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• Tax
• Business

• ATO ramps up warnings on $50b in tax debts. 

This warning from the new Tax Commissioner as the ATO chases $50 billion in outstanding debts, claiming increasing numbers of Australian small Businesses operators are falling behind on tax and superannuation obligations. 

• At a recent small Business summit in Sydney the Commissioner said ‘it’s critical that all employers, big and small, keep on top of their obligations to their employers first and foremost, as well as their obligation to government in respect to GST, income tax and other taxes’. 
• Previously, in November, the ATO warned Business to stop using unpaid tax and superannuation liabilities to prop up their cash flow, stressing its debt book was not a bank.  

If these matters concern you, act now, heed the warnings!  

Need help? contact Blackburn Accounting, we are experts in taxation matters.

• Tax Debts can affect your credit ratings 

Disclosure of Business Tax Debts: 

Be aware that in certain circumstance the ATO may disclose your debt information to credit reporting bureaus (also known as credit reporting agencies).

The ATO lists a number of criteria where they may report your Business tax debt. These are provided on the ATO website.

 Note: It will not report your debt information to credit reporting bureaus (CRBs) if you are already engaged with them to manage your tax debts and may also decide not to report your tax debt information if you are experiencing exceptional circumstances.

You can find full details on the ATO website.

More from the ATO

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• Tax
• Business

What it is, how it applies and what you need to do as an Employer!

 What is Fringe Benefits Tax?

• Fringe Benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates.
• FBT is separate to income tax. It's calculated on the taxable value of the fringe benefit.
• As an employer, you must self-assess your FBT liability for the FBT year (1 April to 31 March). If you have an FBT liability, you must lodge an FBT return and pay the FBT you owe.

 What is a Fringe Benefit?

A fringe benefit is like a payment to an employee, but in a different form to salary or wages.

There are different types of fringe benefits. Examples include:

• allowing an employee to use a work car for private purposes
• car parking
• paying an employee's gym membership
• providing entertainment by way of free tickets to concerts
• reimbursing an expense incurred by an employee, such as school fees
• giving an employee a discounted loan
• giving benefits under a salary sacrifice arrangement with an employee.

Not a Fringe Benefit.

Examples that are not fringe benefits are listed on the ATO website.

Who receives Fringe Benefits?

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• Tax
• Business

It's that time of the year again, Tax-Time it's just around the corner.

Don’t put it off or file it in the too hard basket, start now with our,

6 Top Tips!

1. Getting ready is about getting your ‘house’, Business in order. Start by organising your paperwork.  If you have a 'shoe-box' or bottom drawer full of unsorted papers now is the time to start sorting and filing.   

2. A stress-less tax time is all about good record keeping. You need to account for every dollar that comes in and out of your Business! Make sure you have the ‘evidence’ to back your claims!

3. Missing copies of claimable receipts or expenses records, follow-up now to avoid panic later.     

4. Working from home, remote flexi arrangements, keep copies and record any related expenses for 'end of year' deductible claims. 

5. Have you checked if there are any Government incentives and initiatives for small Business?  Have you received any concessions? If so, are there reportable implications!

6. Do you have any questions regarding your Taxation obligations, not sure what a legitimate claimable expense is or are needing help with bookkeeping, payroll systems and processes! Contact Blackburn Accounting, we are 'Your Family Business Specialists'.

• Business

Yes, we have all heard of the carbon footprint, the total amount of our greenhouse gases emissions! What we generate with our actions, good and not so good.  

But what about a digital footprint, what is it and what impact is it having! Are we having! 

 What is it? 

Our digital footprint, also called our digital shadow or electronic footprint refers to the trail of data we create and leave when using the internet. Depending on our activities, some of us will have a small footprint while others will fit a size 16 boot.

• Impact! 

Are you like Bigfoot, Sasquatch, the human-like mythical creature stomping along leaving a large digital footprint behind as you roam the global networks. How much information and content  do you need to create and generate!

And not for the faint-hearted, these online pathways can be treacherous places inhabited by snakes and weasels, ready to pounce! Weasels, also known as cyber criminals, are ready to conduct targeted attacks and scams!  

• Protection!

How do you help safeguard and protect yourself, your digital activities, from malicious cybercriminal attacks or misadventures?

There are some simple strategies you can adopt.  

7 Ways to Best Manage Your Digital Footprint 

1. Undertake a search of yourself and review the results. This will give an idea of what information is publicly available. If there are any negatives, contact the site administrator.

2. Set alerts. Once you have conducted the above consider setting up alerts to help keep closer track of any future online mentions.

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