January E-News

A message from our Director:

Welcome to our January e-news.

As we enter a new year I would like to take this opportunity to send my thoughts to anyone who has been directly or indrectly impacted by the recent devastating bushfires. While we hope it will never happen to us, it is important that you know how to protect your business in an emergency. Please visit our website for more information.

We have seen some rain around the New England North West, although varying across different areas it has never the less lifted spirits for many. Lets hope to see some more falls in the coming month.

It is also now more important than ever to prepare your business for the future. In 2020, we will be offering a range of new business advisory packages to support and compliment our existing client services. We are in the process of finalising these packages and look forward to sharing them with you soon.

In the meantime we will continue to service our clients, providing assistance and access to the information needed to make informed and on time decisions.

Yours in business,

Rebecca Roach

Director

It's a new year, so it is time to get your business and finances in order.

Here are our top THREE tips to get on track in 2020.

1. Set (and stick to!) a realistic budget

2. Stock up on items for your business in post holiday sales, there are some big bargains! It may be hard to put your hand straight in your pocket after Christmas, but it will save you in the long run!

3. Know your BAS lodgement and compliance dates! You can find more information here.

Support for Bushfire Effected Communities The Australian Tax Office has granted an automatic two-month deferral for activity statement lodgements and payments to those impacted by the ongoing bushfire crisis.

Taxpayers or their agents do not need to apply for a deferral.

A list of eligible postcodes can be found here.

Tax or BAS agents operating outside of the impacted postcodes, but have clients that are in the impacted postcodes, will have the deferral options applied to those clients.

Click here for more information.

Do you self-lodge BAS? Close to one in two small businesses choose not to use a registered agent to lodge their business activity statements, potentially leaving them open to the complexities of GST reporting.

Small business owners typically rely heavily on tax practitioners to comply with their income tax obligations, with over nine in 10 businesses using a registered agent to lodge their income tax returns.

However, when it comes to BAS and IAS lodgements, only 53 per cent used an agent, with the rest choosing to self-lodge, according to the ATO’s 2016–17 data. Read more here.

Business Advisory Packages

In light of the current economic situation and an increased need to prepare your business for the future, we will be offering a range of new business advisory packages to support and compliment our existing client services.

These will be available from February 2020.