Tag: small business

Allan Hall team

Allan Hall solidifies AFR Top 100 Accountants position

Posted on | by Allan Hall

In the 2024 Australian Financial Review’s Top 100 Accounting Firms list released last month, Allan Hall Business Advisors ranked impressively at #51.

This ranking places Allan Hall among the top mid-tier accounting firms in Australia, highlighting our role in the national accounting landscape.

A Top 100 ranking symbolises more than a number on a list; it encapsulates over six decades of steadfast commitment to excellence.

From our inception, Allan Hall has remained dedicated to providing superior accounting and business advisory services.

By continually adapting to the shifting financial landscape, our firm has ensured that clients consistently receive tailored solutions and real value.

At the heart of Allan Hall’s success is our team.

Comprised of seasoned professionals, our team brings extensive expertise and industry insights to every client interaction.

Commitment to staying ahead of market trends guarantees that our advice is both practical and innovative, reinforcing Allan Hall’s reputation as a trusted partner for businesses and individuals alike.

CONTACT ALLAN HALL BUSINESS ADVISORS

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CSIRO Kick-Start funding

Posted on | by Allan Hall

Matched funding for start-ups and small business to access CSIRO support

CSIRO Kick-Start provides matched funding for start-ups and small to medium enterprises to help access CSIRO’s research expertise and capabilities to help grow your business.

Overview

  • What do you get? Matched funding between $10,000 and $50,000
  • Who is this for? Start-ups and small to medium enterprises
  • Applications may be made at any time.

The CSIRO Kick-Start program provides matched funding to Australian start-ups and very small SME’s to utilise CSIRO expertise to undertake research activities that will enable your business to:

  • research a new idea with commercial potential
  • develop a novel or improved product or process
  • test a novel product or material

Funding may be used to cover the costs of undertaking the project, and may include:

  • salary and on-costs of researcher(s)
  • travel and accommodation (if required)
  • administrative/overhead costs
  • external facilities access/services/contractor costs.

Funding may not be used for capital works and expenditure or infrastructure costs.

Dollar-matched funding of between $10,000 and $50,000 is available. Eligible businesses are able to apply for a second Kick-Start project, after completion of their first, providing the total funding received does not exceed $50,000.

Check if you can apply

To be eligible, you must:

  • have an Australian company number (ACN)
  • be registered for goods and services tax (GST)
  • have your primary place of business within Australia
  • demonstrate the ability to dollar-match the funding
  • have an annual turnover of less than $10 million, in the current and each of the 2 previous financial years, or
  • have been a registered company for less than 3 years.

Eligibility criteria also apply to the proposed project. For more information and to submit an EOI, please get in touch with the CSIRO Kick-Start Program team.

CONTACT ALLAN HALL BUSINESS ADVISORS

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Businessman flying

Super clearing house end-of-year dates

Posted on | by Allan Hall

Please note the ATO’s annual office shutdown dates impacting the Small Business Superannuation Clearing House.

As the ATO approaches their annual office shutdown, these are the key dates to be aware of for the Small Business Superannuation Clearing House (SBSCH):

  • 5:30 pm AEDT on 10 December 2024 – all super payments with instructions received after close of business on this date will be processed from 2 January 2025
  • 28 January 2025 – super guarantee quarterly payments due.

The ATO and their contact centres will close at noon Tuesday 24 December 2024 and re-open at 8:00 am Thursday 2 January 2025, local time.

For the latest information about the SBSCH and ATO Online system maintenance schedule, please check SBSCH system status and system maintenance.

CONTACT ALLAN HALL BUSINESS ADVISORS

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super

ATO Recovers Unpaid Super as part of Employer Compliance

Posted on | by Allan Hall

ATO highlights of 2023–24 year

Highlights of super guarantee (SG) annual employer compliance results for 2023–24.

The ATO’s report underscores their commitment to collecting employees’ superannuation entitlements by ensuring employers meet their SG obligations. It also highlights the significant impact of compliance activities and employer engagement in recovering unpaid superannuation for employees.

Highlights of the 2023–24 financial year are:

  • Employers are paying more than 92.4% of the SG they are required to, without ATO intervention
  • A total of $1.91 billion in superannuation guarantee charge (SGC) liabilities was collected through ATO compliance, proactive reminders and prompts, and employer voluntary disclosures of unpaid SG, for over 1.13 million employees
  • $932 million was distributed to employee funds and individuals from liabilities raised for current and prior financial years, for 797,000 employees
  • Approximately 23,600 SG cases were finalised, resulting in $659 million SGC liabilities and $300 million in Part 7 penalties being raised
  • 167,000 employers received proactive ATO actions including reminders and prompts to check their obligations, raising $240 million in SGC liabilities:
    • 100,000 reminders to employers
    • 67,000 prompts to employers
  • Employers made voluntary disclosures of unpaid super, resulting in around $539 million in SGC liabilities being raised.

