Essentials Every New Business Owner Needs to Get Right from Day One
Starting a business? Discover the key steps every new business owner must take to stay compliant, manage cash flow and set up for long-term success.
Choosing the right PAYG instalment method
Understanding PAYG Instalment Methods ATO Case Studies on Instalment Amount and Instalment Rate Methods The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method. It recently provided the following two case studies to illustrate the two methods: Case study 1: Kelly the […]
Banking business income to a private account
Recordkeeping and monitoring business cash flow The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish […]
Managing business cash flow
The ATO has issued a reminder to businesses It asserts that paying regular attention to record-keeping and reporting tasks will help firms better manage their cash flow and allow them to plan for the future. The best way to make sure a business has enough cash available to meet its tax and other obligations is […]
OMNIBUSiness Tax Planning Edition
May’s Federal Budget has been postponed but it’s still tax time. We hope that you’re well and starting to develop strategies for your business to emerge from the COVID-19 coronavirus lockdowns reinvigorated! Many of our clients have availed themselves of the opportunity of asking us to perform a wider range of duties over recent months […]
OMNIBUSiness COVID-19 Summary Edition
What unprecedented times we’re living in! As soon as we think we’re on top of coronavirus, things change and don’t they change fast? The effect of COVID-19 is having a massive financial impact on all of us in some way and we fear that the impact of the virus will have an even greater impact […]
Cash in hand payments no longer deductible
‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. Payments […]
ATO cash economy
Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks for their […]
Cashless society
Is cash set to become a thing of the past? Some financial professionals are predicting Australians could be living in a cashless society in less than a decade. What does the potential death of cash mean for you personally and for Australian society as a whole? We explore the current trends in consumer payment behaviour […]
Legal practice management case study
Boutique law firm benefits from Omnis advice Perth’s Glen McLeod Legal is a planning and environmental law practice that provides authoritative and strategic advice and conducts significant litigation for clients in the Supreme Court, Magistrates Court, State Administrative Tribunal and commercial arbitration. Their highly specialised team provides legal advice on planning and environmental law, in […]
