Under the existing Super Choice rules, employers are required to offer eligible employees the choice of which superannuation fund they would like their superannuation paid to. When an employee doesn’t nominate a fund, the employer can make the payments into the employer’s default fund. From
According to SAP’s new report, “The connected SMB: Embracing digital strategies to fuel growth,” Australian small and medium-sized businesses (SMBs) could save tens of thousands of dollars a year by transitioning to e-invoicing. The report found that Australian SMBs process an average of 168 invoices each month. With a Deloitte study estimating that e-invoicing could deliver savings of up to $20 per invoice, Australian SMBs could save up to $40,320 a year. The biggest impact on
ABN change to reduce red tape and delays for business; businesses will be able to choose up to four industry codes, making it easier to access government support and assistance. Businesses will soon be able to register themselves in up to four business categories (or
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged struggling small and family businesses to be proactive at tax time, as a new report reveals declining payment plans despite record collectible debt owed to the Australian Taxation Office (ATO). Mr Billson says
CPA Australia, the country’s leading professional accounting body has reminded small business owners to talk to their tax advisor about eligibility for any COVID-related tax incentives and deductions this tax time. The 2020-21 tax year is the first full year of operating in a COVID-environment
Have you heard about temporary full expensing but are unsure if suitable for your business? This temporary measure introduced by the Australian Government allows businesses to claim an immediate deduction for the full cost of eligible assets. It’s one of several measures and tax incentives
Tax Concessions at a glance: if you are a business, use this table to find out what concessions you can access based on your aggregated turnover. When we say ‘turnover’, we mean ‘aggregated turnover’. The concessions have various start dates beginning from 1 July 2016. Business
Tax time is creeping up again and with under a month until another tax year is over it isn’t too late to help reduce that tax bill. Here are 6 commonly overlooked expenses that are missed by small businesses at tax time and how you
Tax concessions for small businesses have changed and been expanded this year. Learn about what new tax concessions, write-offs and other deductibles are available for small business in 2021. Temporary full expensing Eligible businesses with an aggregated turnover of less than $5 billion can deduct the
Small businesses rely on your professional assistance. Your advice to clients throughout tax time is vital to avoid common errors. When talking to your clients, highlight the benefits of regular contact with you and remind them to let you know when their circumstances change to
Small Business Connections (SBC) is a media platform that delivers targeted content, news, industry reports, trends and tips to business owners, entrepreneurs, startups and stakeholders in the SME sector.
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