Tower Business Advisors in Traralgon, Victoria | Business consultant

Tower Business Advisors

Locality: Traralgon, Victoria

Phone: +61 3 5173 6823

Address: 55 Grey Street 3844 Traralgon, VIC, Australia

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• Business service
• Tax preparation service
• Accountant
• Business consultant

25.01.2022 The ATO will be conducting reviews on existing ABNs, which includes cancelling inactive ones. Your ABN may be cancelled if: 1. Australian Securities and Investments Commission (ASIC) advise your company is deregistered... 2. You advise in your latest income tax return you have stopped business 3. have stopped reporting business income or expenses provide us with no other indications you may be in business 4. you lodge a final tax return. If your ABN is cancelled and you need it later, you can reapply for the same ABN if your business structure is the same. If your structure is different - for example, you were a sole trader but your new business is a company - you will get a different ABN.

24.01.2022 If your home is your main place of business, you may be able to claim the business portion of some of your expenses such as: . - electricity - cleaning - mortgage payments... - rent payments. . It can be tricky to know what youre entitled to claim, so weve created a fact sheet to help you get your home-based business expenses right. . Our Small business home-based business expenses fact sheet will help you answer common questions about: . -whether you can claim running expenses or occupancy expenses -separating private and business use capital gains tax -records you need to keep. Simply message us on here and we will send it through!!

24.01.2022 Story: You get a phone call. The caller says theyre from the ATO. They want you to pay a debt (which you know nothing about), or are asking for your personal details. . But it doesnt seem quite right. Maybe the caller: . - is aggressive... - threatens that if you dont pay you will be arrested and sent to jail, or - tries to make you call another number outside normal business hours. . Or maybe you have received an email or SMS offering you a tax refund or asking for personal details, but it just smells wrong. . What to do if you think it is a scam? You need to check it out. . If you get a phone call, ask the caller for: - their full name and extension number - their team leaders full name and extension number. . You can call us on 0351736823 to verify that the caller is from the ATO. . If you receive an email or SMS, do not open any attachments or hyperlinks. See more

24.01.2022 Scammers are using pre-recorded robocalls impersonating the ATO and threatening immediate arrest for an unpaid tax debt. The scammers use a technology known as spoofing to show a genuine ATO number on the caller ID. The technology also allows them to replicate websites and email addresses.... If you receive such a call or voicemail, hang up or delete it. If you have shared personal information, or made a payment to a scammer, call our office and we can help.

23.01.2022 SMALL BUSINESS RELIEF: For our clients and friends who have had their businesses reduced, altered or affected. Please do not forget to apply for state grants also: https://www.business.vic.gov.au//gra/business-support-fund

15.01.2022 The government business boost to cash flow document has been released with some examples on how this will impact business as well as timing of payments etc. You can find this information here: - Tower Business Advisors... https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p

14.01.2022 The end of the financial year is just around the corner, but it doesnt have to be a race against the clock for your business! Heres a few things you can do: Check whether any expenses you may be thinking about qualify for small business tax concessions, such as the instant asset write-off or immediate deduction for prepaid expenses.... . Start gathering and sorting your business records now. You need records of all cash, online, EFTPOS, bank statements, and credit or debit card transactions covering: sales and other business income expenses you can claim as a business deduction. . Make digital copies of any paper records and make sure you back them up. . Even if your business hasnt made any income this year you still need to prepare and lodge a tax return if you have an ABN. See more

14.01.2022 Normally, benefits you provide to your employees such as non-work-related hotel stays or loaning them a car for their private use would be considered fringe benefits, and subject to fringe benefits tax (FBT). . However, in emergency situations like natural disasters, providing immediate relief to employees who are victims (or potential victims) is exempt from FBT where the assistance is for: - first aid or emergency health care... - emergency meals, food supplies, clothing, accommodation, transport or use of household goods - temporary repairs - any similar matter. These exemptions also apply where your employee has been affected by: - an accident - serious illness - armed conflicts - civil disturbances.

13.01.2022 CHRISTMAS BREAK! That’s the year from us at Tower Business Advisors! We want to thank all of our clients as well as the amazing staff who work here at Tower! ... It has been an amazing year of growth, change and new ideas! It has been our pleasure working with some of the most ambitious and exciting clients we have ever seen and we thank them for their support! A special thanks to our team members both new and long term who make every year an exciting chance to grow, challenge the norm and streamline our firm to better serve clients! Merry Christmas! - Dylan.