It is best to take swift action on an outstanding tax debt

For those unable to pay their full obligations, payment plans can be set up through the ATO’s online services. It is important to note that taxpayers with debts under $200,000 can request these arrangements online through their tax agent or independently.

In cases of genuine financial hardship, there are additional options available, including deferred payments and interest remissions. However, address any outstanding issues proactively to avoid further penalties.

The ATO has also begun a phone campaign to recover debts

Remain cautious and never disclose personal information, such as tax file numbers or credit card details, over the phone. Always request a call reference and independently contact the ATO using a publicly listed number for verification.

If you have any concerns regarding the legitimacy of ATO communications, contact Allan Hall Business Advisors. Our team is here to help you navigate these changes and ensure that your business remains compliant with the latest tax obligations.

For more information, or if you have concerns about unpaid tax, please contact Allan Hall Business Advisors.

CONTACT ALLAN HALL BUSINESS ADVISORS

Related reading

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common employment issues

Getting Ready for the Festive Season

Posted on | by Allan Hall

What Businesses Need to Know

As we quickly approach the end of year, it is important that Employers begin preparing for their end of year shutdown period.

Over recent years there have been a number of changes to employment legislation that apply during this period, and it is important that Employers are aware of these changes. 

1. Managing Employee Leave

If Employers are planning to shut down over the December/January period, managing Employee leave balances should be considered. As of 1 May 1 2023 both Award-covered and award-free Employees can be directed to take accrued annual leave during a ‘shut down’ period, such as between Christmas and New Year.

However, for any Employee who does not have accrued annual leave to cover the shut-down period, they cannot be directed to take unpaid leave.

An employer and employee can:

  • agree in writing for an employee to take a period of unpaid leave; or
  • come to an arrangement, agreed in writing, for an employee to take annual leave in advance, resulting in a negative annual leave balance.

If an employee does not agree to either of the above, they should either be paid their salary/wages based on their employment contract during the shut-down period, or alternatively, you could allow them to work during the shut-down period.

What can Employer’s do to avoid this? Employers should be conscious of whether or not to approve annual leave requests prior to the shutdown period, to ensure that there is a sufficient balance to cover the shutdown period. If required and agreed to, employees could take a period of unpaid leave throughout the year at their request.

2. Notice of Shut Down

In addition to the changes above, there are also updated rules in many Awards regarding the notice to Employees of an upcoming shut down. Employers must provide at least 28 days’ written notice of the temporary shutdown period to all impacted employees.

Employers should check the relevant Award and communicate the planned shut down in line with the Award guidelines. 

3. Working on Public Holidays

For Employers that continue to operate over the festive season, the Fair Work Act stipulates that Employers are obligated to ‘request’ Employees to work on a public holiday before requiring them to do so. Failure to adhere to this requirement could lead to unlawful work assignments and violation of the Fair Work Act.

For an Employee to work on a public holiday, one of these conditions must be met:

  • an Employer has requested the Employee to work the public holiday, and the Employee has agreed to work; or
  • the Employee’s refusal to work a public holiday is deemed unreasonable.

Employers shouldn’t rely solely on standard rostering practices for public holidays and the following actions are recommended: 

  1. Issue a ‘draft roster’ for periods including public holidays, or issue specific requests to team members to work on upcoming public holidays
  2. Provide an explanation as to why you believe the need for the team member to work on the public holiday is reasonable
  3. Provide Employees with the opportunity to agree to work or state their reasons for refusal
  4. Finalise the roster based on Employee responses and consider reasons for refusals
  5. Communicate with Employees if their reasons for refusal are considered unreasonable.

4. Penalty Rates

If Employees agree to working on public holidays, it is important for Employers to be aware of the penalty rates and entitlements that apply to them under the relevant Award. This may include:

  • Additional pay (different to their standard hourly rate)
  • An additional day off or additional annual leave
  • Minimum shift lengths on public holidays
  • Options for Employees to request to substitute a public holiday for another day.

Employers should review the relevant Award and ensure all entitlements and correct rates are paid to Employees. We also have included below the 2024 public holiday dates that apply in all states and territories:

  • Christmas Day – Wednesday 25th December
  • Boxing Day – Thursday 26th December
  • New Year’s Day – Wednesday 1st January

Need assistance

At Allan Hall HR, we have a team of experienced HR consultants. Please call us on 1300 916 764 or contact us here. to discuss any questions you may have regarding the shutdown period and managing your business during this period.

