If you’re one of the business owners who operate int the building and construction industry, and you pay contractors for providing building and construction services, you need to make some preparation for the Taxable Payments Annual Report (TPAR) which is due 28^th of August each year.

The Taxable payments annual report summarizes every payment you have made to each contractor for the previous year. Through TPAR, compliance of contractors is being observed. Data matching is done to detect contractors who have failed to lodge tax returns or failed to disclose their income.

There’s no reason to dread the TPAR. We’re here to help you prepare and lodge your taxable payments annual report, and save you from some stress and confusion. Continue reading →

The Australian government is definitely on a mission to stimulate the economy as it unveils SuperStream, which has the function of providing consistent and reliable electronic transactions for superannuation obligations.

What is SuperStream? SuperStream is the government’s solution to the persistent cases of lost superannuation accounts and unclaimed money. Aside from this apparent problem, it is also the Australian government’s goal to improve the overall efficiency of the superannuation system via on-time processing of contributions and rollovers by requiring employers make super contributions in behalf of their employees. Continue reading →

The  Abbott government’s federal budget plans for 2015 are quickly making the rounds for good and bad reasons. The goal is to boost the economy, and like any other government plans, there will be winners and losers.

The whole plan is banking on a flourishing economy, which the government aims to strengthen by stimulating the small business sector and increasing the strength of Australia’s workforce. But these efforts require certain sacrifices that might earn the ire of citizens. A delicate balancing act the federal government will have to embark on. Continue reading →

It seems like the Australian government is out to make a big impact on the economy as it unrolls its Federal Budget plans for 2015: What was once a $1,000 tax write-off limit became $20,000 overnight.

That’s right. You’re now looking at small business lifesaver.

Designed to stimulate the economy, the unprecedented value of the tax write-off caught a lot of attention and praises from people particularly from the small business sector who were asking for a much-needed jolt.

However, there are two caveats: this tax write-off will only last until the end of June 2017 and you have to make the most out of the $20,000 tax write-offs before June 30, 2015 so you can apply deductions on your 2014-2015 tax returns.

So what should you do to make the most out of the $20,000 write-off before June 30 comes? Continue reading →