Insights

Effectively managing cash flow is the difference between a thriving business and one struggling. One of the most effective ways to aid this is to manage the accounts receivable outstanding to the business and ensure they are paid in a timely manner.

In recent months we have been contacted by the ATO in respect of margin scheme calculations for our clients when an activity statement has been lodged. They have asked for copies of the contract to confirm the margin scheme has been correctly stated. They have also asked for calculations that confirm the GST component when a refund is owed back.

As we approach the end of the Fringe Benefit Tax year for 2023/24, it is important for SME businesses to continue to maintain obligations ahead of the 31 March Year-End date.

As part of the 2022-23 Budget, the government introduced the Small Business Technology Investment Boost. Small businesses (with an aggregated annual turnover of less than $50 million) are able to deduct an additional 20% of expenditure that is incurred to support their digital operations and digitise their operations.

For many Australians looking to build a sustainable source of income outside of their main wage, property has always been a popular investment choice.

The medical industry has a large number of high-income earners and this attracts the attention of the ATO, especially where income splitting is concerned. The characteristic of income in this industry is largely for the personal services of practitioners/specialists whose income generally fall into higher individual marginal tax brackets.

For all businesses, regardless of size, maintaining confident and accurate financial information is essential in building a successful venture. Therefore, ensuring you have the appropriate bookkeeping functions and systems is critical moving forward.