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Changes to Motor Vehicle Claims
Cents per kilometre method
The cents per kilometre method is still available for use with some changes. Separate rates based on the size of the engine are no longer available from 1 July 2015. Under the revised method for 2016/17 income year
Stress effects our performance, both physically and mentally, keeping us from reaching our potential.
So how do we control Stress?
Should You Cancel Your ABN?
The most common reason for businesses cancelling their ABN:
- closing down
- being sold
- restructuring (from a sole-trader to a partnership, for example)
GST On Importing services and digital products
From the 1st July 2017 a new goods and services tax has been imposed on businesses that sell imported services and digital products to Australians.
These new laws affect business that have an annual turnover of $75,000 or more.
Protect yourself against RansomWare.
Ransomware is a virus that stops you from being able to access your computer files unless you pay a fee, or ransom, to the hackers.
The amount demanded can be crippling and many software companies say that such attacks are on the rise.
Important Dates for August 2017
A quick reminder of upcoming critical dates
ATO to remit penalties
ATO to remit penalties
Due to recent system issues experienced by practitioners and tax payers, The ATO will remit or not apply any failure to lodge penalties for the late lodgement of 2015-16 income tax returns and activity statements due to be lodged from December 2016, where they are lodged by 31 August 2017.
Scam Warnings From ASIC and The Tax Office
ASIC has released a warning for all registered business owners. The report says that a group of scammers have been contacting SMEs and demanding sensitive information, as well as money to renew their business name.
Frequently, a fake invoice is generated and sent via email, claiming that your business name will be cancelled if you do not pay immediately.
Superannuation Changes and Deductions
From July 1st 2017, the Australian Tax Office (ATO) have implement new changes to the Superannuation system. While these changes may not affect you, we recommend reviewing the super changes by heading here.
Business Planning - Your Blueprint to Business Success
Running a business without a business plan is like rock climbing blindfolded. Your chances of making it successfully to the top are slim. And the process will surely be a death-defying one.
A business plan is a step-by-step guide to running your business and creating a product or service that will make it successful in the marketplace. Your business plan should be: