Business Cashflow Management

We recommend business owners prepare a cashflow budget or projection to ensure that you are able to pay for your commitments as and when they fall due.  It can be easy for business owners to lose track of upcoming commitments, and it is important to ensure that record keeping is kept up to date.  These days good controls around banking, accounting software, accounts payable and receivable and keeping up with date with tax, superannuation and other future obligations is very important. 

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Scammers are Still Active

Please be aware that there is a significant number of scams going around at the moment, and

Scamwatch has advised that hundred of millions of dollars are being lost each year, which has caused a significant amount of distress to victims and their families. 

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Some Backpackers are Not Subject to Backpacker Tax

A recent high court decision has confirmed that in limited circumstances

A taxpayer who was on a working visa from the UK who was also an Australian tax resident due to the application of the double tax agreement between Australia and UK, was not subject to the Backpacker tax. 

This would be applicable for travellers who are an Australian resident for tax purposes and come from the UK, Chile, Finland, Japan, Norway, Turkey, Germany or Israel.

It is recommended that people on working holidays in Australia, should check the ATO website prior to preparing their tax returns, it is important to note that most people on working holidays will not be residents for tax purposes as their main purpose is for a holiday and to support their travel through some work to held fund their trip. 

ATO is Cancelling ABN’s

The ATO is currently undergoing the automated process of cancelling ABN’s that have not been used, however they are allowing taxpayers and their advisors the ability to confirm if ABN is still active and in use before the ABN is cancelled.