Maintaining a healthy work-life balance may seem impossible as a business owner, but it is achievable, if not, necessary in running a successful business. Not carving out time and space to enjoy your personal life, such as spending time with loved ones, exercising, travelling or enjoying your hobbies, can have a negative impact on your…
The Australian Tax Office will start sending Excess Transfer Balance (ETB) Determinations from January 2018. ETB determinations will be sent to any individuals who have exceeded their transfer balance cap and have not taken any steps to correct this error. If you manage a SMSF and have exceeded the balance transfer cap by less than…
The Australian Tax Office (ATO) will be closed from midday Friday 22 December 2017 to 8.00am Tuesday 2 January 2018 over the festive season. The Tax Agent Portal Dashboard and BAS Agent Portal Dashboard will be available to check portal availability. The ATO’s technical help desk will be available from 7.00am to 6.00pm weekdays, excluding…
Christmas can be a very exciting time for many, and it can also be the dreaded season for others. Consider the following tips for celebrating Christmas in style, to ensure that all your staff get the most out of this period. Office Christmas party Holding a work Christmas party can be risky, particularly if alcohol…
The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue. As part of its compliance action, the ATO is currently: – Cancelling approximately 9,000 ABNs of SMSFs that show no evidence of operating – Writing to SMSF trustees…
Taxpayers are being reminded they can prepay amounts towards their expected tax bill to help stay on top of their tax and avoid falling into debt. To make a prepayment to the Tax Office, you must get the correct payment reference number, decide how much to pay and choose a payment method. Using the correct…
Understanding what behaviours and factors which cause employees to waste time is important. Only when you understand why time is not being used efficiently can you implement strategies to overcome this. Consider the following: Technology Technology helps us do things in a fraction of the time, it allows us to do things that are otherwise…
The ATO is warning self-managed super fund (SMSF) trustees about the risks of some emerging retirement planning arrangements. Retirees or SMSF trustees who are involved in any illegal arrangement, even by accident, may face severe penalties, risk losing their retirement savings, and potentially, their rights as a trustee to manage their own fund. The Tax…
