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So far btaxadmin has created 16 blog entries.

What Action Can I Take Now to Save my Business?


Guess What. Nothing Will Happen If YOU Don’t Own this Situation and DO Something About It. What Action Can I Take Now to Save my Bacon Business? It is important to still keep on top of your business’s financial situation even if you aren’t making sales at the moment. Here are some actions you can do now: Cancel any subscriptions you won’t be needing. Stay on top of reporting obligations. Keep your biz numbers up to date (make sure your xero/ quickbooks/ MYOB are [...]

How Is The ATO Helping Us?


How Will the ATO Help Us During this Time? The ATO is offering up all the goodies to help small business owners: Reversed Interest and Penalties. Flexible Payments. PAYG I Refunds, and PAYG W Credits. Their #1 priority is keeping cash flowing both in and out of individuals and businesses's hands, as well as keep Australians employed and working. Monthly BAS Option for Quarterly BAS Lodgers This is helpful if you usually get refunds when lodging your BAS. The ATO will also allow quarterly [...]

Stimulus Support for Businesses


Federal Government Support: Cash Flow & Employment It's all about cash flow assistance and support in keeping Australians employed and working. The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees during the Coronavirus health crisis. The federal package is front-loaded, meaning a burst of money comes at the start – $11 billion over the next three months. Here are the highlights:  $750 one-off cash payment to welfare recipients will be received by 6.5 million Australians including those on [...]

Stimulus Support for Individuals


$750 One Time Payment for Individuals From the Federal Government. Stimulus Payments (subject to the passage of legislation).  What's the $750 Payment All About? The Federal Government will provide a one-off $750 payment to around 6.5 million social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. This payment will help to support confidence and domestic demand in the economy. There will be one payment per eligible recipient. That is, if a person qualifies [...]

Got a Tax Bill This Year? Get Organised for Next Year


Did you get an unexpected bill from Mr. ATO after you lodged your most recent tax return? Well, that just plain sucks. I know this, because it's part of my job to deliver this not so good news to clients sometimes. First - let me say that owing tax is actually a good thing, because it means you made more money than you spent in your business. So if you end up with a tax bill, you don't have the problem that over 70% [...]

The $1080 Tax Cut Explained


What the $1,080 Tax Cut Means for You We want to be the FIRST to give you the low-down on this massive tax cut that will more than likely mean a bigger refund in your pocket!   Australians earning up to $126,000 will get “tax relief” packages of up to $1,080. If you’re earning up to $37,000 you’ll get up to $255.   And if you’re earning between $37,001 and $47,999 you’ll receive between $255 and $1,080.   If you’re earning between $48,000 and [...]

9 Sneaky Tax Deductions You Can Claim as a Business Owner, Student or Employee


"What can I claim on my tax return?" - is one of the most common questions we get asked as tax accountants. So we thought we'd share a few commonly misunderstood or missed deductions that you may have forgotten about! 1. Home Office Allowance If you thought working in the comfort of your own home, wearing your pyjamas, and sipping that coffee that didn’t (Or did...) cost you $6 from your local coffee shop was living the life, then think again! Because it can [...]

Creating or changing your business name OR perhaps your company structure, and a little stuck?


The ins and outs of business name registration, trademarking, ABNs, ‘Trading As’ names, company structure and types - it can all be quite confusing when your personal strengths are completely unrelated! Here are some questions you to ask yourself when making big changes like these to ensure you’re making a well-informed decision: > Is there an existing business with the name I want, or similar? You may have come up with an awesome business name, or have been thinking about it for a long time [...]

Bringing in the new Financial Year – What will you do differently for your business?


After all the hype about EOFY sales, stocktake, tax time still in the works and everything that comes with it - we’ve all but forgotten that along with the NEW financial year comes many opportunities to  trial new approaches, improve on our financial planning and get more organised! We’ve summarised a few ways that you could look to improve on your business finances in the 2017/2018 Financial Year (you may be doing these already - if so, go you!) Keep track of your expenses in [...]

2 Changes for Business Tax in the New FY That You Need to Know About


Each new financial year, there will be changes introduced by the Australian Tax Office that affect individuals and businesses in many different ways. Last year, there were a whole host of changes that caused a bit of chaos - thankfully, settled down now and all under control. In the next few weeks however, there are some more changes coming - from July 1 - and while there aren’t many, they will be quite significant for businesses at a certain growth stage. The definition of small [...]

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