1. Meet with us before the financial year ends. You can save time and dollars by meeting with us to help you estimate what your tax will look like for the April to June quarter. 

2. Get your paperwork in order. Maintaining and updating your business records regularly will help alleviate EOFY pressure. 

3. Familiarise yourself with key compliance changes. 

4. Adopt technology to improve productivity. Using cloud accounting solutions can help you organise and track your financials, build a clearer picture of your financial circumstances, and helps keep you compliant.

6. Revisit your business plan. Strategic planning is essential to maintain your business’s ability to stay healthy, adapt and grow over time. Now is a great time to update your business plan to ensure you’re on the right path for the next financial year. 

For more information or to book an appointment to see us, please call on 07 3357 5553.

For payroll tax, the regulators are looking at those who understate or avoid their payroll tax obligations. A few of the common problem areas are:

• Contractors – make sure your contractor is set up for payroll tax purposes (or the superannuation guarantee laws). Don’t rely on what they tell you. 
• Miscalculating payroll tax threshold - is not as simple as just looking at wages. Payroll tax captures Directors fees, fringe benefits, bonuses and commissions etc. 
• Grouping provisions – often an entity by itself can be under the payroll tax threshold but when grouped, is drawn into the payroll tax net. 
• Interstate wages – Generally, where you have interstate wages, the payroll tax threshold is determined as a portion of your payroll in the relevant State or Territory. 

If your business has underpaid its payroll tax obligations then you can also expect a call from workers compensation.

With GST audits, if you have a refund due, your business is more likely to be audited. The trigger for a GST audit is often large or abnormal refunds, but can be as simple as not reconciling the quarterly activity statements.

We can do a full compliance risk review to help you avoid an audit. For more information, please call us.