We hope you survived the end of the financial year craziness. There’s a lot of information to process about what the end of financial year means for you, and also some changes for the new financial year to put into place. If you have any questions or have seen something in the news or on...
Media release from the ATO, June 18 2019 The Australian Taxation Office (ATO) today reminded employers that any unreported ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (PAYG) withholding...
Every year Kothes hosts a Biggest Morning tea to raise money for the Cancer Council Australia and this year Kothes Bega office raised $279. It’s always a great spread and for such a great cause. A crowd favourite was the scones with jam and cream. Kothes would like to extend a big thank you to...
At Kothes we love cloud accounting. These are some of the reasons why. Document management: You can submit invoices and receipts on the go, as soon as you receive it. Expense tracking: Your accountant will have real-time data from your business, allowing you to claim expenses more accurately and reimburse on time. Mobile business data:...
And just like that, it is almost the end of the financial year! It’s a busy time for many people and there’s a lot of information to process about what the end of financial year means for you. If you have any questions or have seen something in the news or on social media that...
The way employers report tax and super information to the Australian Tax Office is changing. This reporting change is called Single Touch Payroll (STP). Employers have different start dates depending on a few things such as the number of employees they have and the systems they use to run their payroll. Not all employers have...
Each semester the UOW: University of Wollongong, Australia Bega Campus gives recognition to some of its highest achieving students. Kothes Accounting Group is lucky enough to sponsor awards for the highest achievers in the University’s accounting fields, and Kothes Principal Gary Skelton had the honour of awarding two prizes – both to our very own...
And just like that, it is May! Tax and finance have dominated the news with the handing down of the 2019-20 Federal Budget, but with a Federal Election called for Saturday May 18, any measures not yet passed will need to be reintroduced in new Bills after the election if they are to become law....
The instant asset write-off threshold has increased to $30,000, and has been extended to 30 June 2020. The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or...
ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks...