Happy New Financial year! Now that 2023/234 financial year has closed, it’s a great time to get organised and download our simple Tax Return Checklist and see what records you need to compile to make your tax return as simple and efficient as possible. Additional investments If you have additional income from dividends, interest, or […]
Non-charitable not-for-profit (NFP) organisations with an active ABN are preparing to lodge their first NFP self-review return by 31 October. The critical first step in preparing for lodgement is to update any new associates and authorised contacts appointed to your NFP. This is because: the NFP needs to set up access to Online services for business to lodge the return it […]
As we round out another financial year, if you’re an employer, it’s time to review your end of financial year (EOFY) employer tax and super obligations. As an employer, it’s important you keep on top of your payroll governance. This includes: using your tax and super software to record the amounts you pay withholding the right […]
When you attend university or an approved higher education provider, you can get a HECS-HELP loan to pay for your studies if you are enrolled in a Commonwealth supported place (CSP). Whether you’re an employee with a study loan or an employer it’s worth understanding a little bit about the student loan repayment process to […]
The Medicare Levy Surcharge is an extra 1% to 1.5% levy paid by Australian taxpayers who don’t have Private Hospital Cover and are considered by the Government to be high income earners. If you have to pay the Medicare levy, you may also have to pay the Medicare levy surcharge (MLS) if both: you, your […]
Super is a way of saving for retirement and you need to meet very strict conditions to access it early. Beware of people claiming you can use a self-managed super fund (SMSF) to withdraw your super early and pay off business debts, buy a car or pay for a holiday. This is a warning sign of a […]
Whether you’re an individual, company, trust, partnership or SMSF, Tax returns for financial year ending 2023 are now due. Tax Agents are required to lodge all FY23 returns by 15th of May 2024. If your return is lodged before the 15th of May and your return requires a tax payment there is until the 5th […]
Managing a business can be hard enough with all the balls and plates you have juggling in the air at any one time. We at STS Accounting are here to help with any financial matters. Our dedicated team can assist with cashflow forecasting, budgets and tax planning. Our team can work with you or your […]
As an Employer there are many plates to keep spinning in the air. There are also some tax and super obligations that are required when you employee staff. They can include: reporting through Single Touch Payroll (STP) enabled software calculating and reporting pay as you go (PAYG) withholding paying super guarantee (SG) in full, on […]
As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover. If you have an aggregated turnover less than: $2 million, you can access the small business CGT concessions. Though you must also meet the maximum value asset […]
Whilst it’s lovely to live in a house that you own, with it often comes a mortgage. We have put together some extra steps that can speed up loan repayments and reduce your loan balance. Make higher repayments – The minimum repayments required on a loan are calculated on the amount owing and the prevailing home […]
Fringe Benefit Tax (FBT) is a hot topic in tax circles at the moment. It has been a bit of a sleeper for the last 15 years and it’s awakening. The ATO have so much data and information especially with AI capabilities to review and correlate data against what declarations people are making. FBT is […]
Online scammers are getting craftier and craftier to mislead people into parting ways with money but also to siphon their login credentials or personal information. Scammers can often pretend to be organisations such as ATO, MyGov, banks, Australia Post and even CityLink (LinkT)! Some common scams include: Texts or Emails from a trusted supplier/organisation to […]
Struggling with how to pay your most recent Tax Bill? If you receive a tax bill, you need to pay in full and on time to avoid interest charges. However, if you’re experiencing financial difficulties, you may be eligible to set up a payment plan. If you can’t pay what you owe in full and […]
Summer in Victoria after the Aussie Open has wound up and routines get going again – is a great time to set our intentions and goals for the coming year ahead. Reflection – Take the time to reflect on 2023. Reviewing the good, not so great and things you could have done better in the […]
There goes another year! Hope your 2023 was a good year. May your Christmas be jolly and your news years positive. Our Torquay and Winchelsea Offices will be closed during this holiday period from 1pm Thursday 21st of January and reopening for business again from Monday the 8th of January 2024. Until then we hope […]
If your loved one is currently in aged care, it might be time to review your Refundable Accommodation Deposit (RAD). Residents in aged care can pay accommodation costs by lump sum (RAD) or by daily interest payments (DAP). It may be worth considering paying part or all accommodation fees by daily payments in the current […]
Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. FBT is separate to income tax. It’s calculated on the taxable value of the fringe benefit. Examples of fringe benefits include: allowing an employee to use a work car for […]
If you’re self-employed as a sole trader, in a partnership, or through a have a discretionary family trust, you don’t have to pay super guarantee for yourself. This can put is you a bit of predicament where the self-employed are often prioritising running their business, and managing their cashflow for today’s expenses and living in […]
Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers. The boost applies to eligible expenditure incurred from 7:30 pm AEDT on 29 March 2022 until 30 June 2024. The expenditure must be: for the provision of training […]
