When setting up your business, choosing a location can be a critical factor in its success. Each organisation has varying requirements, so it is necessary to consider your needs and priorities when deciding on a business premises that will best suit you. Know your business:The types of premises will depend on your business. Businesses that…
Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key tax incentives for eligible early-stage investors, also known as ‘angel investors’, who purchase new shares in an ESIC are: Non-refundable carry forward tax…
Starting a new business is an exciting time for many entrepreneurs. However, there are 5 common mistakes many new business owners make. By being aware of these mistakes that may occur when starting a business, you will increase your chances of success and remove the risk of your new venture turning into a failure. Being…
Debt consolidation loans are a financial solution that may be suitable when you have multiple debts at once and are struggling to manage them all. Debt consolidation is the process of bringing together all of your current outstanding debts into one single repayment. This is typically done by taking out a new personal loan to…
The ATO has released an Impersonation Scam Report for the month of February 2019. Highlighted are the various ways in which scammers have attempted to contact people, posing as the ATO. The most common method of contact was by phone calls or messages, accounting for 97% of reported scams over the month. Reports of 9,342…
With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance Cap (TBC) is a $1.6 million cap on the total amount of superannuation benefits that a member can transfer into a tax-free retirement…
Customer complaints are an inevitable part of running a business. How you handle negative feedback can help or hinder retaining existing customers. Complaints can be a great learning tool for businesses looking to improve their services, products, customer satisfaction and overall competitive edge. Poorly handled complaints can see customers withdraw their business and encourage others…
In an ongoing effort to address the misuse and abuse of the tax and regulatory systems, the ATO has implemented a new tool to monitor what constitutes reasonable personal living expenses. Information is requested by the tax office to identify unreported cash income when looking at household expenditure. An individual will be required to provide…
