Tax | Advisory | Payroll | BAS
Australia and New Zealand
I have been so pleased and grateful with the results, and your commitment to getting my GST sorted. I am also very thankful for the lady that put me in touch with Tori as without her I would never of known about you and would never of used a company from another State. I have found your professionalism and understanding of what you are doing so refreshing and made me feel confident in dealing with you as I was getting myself more and more worked up. I really am grateful and hope to have a long relationship with Aegis Business Services, and hope to get to meet you all in the not so distant future.
Jenna, has been wonderful with always supporting me and giving me instructions that I have been able to follow. I know I will still make some errors but I do have my notes to always fall back on. Thank you Jenna you’re a legend.
Here’s to 2021 and our future dealings.
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As we begin 2025, be mindful of misdating transactions, such as entering them as January 2024 or December 2025. This can lead to financial errors and tax issues. To avoid this, lock prior year files, double-check dates and watch for future-dated entries. Staying vigilant ensures accurate and compliant bookkeeping throughout the year.
With public holidays and festive cheer around the corner, it’s time to ensure your staff gets paid on time—even if the banks don’t! We’ve got tips to help you avoid payroll headaches and keep your team smiling this season.
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🎄🎅As we come into the “silly season” let us share with you the rulings on what the ATO will consider a deductible expense and what they won’t.🎄🎅
TLDR: update your sign in settings to only the MyGov username. In this blog, Tori shares her personal experience with an attempted hacking.
The Australian Taxation Office (ATO) is changing its approach to collecting unpaid tax and super, focusing on businesses that have not responded to reminders. If your business has overdue obligations, it’s crucial to act now to avoid serious consequences.
The new financial year means new tax rates; increased superannuation guarantee rates; minimum wage increase and award rates increases. But
when do they all apply?
There are a lot of questions floating around on social media about when the new tax withholding, super & award rate increase apply. What
happens if the days worked in the pay week splits across the end of financial year?? There’s also a lot of incorrect information being
provided and a lot of guess work.
Read our Blog for the correct information.
Finally, with only 3 business days left of the 2024 financial year, the Australian Parliament has passed the bill to legislate the
increase in the Small Business Instant Asset Write Off from $1,000 to $20,000 for the period 1 July 2023 to 30 June 2024. We are now just
awaiting “Royal Assent” for this measure to become law. Royal Assent these days is pretty quick and is essentially a rubber stamp
process. This measure was announced in the May 2023 budget and has taken more than a year to pass through both houses of government.
Read our blog to find out what this means for your business.
Last night was the Federal Budget announcements, our friends at Tax Nuggets have compiled this summary of the 2024/25 budget items which look to affect small businesses and individuals. Note that some of these changes are not yet law.
In May each year, Aegis Business Services, through its audit insurance provider, Audit Shield, offer our clients, for whom we are the
nominated tax agent, to be covered by our audit insurance policy.
Read our blog to find out more about audit insurance and whether you should take up the offer. Our previous blog also includes two case
studies about a couple of recent ATO audits we’ve assisted our clients through.
With the increase in ATO audit activity, we have put together a couple of case studies around recent audits we have helped our clients through. Have a read on our blog.
In both personal finances and business management, tax planning is a vital practice that goes beyond simply reducing tax bills. While minimising taxes is important, tax planning involves a more holistic approach aimed at optimising financial efficiency and aligning with long-term financial goals. Let's delve into what tax planning really entails and its broader implications:
Have you received a letter or notice from the Australian Taxation Office (ATO) with a big coloured band across the top?
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What the ATO will consider a deductible expense and what they won't.
Helping both employers and employees understand their rights and responsibilities.
Are you considering claiming car expense deductions under the log book method against your employment or sole trader business income? Here
are some key requirements for this type of claim.
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Have you sold any assets? Could you be liable for Capital gains tax?
If your business buys or sells stock, you may need to do a stocktake for tax purposes. Understand how a stocktake can help your business and how to do one.
The Small Business Technology Investment Boost was only passed a few days ago so has not been considered in our tax planning estimates, if this applies to you then WINNER!
Each year, the ATO takes a closer look at various areas and focus their audit activity there. For the 2023 financial year, the ATO has shared what its key focus areas are:
June is the perfect time to arrange a bookkeeper to clean up and overhaul your business' accounting file ready for your tax accountant to either do tax planning before the end of financial year, or be able to prepare your June quarter BAS and tax returns easily. Plus, by organising a clean with a bookkeeper and paying the fee before the end of financial year, you can claim the fee as a tax deduction this year!
As the 2023 financial year comes to a close it is important to start thinking about your tax planning strategy. We have outlined some simple steps to take that could potentially save money on your tax bill and ensure there are no hidden surprises.
Last night was the Federal Budget announcements, our friends at Tax Nuggets have compiled this summary of the 2023 budget items which look to affect small businesses. Note that these are not yet law.
