From 1 April 2025, the Australian Taxation Office (ATO) is introducing a significant change that may affect your business. Certain small businesses that currently lodge their Business Activity Statement (BAS) quarterly will be required to transition to monthly GST reporting. What’s Changing? If your business is selected, you will need to report and pay GST …
“ Doing nothing and expecting a better result is insanity” I had an interesting conversation the other day with a business owner (not a client of ours, mind you) who’s been in the game for many years. He was a seasoned professional, but I have to say—he was also one of the grumpiest blokes I’ve …
The Key to Success in Business is Embracing Change Read More »
In today’s competitive business landscape, understanding your organisation’s position is crucial for strategic planning and growth. One effective tool for this is the SWOT analysis. By examining your business’s Strengths, Weaknesses, Opportunities, and Threats, you can create a comprehensive overview that guides decision-making and strategy development. Here’s how a SWOT analysis can benefit your business: Identifying …
Over the past six weeks, we have encountered two separate incidents where clients have received supplier invoices that may not comply with current tax regulations. One example of such an invoice included wording similar to this: “This organisation is a humanitarian, not-for-profit, tax-exempt, non-government organisation, and as such is not required to quote or hold …
Ensuring Compliance with Supplier Payment Obligations Read More »
The Australian Taxation Office (ATO) is significantly ramping up its efforts to enforce tax compliance. At Henson Lloyd Accountants, we’ve noticed a sharp rise in the ATO’s requests for Superannuation Guarantee Charge (SGC) statements, the denial of remission requests, and an increasingly strict approach to chasing unpaid debts. This crackdown is particularly focused on company …
Surge in Director Penalty Notices: What You Need to Know Read More »
In today’s competitive business environment, setting clear and effective goals is crucial for success. The SMART framework is a powerful tool that helps businesses create goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s how you can apply SMART goals to drive your business forward. Specific A specific goal clearly defines what you want …
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions: How many days during the income year did …
Claiming deductions in relation to a holiday home Read More »
The AAT (Administrative Appeals Tribunal) recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer. The taxpayer purchased a single parcel of land in 2013 for $1.6 million, and he subsequently took steps …
Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a game, sport or animal racing. Any other purpose of the organisation must be incidental, ancillary …
Changes in reporting requirements for sporting clubs Read More »
