Insights

Are you aware of the ATO Reporting Requirement due 28 August each year?

For operators within the Building & Construction industry, adhering to regulatory compliance and financial reporting is crucial for meeting the requirements set by the Queensland Building and Construction Commission (QBCC). This ensures the ongoing validity of the QBCC licence and the ability for businesses to complete existing work and undertake new projects.

Many builders and other operators who are required to hold a QBCC licence are often caught out by the stringent financial reporting obligations. Outlined below are the commonly asked licence questions and the QBCC obligations you need to be aware of.

The Federal and State based laws can often be complicated especially for independent and small construction companies. It’s important to be aware of your obligations so you can avoid any mistakes that might lead to serious compliance issues. Some of the issues include managing subcontractor payments, payroll tax, and handling GST.

Management Rights owners, Real Estate Agents and Letting Agents must hold a current licence issued by the Office of Fair Trading (OFT) and ensure that their business complies with the relevant legislation. The OFT oversees the compliance of business operators with the legislation and can inspect agents’ trust account records at any time. Failure to adhere to requirements can lead to licence holders being issued with official warnings or infringement notices.

As we step into the third quarter of the 2024 year, let’s reflect on the key highlights from the MLR and Real-Estate industry during the first two quarters of the year.

As an investor I am always looking for areas of development and themes where great ideas are forming but perhaps main street has not yet caught on or up.

Australia is a beautiful country which has a harsh landscape and difficult weather patterns. Our population to land mass in some areas is low and sparse and can be very lonely for individuals managing the country in these rural and outback areas.

Tax implications for agribusinesses can vary significantly depending on factors such as the nature of the agricultural activities, the structure of the business and the specific government regulations.

Below is a list of tax strategies and considerations to help primary producers manage cash flow and manage their situations while times are tough.

As Tax Time approaches, the ATO has announced it will be focusing on three commons errors made by taxpayers, and cracking down on Division 7A mistakes.

The end of the financial year is fast approaching, and with it comes a number of important deadlines and changes business owners and tax payers need to be aware of. From deadlines for deductible contributions to adjustments in tax rates and super guarantee contributions. As tax and business advisers we want to ensure you have a smooth transition into the new financial year, stay on top of your financial obligations and take advantage of any available benefits.

As we approach the end of the 2024 financial year, now is the perfect time for business owners to analyse the financial situation of their business in order to gain an understanding of the potential tax position for the 2024 financial year.

Business owners should consider engaging with their Accountant to undertake sometailored tax planning advice, where individualised strategies can be determined based on their circumstances and implemented prior to 30 June 2024. This can in fact reduce their tax liability and maximise deductions.