ITax Accounting & Business Services: Greg Allan

14/12/2023

The annual Christmas party could cost your business more than anticipated! Beware of FBT this festive season.

For more information, please see

The annual Christmas party could cost your business more than anticipated! Beware of FBT this festive season. by Greg Allan | Dec 14, 2023 | services | 0 comments “Smart Company” and “Not so Smart Company” invited their employees to their respective annual Christmas parties held off business...

07/09/2023

Common errors that the ATO are seeing include:

omitting income such as salary or wages earned outside of their business. Including non-monetary payments or payments in kind

incorrectly claiming expenses, for example, claiming for the portion of an expense related to personal use or overstating the cost of goods sold and other business expenses

incorrectly calculating business losses

incorrectly applying non-commercial loss rules to offset the loss against other income

incorrectly claiming PAYG withholding refunds

incorrectly reporting or failing to report personal services income (PSI)

Avoid making these mistakes by using the ATO small business tax time toolkit. There’s a directory of links, including information on business income and deductions to help small businesses get things right.

27/06/2023

The super guarantee rate is increasing – again!

The super guarantee (SG) rate will increase from 10.5% to 11% on 1 July. A reminder to update your payroll systems to align with this change. The new rate will apply to payments made to workers on or after 1 July.

Your contributions for each employee are required to be paid on at least a quarterly basis with the end of each quarter being September, December, March and June.

If you do not pay an employee’s super guarantee (SG) to the right super fund on or before the due date you must:

lodge a superannuation guarantee charge (SGC) statement
pay the super guarantee charge.

Late superannuation payments are not tax deductible

31/10/2022

Time is running out - Urgent action required to avoid huge Director ID penalties

The new Director Identification Number regime (DINs or Director IDs) commenced on 1st November 2021. All directors are required to apply for a DIN and should have registered for a Director ID

Persons appointed as a director on or before 31 October 2021 have until 30 November 2022 to apply for a DIN which is a unique 15 digit identifier for each director.

Directors must apply for their own Director ID themselves because they need to verify their identity. No one can apply on their behalf.

Failure to have a DIN by the required date is an offence with fines starting at $13.200. There are also offences associated with actions which would undermine the DIN regime, such as providing false identification documents.

If you are having trouble doing this via myGovID, it may be easier to simply call 13 62 50 with 2 ID Documents and 2 ATO ID details the ATO would have (TFN, DOB, reference number, etc…)

01/09/2022

The ATO has identified a significant number of GST refund fraud attempts

The attempted fraud involves:

Inventing a fake business

Submitting fictitious business activity statements (BAS) to gain a false GST refund.

Lodging a fraudulent Australian business number (ABN) application

If you are not operating a business, you do not need an ABN, and you don’t need to lodge a BAS

Backdating your business registration so you can apply for a refund will flag you as high risk in the ATO systems

False declarations may impact eligibility for other government payments.

The ATO has the data matching ability to detect these patterns and stop the fraud.

Any person is liable to repay the entire amount of any fraudulently-obtained GST refund, regardless of what you paid someone to lodge a BAS on your behalf.

Selling or sharing your myGov credentials may result in other people accessing your personal information and using it for their financial gain.