Bookkeeping & Business News

ESIC Reporting Obligations for Start-Ups

1 July 2022
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Source: Australian Taxation Office Please be aware that Early Stage Innovation Companies (ESIC) are required to complete an Early Stage Innovation Company report if they issued new shares to one or more investors during the financial year which could lead to an investor being entitled to access the early-stage investor tax incentives. This information must be reported to the ATO 31 days into the following financial year (which is generally 31 July). It is not the responsibility of an accountant or tax agent to complete this report. Clients are expected to do this report themselves or engage a company secretary…

Importance of Compliance in Obtaining Government Support

21 June 2022
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Author: Harry Hoang In comparison to many of your priority tasks, compliance likely ranks fairly low in terms of importance. Most businesses complete the bare minimum level of compliance necessary to keep themselves out of jail. But did you know that a clean and tidy set of books can also increase your eligibility for many forms of government entitlements and support? We are fortunate to be in Australia, a country where the government offers livesaving packages like the government subsidies during the height of the pandemic. But oftentimes, there are businesses who miss out of these government support because of…

EOFY 2022: A Final Checklist

17 June 2022
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Author: Tailored Accounts With only one week to the end of the financial year, are you ready? EOFY is always an exceptionally busy time for small business owners but it is also a very important period. Just completing necessary EOFY tasks is not enough. This is the time where businesses should start preparing and organising themselves, placing themselves in the best position for the year ahead. Business.gov.au has shared an EOFY checklist to help businesses achieve this goal, a valuable resource that Tailored Accounts would like to share and expand on. 1. Record keeping and compliance All businesses have a…

Changes To Super: Impact On You & Your Business

10 June 2022
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Author: Tailored Accounts As some of you may be aware, the ATO has announced some changes to the eligibility criteria and rate for superannuation. Applicable on pay runs with a payment date of 1 July 2022 onwards, these changes include: Changes To Super Guarantee Eligibility ThresholdThe $450 monthly minimum income threshold for super contributions will be automatically removed, which means that employers will need to pay super for their employees regardless of how much they are paid. Other eligibility requirements for super guarantee will not be impacted by this change. Workers under 18 will still need to work over 30…