Research shows businesses that are good at meeting their GST and
activity statement obligations tend to run more successful businesses.
This can be because the business systems and processes they use to
manage their tax affairs help them keep track of their business
performance and make sound business decisions.
By maintaining proper records of dates, fees for service, expenses,
wages and other costs, you can use this information to help you:
- manage your cash flow
- complete your activity statements more easily
- avoid reporting errors, such as not reporting the correct amount of GST
- keep track of creditors and debtors
- demonstrate your financial position to banks.
If you run a small business and would like to find out what records
your business should be keeping or help evaluating how well your
business is keeping records contact Alan at BASMAN RETURNS
on 0419 671 602 or email firstname.lastname@example.org
Small businesses can claim an immediate tax deduction for
assets costing less than $6,500.
So if you need office equipment or other assets and you have a small
business entity, purchase these items before 30 June to get the deduction
As always, don't spend your hard-earned money on things you don't need
just to get a tax deduction. Its not worth spending a dollar to save 30
help grow Australian workers' savings for retirement, the compulsory
super guarantee rate will gradually increase from 9% to 12%. When you make super payments on behalf of your employees based on the
minimum 9% super guarantee rate, you will need to increase this rate on
which you base your calculations to 9.25% on 1 July 2013.
The Super Guarantee rate will increase gradually from 9% to 12% from 1 July 2013 as follows:
What you need to do
- Update your payroll and accounting systems to apply the appropriate increase to the super guarantee rate.
- From 1 July 2013, increase the rate you use to work out the super
guarantee payments you make for your employees from 9% to 9.25%.
- Continue to increase the rate you use to work out the super
guarantee payments you make for your employees each year until 1 July
If you require any assistance contact BASMAN RETURNS
for Superhero Service for your business.
The Tax Office's new Employee or contractor
homepage has information you need to work out whether your
workers are employees or contractors including:
- the basics - things your business needs to
- the common reasons businesses get the decision wrong
- industry specific information
- an Employee/contractor decision tool
- summary of the obligations you need to meet
for your employees or contractors.
If you get the decision wrong,
you risk having to pay penalties.
Queensland Government is running a series of 1 hour webinars (web-based
seminars) in 2012 to help small business owners improve their skills and their
webinars cover a variety of topics, including:
- cloud computing
- using Facebook, Twitter
& LinkedIn for business success
- local search marketing and
search engine optimisation
- pay per click online
webinars are interactive and allow you to give, receive and discuss the topic
in more depth.
To find out more, including how to register,
visit the QLD Business and Industry
The current state based business names system is to be replaced by a National system after 28 May 2012
The registration process will be online and will be linked to the ABN application process.
Costs will be around $30 for one year and $70 for three years - A cost reduction in most states and territories.
Existing businesses do not need to do anything, their existing business
names will transfer automatically to the national register.
If you have an queries contact the BASMAN on 0419 671 602 or by email at email@example.com
Cheers & Best wishes for a safe and happy Christmas & New Year