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Construction industry annual payments report

The ATO is writing to businesses in the building and construction industry that have not lodged their ‘Taxable Payments Annual Report’, which was due to be lodged by 21 July 2014. Each year, businesses in the building and construction industry must complete the...

Good Recordkeeping for Small Businesses

The Australian Taxation Office (ATO) is continually focusing on small businesses operating in the cash economy and through the Small Business Benchmarks is able to identify those businesses that may not be reporting all of their income. Where the business is found to...

Small Gains Are Important

Most business people learn that it’s better to target for small gains each week and continue to work in a proactive, positive manner, to ensure those gains are achieved and that they’re retained. The term ‘overnight success’ is normally significantly overrated. People...

Characteristics of a Well Run Business – Part 3

Stock Control To improve stock control, utilise a stock analysis chart so your team members understand the financial contribution that is potentially available from each item or section of stock. Think about bonuses and other incentives to generate a desire from your...

Director liable for Company’s PAYG Withholding

A recent case before the Administrative Appeals Tribunal (AAT) involved a Company that had withheld nearly $850,000 in pay as you go (PAYG) withholding that it had deducted from its employees’ salaries and wages. It was obviously in some financial trouble, and failed...