Taxation and Record Keeping

Single Touch Payroll

Are you aware of the ATO's introduction of Single Touch Payroll? Single Touch Payroll (STP) is the biggest compliance undertaking since the introduction of GST. Introduced on 1 July 2018 for employers with more than 20 employees, STP will be compulsory for all* employers from 1 July 2019. STP means that all employers must be [..]

Take advantage of the Federal Budget $20,000 tax write-off

Unless you've been living under a rock, you'd be well aware of what the 2015 Federal Budget means for small business. Businesses with turnover under $2 million can make immediate tax deductions for capital purchases of less than $20,000. This is a huge increase on the previous threshold of $1,000. There is no limit to the number [..]

Don’t get penalised for bookkeeping deadlines

Results from our very first Small Business Barometer showed around one in 10 small business owners in Australia had lost money through poor financial management practices, such as missed business activity statements (BAS) deadlines. Business activity statements tell the Australian taxation office all they need to know about your taxation obligations. They are submitted four [..]

Help for small Business owners from 1st July 2012

Not everyone has heard about the two exciting changes hidden in the Budget for small business owners. Previously you could use the Small Business Entity Concession scheme to entirely claim the value of Assets purchased up to a value of $1,000. This limit has been dramatically increased to the value of $6,500 GST Exclusive from [..]

Things you can do to minimise tax in 2011/2012

At First Class Accounts, our slogan is 'more than just bookkeepers' and our aim is to assist our clients by adding value above expectation. This is one of the many things that seperates us from our competitors. As a network, we partner with a number of service providers in order to maximise the benefits to [..]