Build your financial security with OBT Financial Group – Lockyer Valley’s Business of the Year 2015 and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 30 years.
Farm accounting is more complex than other businesses when it comes to assets, liabilities, costs and revenue. But with a little thought and planning it’s possible to get into a routine of managing the finances for every aspect of your farm’s operation. Here are 10 points to bear in mind about farm accounting.
On-time BAS lodgement important more than ever
Read why, from 1 July 2019, if you don’t meet your PAYG withholding obligations for your workers, by not deducting tax from their payments and not reporting it to the ATO, you could lose your deduction.
Car, caravan and RV sharing
Tax and the enterprise of renting, hiring or sharing their car, caravan or RV sharing If you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform, you: must declare the income in your tax return may need to pay… Read More >>
Tips for keeping good records
Keeping good records critical to business success To help your small business keep good records and avoid mistakes, check out the ATO’s tips, tools and services. Record-keeping tips Keep all business records including income, expenses, bank and other goods and services tax (GST) records for… Read More >>
Making car claims this tax time
ATO driven to scrutinise car claims this tax time The Australian Taxation Office (ATO) has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said… Read More >>
How to use myDeductions on ATO’s App
Salary and wage earner tax tips ATO’s myDeductions makes it easier and more convenient to keep your tax deductions and income records all in one place. Individuals claiming general or employee work-related expenses can use the tool. Sole traders with simple affairs can also use it to… Read More >>
3 tips for getting through #EOFY with your head on
30 June deadline pressure getting to you already? EOFY can be stressful, especially if you fail to plan. There’s no need to panic if you get organised now. Online accounting software has revolutionised the way accountants and business owners communicate on the accounts and prepare… Read More >>