12.01.2022 If your employee indicates they have a study or training loan on their Tax file number declaration or Withholding declaration form, you may need to withhold an extra amount from their pay to cover compulsory repayments at the end of the financial year. From 1 July 2019, the new minimum repayment threshold is $45,881. This means that employees who have previously earned below the threshold may now need to make compulsory payments for the first time. Be sure to let your employees know they need to declare their study or training loan to avoid bill shock at the end of the financial year. This could mean that your existing employees may need to complete a new Tax file number declaration or Withholding declaration form to ensure they have answered to the study or training loan question correctly.

11.01.2022 Single Touch Payroll: Did You Know? From 1 July 2019, you will only be able to claim deductions for payments you make to your workers (employees or contractors) where you have met the pay as you go (PAYG) withholding rules for each payment. In order to claim a deduction, you need to:... 1. withhold the required amount (if applicable) before you pay your worker 2. report this amount to the ATO. If you make a mistake, dont worry, you wont lose your deduction if you: 1. withheld the wrong amount lodge a voluntary disclosure in the approved form. 2. withheld the right amount but made a mistake when reporting correct the mistake as soon as possible. Please contact our office on 0351736823 so that we can help smooth the transition for your business.

11.01.2022 Fuel tax credit rates increased on 4 February in line with fuel excise indexation. . If you claim less than $10,000 in fuel tax credits per year, next time you calculate your claim just use the rate that applies at the end of that BAS period. . If you need a review of your FTC feel free to contact the office and discuss.

11.01.2022 Our number one question at the moment! Do I have to lodge my return by October 31st?! . The good news is if youre seeing a tax agent like Tower we have an agreement with the ATO to allow us until May 2020 for all lodgements! .... Just in case you were worried! See more

11.01.2022 FEELING HEALTHY? Have you done a health check on your business lately? Just like your annual check-up at the doctor, you should check the health of your business on a yearly basis to identify any issues early on. We analyse your accounting data, along with discussion on business trends, goals and suggestions on how to improve your business. ... Now is a great time to check in on why you started this adventure! For appointments please contact our office on 0351736823

07.01.2022 Many business owners consider starting a self-managed superannuation fund (SMSF), but its important to know whats involved before making any decisions. In an SMSF, you become the legal trustee or director (depending on the structure), so its important to have a solid understanding of investment markets along with tax and super law. You also need to make sure you are able to dedicate time and money into working on your SMSF. SMSFs are a great vehicle for retirement, but the...yre not for everyone. To help you decide if an SMSF is right for you, simply call us to discuss topics such as: - why small business owners start an SMSF - how to increase your understanding of SMSFs - practical tips for small business owners.

07.01.2022 JOB KEEPER PAYMENT PROPOSAL: To our clients and friends. The Jobkeeper payment has definitely made a few changes and the information from some sources can be a little different.... Please see the attached document that shows the breakdown of how this would work, including examples. Its important to remember this applies to Sole Traders also! We will keep releasing information as we learn more!

06.01.2022 CHRISTMAS BREAK! Thats the year from us at Tower Business Advisors! We want to thank all of our clients as well as the amazing staff who work here at Tower! ... It has been an amazing year of growth, change and new ideas! It has been our pleasure working with some of the most ambitious and exciting clients we have ever seen and we thank them for their support! A special thanks to our team members both new and long term who make every year an exciting chance to grow, challenge the norm and streamline our firm to better serve clients! Merry Christmas! - Dylan.

05.01.2022 For our clients who are feeling the pain during these hard times. We are working hard to make sure your BAS will be finalised by March 31st. In the meantime please follow this list: 1. Review your Direct Debits and unnecessary expenses. ... 2. Talk to your bank to defer loan repayments. 3. Consider access to your super as part of the relief, only if necessary. 3. Monitor the stimulus package updates (below). 4. Create a budget. 5. We recently sent out information in relation to FAQs we have been receiving. Please contact us if you would like to be added to our email list. Options are out there so lets come together to get through this. https://www.theguardian.com//what-australias-189bn-coronav

03.01.2022 Backpackers on working holidays are an integral part of Australias seasonal workforce, particularly in the agricultural sector. . They are considered temporary residents, and are entitled to superannuation guarantee (SG) if they are paid $450 or more before tax in a calendar month. . Once they leave Australia they can claim the super paid to them as a Departing Australia superannuation payment (DASP) providing all requirements are met.

03.01.2022 Tower Taxation Services Pty Ltd Traralgon Business Centre 55 Grey Street, Traralgon VIC 3844 T: (03) 5173 6823... E: [email protected] Tax Season Hours: 8:30 am - 6:00 pm Mon/Wed 8:30 am - 8:00 pm Tue/Thu/Fri All other hours by appointment.

02.01.2022 A nice little article on what you cant claim with the ATO!