Don’t get caught by Business Scammers

SCAMwatch is warning business owners and individuals to remain vigilant against scammers impersonating government officials with false claims of owed money. A new scam targeting small businesses involves individuals claiming to be from the Australian Treasury, including the Treasury Reclamations Section, and offering to recover overpaid bank fees in return for a ‘processing fee’. Protect your business from a potential scam by: deleting a 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 Businesses should be aware of scam calls or emails claiming you to be entitled to reclaim fees or rebates. The Australian Competition and Consumer Commission’s (ACCC’s) Small Business Scams Fact Sheet (PDF)  also provides tips to help protect your business from scams. Advice from the Australian Government Business Resource on preventing being caught by Business scams … More Details 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. More details Scammers are targeting job seekers Should you require more information regarding financial and identity protection, please feel free to contact the team at South East […] read more

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

“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

New National Business Names Registration System

The new National Business Names Registration System  has commenced, all business name registrations will be managed and administered by the Australian Securities and Investments Commission (ASIC). Business Name Registration Your existing business name registration will automatically be transferred over into the new system. read more

Are your Business Register details up-to-date?

Did you know you have a legal obligation to keep your Australian business number (ABN) details up-to-date on the Australian Business Register by notifying of any changes within 28 days? read more

Business Fitness Assessment Service

business-fitness-assessment A Business Fitness Assessment will help you target specific challenges in your business development and growth. read more