CONTACT ALLAN HALL HUMAN RESOURCES

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managing debt

Updated ATO approach to Unpaid Tax and Super obligations

Posted on | by Allan Hall

Revised approach targets businesses failing to respond to unpaid tax and Employer Superannuation obligations, plus Individuals with unpaid taxes.

Key points

  • Intensified focus on businesses that ignore unpaid tax and employer superannuation obligations
  • Stricter actions for businesses and individuals not responding to reminders, including SMS and letters
  • Prompt action urged to avoid penalties.

The ATO has emphasised that businesses and individuals failing to meet their tax obligations not only jeopardise their own financial health but also pose risks to other small businesses and employees.

As a result, the ATO is implementing a more targeted strategy aimed at businesses that refuse to respond or set up payment plans.

Key Changes to ATO Debt Collection

The ATO’s revised approach includes:

  • Director Penalty Notices (DPNs): Directors of businesses with outstanding Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, or superannuation guarantee charge (SGC) obligations who fail to engage will face quicker action, including the issuance of DPNs. Directors of multiple companies may receive DPNs that cover all related entities.
  • Garnishee Notices: The ATO may issue garnishee notices to financial institutions, employers or other businesses that hold funds for non-compliant companies or individuals.
  • Engaging External Debt Collection Agencies: From January 2024, the ATO has engaged Recoveries Corp to assist in the collection of overdue debts. Anyone who receives a call from debt collectors are urged to remain vigilant and verify the authenticity of the communication.

It is best to take swift action on an outstanding tax debt. For those unable to pay their full obligations, payment plans can be set up through the ATO’s online services. It is important to note that taxpayers with debts under $200,000 can request these arrangements online through their tax agent or independently.

In cases of genuine financial hardship, there are additional options available, including deferred payments and interest remissions. However, address any outstanding issues proactively to avoid further penalties.

The ATO has also begun a phone campaign to recover debts.

Remain cautious and never disclose personal information, such as tax file numbers or credit card details, over the phone. Always request a call reference and independently contact the ATO using a publicly listed number for verification.

If you have any concerns regarding the legitimacy of ATO communications, contact Allan Hall Business Advisors. Our team is here to help you navigate these changes and ensure that your business remains compliant with the latest tax obligations.

For more information, or if you have concerns about unpaid tax, please contact Allan Hall Business Advisors.

CONTACT ALLAN HALL BUSINESS ADVISORS

Further reading

  1. ATO changing approach to collecting unpaid tax and super »
  2. Find out what happens if you don’t pay your ATO debt »
  3. Director penalties »
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Happy friends enjoying on terrace. Smiling man and women are celebrating together during sunset. They are wearing casuals in party

What Business Owners need to know about FBT this Christmas

Posted on | by Allan Hall

Fringe Benefits Tax treatment of work Christmas parties and gifts

As the festive season draws near, you’re probably gearing up for year-end celebrations and thinking about Christmas gifts for your valued customers, clients and employees.

During this time, it’s important to consider the impact of Fringe Benefits Tax (FBT) on your generosity to avoid any unexpected tax consequences for your business.

Here are some guidelines to help you navigate FBT this Christmas:

Christmas Parties

If your business submits an FBT return and uses the 50/50 split method for entertainment, 50% of the cost of your Christmas party will be subject to FBT

If you don’t use the 50/50 method, your Christmas party costs can be exempt from FBT if one of the following applies:

  • The party is held on business premises on a working day and only current employees attend, OR
  • The party costs under $300 per person.

If your business provides entertainment to employees more than 10 times a year, your Christmas party may still be subject to FBT regardless of cost. Be sure to consult with your Allan Hall advisor.

Example

  1. A law firm hosts an employee-only Christmas party in the office garden on a Friday afternoon, with a marquee, live band, premium drinks, and a banquet prepared by a celebrity chef. The cost per person is $490, and this will be exempt from FBT.
  2. An electrical company holds its Christmas party at a local restaurant with food, drinks and entertainment. Ten employees and their partners are invited, totalling 20 people. The total cost is $5,000, or $250 per person, and this will also be exempt from FBT.

Customer Gifts

Gifts to customers are tax-deductible and not subject to FBT, as long as they are genuine gifts, such as Christmas hampers or a bottle of wine. However, if you take a customer out for drinks instead, the cost may be subject to FBT.

Staff Gifts

Gifting employees is a great way to show appreciation and is generally tax-deductible. However, be aware that gifts over $300 are subject to FBT.

