What is TPAR? Taxable Payment Annual Reports (TPARs) are an essential part of Australia’s tax system. It is a way for the Australian Taxation Office (ATO) to keep track of all the payments you make to contractors. This way, the ATO can ensure: Who Needs to Lodge a TPAR? You may need to lodge TPAR…
Want to pay less in taxes this year? This new energy incentive can help you reduce your taxable income by $20,000. What Is The Incentive The Small Business Energy Incentive is about to be passed in Parliament. Who it’s for It’s a tax credit aimed at helping small and medium businesses move towards more efficient…
Invoice fraud or false billing happens when an outstanding invoice redirects payment to a fraudulent bank account. This can be done via fake invoices, employee/supplier impersonations or invoice manipulation from an email hacker. Anyone can be a victim to invoice fraud. Australian businesses lost $277 million to payment redirect scams in 2021, according to the…
Hiring new employees? Superannuation rule changes from the 1st of November 2021. Here’s what you need to know. This new reform talks about “Stapling rules”. These stapling rules mean new employees will keep the same super account (if they have one), when they change jobs unless they choose another preferred super fund. This prevents the…
Many small businesses use the family home as a base for business. The complexities of what can be claimed versus what is not a deduction can be confusing. Today we have put together a general guide on the issue. There is no formula as to how to claim home based business expenses. But there are…
Shortly we will be sending out our annual tax audit insurance offers. Today we offer five good reasons why you should consider the risk removal this provides. 1. You are comprehensively covered – All of your current and previously lodged returns are covered by our Audit Shield service, even if you had another accountant taking care of…
At Magnus we have been loyalists to Xero accounting software quite a number of years now. Year after year they continue to deliver improvements that makes business owners lives easier. There are countless reasons why every small business should be using Xero software as a primary tool within their business. Some of the more predominate…
Good bookkeeping isn’t a concept that only applies to large businesses. Whether your business is a large multi-national, a small business with a few employees or even a sole trader, your business is flying blind if your bookkeeping isn’t being performed by competent bookkeepers or accountants Business owners and managers make hundreds of decisions a…