Working with An Accountant in 2018

-Choosing the right accountant for you- Most business owners would have already found an accountant through referrals via friends and family or fellow industry businessmen. However, there is no reason for you to feel trapped with an accountant who does not enable you to make greater profits. An accountant’s role is far more than just handling your paper work and all your accounts. The right accountant encourages their clients to make decisions based on logic and educated assumptions about the state of the market in the recent future. Business owners could even choose to switch accountants in light of new business directions or business expansion. Furthermore, in the case of small business owners, there are several software that allow you to do your bookkeeping and taxation related formalities with ease. In this article, we explore why having...

Managing an Overdue Tax Return

A few steps to help you find your way through overdue tax returns. Obligations relating to tax and the slight discomfort they can cause are universal. It is quite evident that growing businesses tend to focus on developing their business and can tend to lose sight of tax returns that need to be updated regularly throughout the year. The regular updates leave you with plenty of time at the end of the financial year to review all the paper work. However, such ideal situations are bound to be subject to human error. There are a few ways to deal with an overdue tax return and they include:
  • Dodging the late payment interest rates
    There is a legal and a widely accepted method of saving your company from the late tax repayment interest rates. The cost can be...

ATO announces audit crackdown for the 2018 FBT Year!

Recent ATO announcements have made it clear that the ATO has ‘taken the gloves off’ and are now devoting significant resources to FBT compliance. Making matters worse, there have been a number of significant developments that have complicated the process of preparing the 2018 FBT Return. We cut through the difficulties and provide straight-forward solutions for the challenges confronting employers in the 2018 FBT year. Which fringe benefits are under the ATO’s microscope for the 2018 FBT year?
  • ATO announces audit taskforce targeting benefits provided by contractors, clients and suppliers
  • ATO uncovers massive problems with employers disclosing meal entertainment on the FBT Return under the NEW rules
  • ATO highlights concerns with employee declarations and FBT paperwork – Find out who’s in the firing line
NTAA’s 2018 FBT Audit Survival Guide
  • How does the ATO identify all fringe benefits when undertaking an FBT...
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