Read our latest blog which introduces our “Demystifying Business” program in which we help you develop a business strategy
to improve your financial literacy and increase the business’ revenue and profit.
Brisbane City Council currently have a grant for businesses located in their LGA, which are 50% or more owned by women, that can assist you
to fund the first few months of this program. To match this grant, we have developed a three month “Begin the Demystification” package which
includes preparing the acquittal report at the conclusion of the grant funded program. Hurry though, the grant closes at 4pm AEST on
Thursday, 3 November.
Our friends at Phoenix Jara Grant Specialists can help you apply for this grant along with the quote from us.
Last Wednesday night we held our popular Quarterly Quality Conversations client event at the Grandview Hotel in Cleveland. Our guest speaker, Steve Sandor from Inspiring Business (https://inspiringbusiness.net/), talked us through the various stages of owning a business and the emotions attached with them.
You may have been led to be believe that Tori and Karen were on a junket at the Xero Conference in Sydney last week …. but believe you me
they were also learning & networking for the two day conference.
They have written a blog sharing some valuable learnings so and if any of these peak your interest please reach out to have a conversation
with one of them.
Everyone is a tax expert, or so they think. In this audio clip, Tori dispels 5 tax time myths.
As Australia starts to ease Covid-19 restrictions, with new cases decreasing everyday, new questions and expectations have now risen with regards to working. So what now?
October 2020 Tax Cuts Are Here! What do I need to do in my payroll?
We are still waiting for some of the finer details to be released from the ATO, however the broad rules have been released. As always please feel free to contact us if you would like any clarity around your current situation.
The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.
Released this week - Small Business Adaption Grant Program - up to $10 000. The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience.
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COVID-19 - Latest JobKeeper Update & Local Redland City Council Support - 28 April 2020
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Late on Friday night, the Treasurer released some changes to the JobKeeper program. (Nothing like keeping accountants and bookkeepers on their toes!). The biggest news is the change to eligibility to 16 and 17 year old employees. This change means that all employees aged under 18 will need to be re-tested to confirm if they are still eligible to receive JobKeeper.
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For those businesses that missed out meeting the Basic Turnover Tests criteria the ATO have finally released the Alternative Test Options.
First of all, thank you to all our clients who have contacted us and thanked us for keeping them up to date on a regular basis. At Aegis Business Services, we see ourselves as an extension and part of our clients’ businesses and therefore are really trying to understand what each and every one of you are going through. We as a team are working tirelessly to be updated on the latest information and opportunities that can help our clients and thank you all for your patience, even if it is taking us longer than normal to get back to you at this time.
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Following on from Friday’s update, the ATO have again been working behind the scenes over the weekend and have released some further detailed directions in a few areas. We have included a summary below with the appropriate links.
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The ATO are furiously working behind the scenes to get everything in place that will allow the applying and receiving the support through the JobKeeper payment scheme to be as easy as possible. There are still a few minor details that we are waiting on clarification on however at this stage we would like to share with the you process as outlined by the ATO and how we at Aegis Business Services can assist you. At this stage we can not confirm the fee for enrolling your business with the ATO and setting up the required systems, but we want to be “part of your solution, not part of your problem”.
Today we wanted to change it up and give you a checklist to ensure you have investigated all areas of assistance available to businesses during this unprecedented time. We have collated a checklist that pulls resources at both National and State level.
Legislation is passed...... what does this mean for the JobKeeper Payments? An update on what we know so far!
We are currently working on the latest update on the JobKeeper payment as this has been passed in parliament overnight, but for now we would like all our clients to enjoy their Easter weekend with their "households" and stay safe!
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Further updates - Hot off the Press – the fact sheets available from the Treasury Website for the JobKeeper Payment assistance have been updated yet again. It is great to see how agile the Government are being at listening to the different scenarios in this current business climate and working hard to support each and every one of them.
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Hot off the Press – further updates to JobKeeper Payment assistance. We have just received an update on this latest business assistance announcement as released on business.gov.au. We know that the government bodies are working hard to answer all queries that are coming through and haven’t yet updated the fact sheet on the Treasury website. However from the reliable business.gov. au website we are pleased to share this update on the definition of an eligible self-employed person.
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Following on from Sunday’s announcement on the new JobKeeper Payment Treasury has updated the fact sheet to give some further definition on how businesses can prove their 30% (50%) drop in turnover due to COVID-19.
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Yesterday’s announcement came as music to so many ears. The Australian Government has recognised the one group that has been previously missed – Businesses with no employees. Below are the details you need to know but please note - Legislation is still to be passed through Parliament so it is not law yet. And also not to be forgotten, businesses with employees also now have an opportunity to stay connected with their employees during this downturn by offering them assistance...Read on to see if you are eligible....
This week has resulted in a lot of activity in our office as you could imagine – which we love the opportunity the Australian Government have given us for helping so many of our clients. We thought it was worth putting together a summary of where everything stands now & keeping in mind that next week brings the end of the ever so important BAS period.