Registering for an ABN and applying for GST refunds when you don’t own a business or are not eligible is fraud. The Australian Taxation Office (ATO) has identified a significant number of GST refund fraud attempts, totalling an estimated $850 million to around 40,000 individuals. This fraud involves predominantly participants inventing fake businesses to claim…
Life insurance is one of those purchases where it’s better to have it than not. It can be a difficult product to understand with so many features and terms. Once you know how it all works together, it becomes a lot easier. Understanding how it works should help you save money – right? After all,…
Cryptocurrency is a hot topic of discussion in the taxation industry, due to its digital nature as an asset and the reporting requirements behind the tax on its earnings Cryptocurrency may seem like another form of money to you (albeit in digital form), but it isn’t to the Australian Taxation Office (ATO). From their point…
It is easy to get caught out with superannuation, particularly when you are the owner of a business. With so many things to occupy your mind, superannuation may slip from the forefront. But as a business owner, you must pay the superannuation guarantee for your staff, and you must pay it on time. A failure…
Digital transformation of a business allows you to reach a wider audience and makes interaction with your business a lot more appealing as it is convenient for customers. This will help your business grow and flourish in today’s atmosphere. To start off your transformation, you need to know the rules. You should protect your business…
With inflation surging, costs rising and interest rates increasing (after being stable for a decade), businesses may be feeling the heat about their profit margins. Your business may be struggling to absorb these rising costs amid labour shortages, while also requiring spare capital to expand and further digital transformation initiatives. In a time where growth…
The way in which a self-managed super fund is structured could change its legal compliance requirements. If you are in the process of setting up an SMSF, you will need to make a decision about how to structure it appropriately to suit. An SMSF can be structured as a single-member fund or a multiple-member fund,…
Finding someone who can fill a specific position for your business can be a daunting task. Though often we think of recruitment as a valid strategy of employment, it often seeks to fill gaps or vacancies that might be caused by staff turnover or insufficiency. This is still a valid strategy for businesses that…
With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense. Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to ‘help’ retirees and prospective retirees avoid…
The end of the financial year is coming up next month (30 June), and you may be looking for ways in which you could make tax savings in this year’s tax return. This could be through tax deductions, expenses that you could make now for your work purposes or even with tax offsets introduced by…