AFS NEWS | Your partners in success

Client update | December 2019

December is here which marks the official start to summer, unfortunately we are already seeing the devastating impacts of the bushfire season. We would like to take this opportunity to express our heartfelt thanks to the firefighters, emergency services personnel and community members who have been working tirelessly to save lives and property.

Get some wins on the board with effective business reporting

Businesses often fall short of their goals because they don’t understand how to acquire and interpret data. Some cling to outdated reports that don’t reflect the contemporary market, some get bogged down in so much information that it becomes meaningless and others don’t report at all, preferring to rely on instinct.

How to ensure your company’s Christmas party is tax deductible

As the festive season approaches it’s time to start thinking about celebrations and spending time with friends and family. For most business owners, it also means it’s time to start thinking about saying thanks to your employees for another year of hard work.

Tips for landlords to avoid common tax errors

The Australian Taxation Office (ATO) has provided its top tips to assist rental property owners in avoiding the most common tax errors made by landlords. Regardless of whether you lodge your tax return yourself or use a tax agent, the ATO says following these tips to avoid common mistakes will save you on both time […]

Superannuation shortfall from annual leave loading confusion

The Australian Taxation Office (ATO) has historically held the view that annual leave loading was not earnings in respect of ordinary hours of work, or ordinary time earnings (OTE). This meant superannuation was not payable in respect of such earnings.

How does your business compare?

Small to medium businesses are being warned to check the Australian Taxation Office (ATO) business benchmarks when completing their tax or business activity statements. Whilst the benchmarks are there for a guide, those operating outside of the figures should have all records to validate their claims.