It is said there are only two things in life that are certain – death and taxes.
For small businesses owners taxes can be more stressful of these two at times, but Beaudesert Chamber of Commerce’s Financial Fitness Workshop aimed to provide help and advice to local small businesses.
Facilitated by Noela Lee, Samantha Newsham and Tamara King from Trilogy Accounting, the evening managed to provide great information in a lighthearted manner.
Topics covered included record keeping; recent changes to tax, employment and superannuation; claiming deductions and what do to if you can not pay your ATO debt.
Sam Newsham said during pandemic the ATO stopped all debt collection but by the end of 2022 they recommenced chasing debts, including enforcing heavy penalties.
She advised contacting the ATO prior to when the debt is due to make a payment arrangement and to ensure these are paid on time.
“Given the general interest charge is 11.36% it may be more beneficial to take out a personal loan or extend your mortgage. But a tax agent can advise you about this,” she said.
“Make sure you lodge on time and pay your debt on time. Be proactive about your debt.”
Noela said the ATO will be targetting high audit risk income this year such as cash income and in kind.
“Undeclared cash income means people are missing out on state government income, not paying tax, possibly not paying child support,” she said.
“Keep your receipts and records. It’s not up to the ATO to prove they are right, it’s up to you to prove your claim.”
There are a number of changes to reporting and deductions this year. If you are not using an acccountant to prepare your tax, it is advisable to check the ATO 2024 tax time tool kit on the ATO website.
Trilogy Accounting’s superannuation expert, Tamara King, gave a detailed overview of changes coming into the superannuation area over the next few years.
“It is compulsory to pay superannuation at least four times a year as a percentage of ordinary time earnings,” she said.
“At the moment it is 11.5%, from July 1, 2025, it will be 12%.”
All speakers stressed that accounting is a specialised area and while accounting packages and software can make it easier, if you have any concerns contact the ATO or see an accountant.
