by Team Garnet | Jun 30, 2022 | Small Business, Tax News
Small business owners beware, the ATO is again putting the appropriateness of deductions and omission of business income under the microscope this tax time. During this tax time, the ATO has once again reminded small businesses of their tax obligations and highlighted...
by Team Garnet | Jun 22, 2022 | Business Structures, Small Business, Tax News
You are legally required to keep records of all transactions relating to your tax and superannuation affairs. Failing to keep correct records can have financial consequences. You are legally required to keep records of all transactions relating to your tax and...
by Team Garnet | Jun 17, 2022 | Small Business, Tax News
The ATO is reminding businesses this tax time 2022 to see if there are tax-deductible items or concessions they are able to access and to consider their record-keeping habits of the past year. As the end of another tax year approaches, the ATO has reminded businesses...
by Team Garnet | Jun 1, 2022 | Business Structures, Small Business, Tax News
Employers not yet reporting additional information under Phase 2 of STP should be getting ready to transition. Single touch payroll (STP) has now entered into Phase 2, although most employers may not yet be reporting under this phase as many digital service providers...
by Team Garnet | May 13, 2022 | Small Business, Tax News
ATO is cracking down on GST fraud with Operation Protego, set up to investigation around $850m in potentially fraudulent payments. The ATO has lifted the lid on its most recent operation to stamp out GST fraud, Operation Protego, in order to warn the business...
by Team Garnet | Apr 22, 2022 | Business Structures, Small Business
Now is a good time to check that your business’ PAYG instalments still reflect its expected end of year tax liability. The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow but also means the...