tax (FBT) there may be exemptions available depending on the venue and cost per employee. read more

Business Christmas parties

Business Christmas parties Christmas parties are a great way to spread cheer and celebrate the achievements of your staff. When planning a work Christmas party, you should also be considering your tax and Occupational Health & Safety obligations. read more

Self-managed super funds urged to be careful with property investments

Alert to Self-managed super funds who invest in property without fully understanding their obligations under the law. read more

How superannuation reforms affect individuals and business

The Australian Government is making a series of improvements to super to help protect and grow the savings of all Australians. The first changes applied from 1 July 2012. Individuals To make the most of the improvements, there are a few small things you can do now that can mean big things for your lifestyle in retirement. So take a few small steps to get your super organised. Specifically, as a result of the changes: keeping track of your super will be easier your employer will provide more information about super on your payslip you will have more super for your future Businesses The changes to super mean there will be changes to your super and reporting obligations that you need to start preparing for. If you’re self-employed or have employees, you will need to make changes to the way you pay and report the super contributions you make. In the future, you will have to: provide super information on employees’ payslips progressively increase your super guarantee rate to 12% in annual steps make super guarantee payments for eligible employees 70 years old or older follow the data and e-commerce standard when making super contributions on behalf of your employees […] read more

Latest Tax Scam is hurting people

Latest Tax Scam is hurting people Scammers target job seekers - Don’t get caught. Don’t reveal to anyone you do not know your personal details, including your date of birth and tax file number. read more