Gifts under $300 may qualify for the minor benefits exemption from FBT. But if the gifts are recreational (such as tickets to a concert, cinema or sports event), neither an income tax deduction nor GST can be claimed.

Navigating FBT rules for Christmas parties and gifts can be tricky. Our team has extensive experience in FBT and is ready to help. For personalised advice, reach out to your Allan Hall Advisor before organising your holiday events and gifts for employees or customers.

NOTE: Different FBT rules apply to tax-exempt bodies and charities, so consult Allan Hall if this applies to your business.

CONTACT ALLAN HALL BUSINESS ADVISORS

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energy saving

Energy Savings Scheme NSW

Posted on | by Allan Hall

Upgrade your business equipment and system processes

Part of the Energy Security Safeguard

  • Access a range of energy savings for your business by upgrading existing appliances and equipment or purchasing new ones
  • Incentives are available through the NSW Government as part of the Energy Savings Scheme
  • Additional benefits are available through the Peak Demand Reduction Scheme (both schemes are part of the Energy Security Safeguard).

Upgrading equipment, appliances and system processes can help your business become more energy efficient, cut electricity and gas use and lower the cost of your bills. Doing so will also improve the affordability, reliability, accessibility and sustainability of the energy system in NSW.  

How the upgrades work

The upgrades are provided by approved suppliers throughout NSW. These are also known as Accredited Certificate Providers (ACP). 

You can request quotes from a number of suppliers to ensure you are getting the best deal. 

When you contact an approved supplier, they will confirm whether they operate in your location. Suppliers listed in a region may not serve the whole region. 

You must engage a supplier before any work begins. You cannot be reimbursed for works that have already started or are already completed.

Your chosen supplier will assess whether you are eligible to receive the incentive through the scheme. 

There may be a co-payment depending on the equipment upgrade and model chosen. 

You can either:

  • work with tradespeople proposed by the approved supplier.
  • work with your own preferred tradespeople that are subcontracted by an approved supplier.

The old equipment will need to be disposed and recycled by the electrician or plumber. This is to ensure that old, inefficient equipment is not used anywhere else. 

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What to expect

All suppliers are expected to follow certain standards, including:

  • identifying themselves to you 
  • explaining the process to you including any forms or requirements
  • providing details of the new appliance or equipment
  • demonstrating how to use the new appliance or equipment
  • providing assistance for a set period of time after the installation
  • removing any old equipment which is being replaced.

Like with any work undertaken by a contractor at your business, you should consider a number of factors before deciding who to work with.

Make sure you:

  • check the installer’s credentials, including their trade licence
  • confirm which supplier they are working with/subcontracted by
  • check the equipment upgrade they wish to install will meet your needs
  • understand your commitments for the upgrade
  • check any paperwork that needs to be completed, or ask for assistance if you are unsure
  • understand that the replaced equipment must be disposed of appropriately. This will usually be done by the installer or supplier. 

CONTACT ALLAN HALL BUSINESS ADVISORS

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Superannuation Boost for Paid Parental Leave

Posted on | by Allan Hall

A Step Toward Gender Equity in Retirement Savings 

The Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024 marks a pivotal step in addressing the gender gap in retirement savings.  

Economists, industry advocates and employers have welcomed this reform, praising it as a long-overdue measure to improve women’s financial security and help close the gender gap in retirement savings.

By ensuring that Paid Parental Leave includes super contributions, the Bill acknowledges the reality that caregiving responsibilities should not come at the cost of a secure retirement. 

Employers please note: 

  • The new Bill takes effect from 1 July 2025 
  • Amendment provides eligible parents with an additional 12% of their Paid Parental Leave as a super contribution 
  • This contribution will be in line with the SG rate and will increase over time with any future adjustments to the legislated rate. 

Introduced as part of the Government’s broader reforms, this Bill extends superannuation contributions to Paid Parental Leave, providing financial support for families and working parents, particularly women. 

The new Bill, which takes effect on 1 July 2025, directly addresses this gap by providing eligible parents with an additional 12% of their Paid Parental Leave as a super contribution. This contribution will be in line with the Superannuation Guarantee (SG) rate and will increase over time with any future adjustments to the legislated rate. For many families, this change could amount to a super contribution of up to $3,150, a significant boost that will grow as the Paid Parental Leave scheme reaches 26 weeks by 2026. 

This amendment builds on previous government efforts to strengthen the superannuation system, ensuring that more Australians, particularly women, can look forward to a dignified retirement. Alongside reforms to improve the flexibility, duration and income thresholds for Paid Parental Leave, this change underscores the importance of supporting working families both at the time of birth and in the long term. 

As this Bill takes effect, it represents a significant investment in the future of working women, ensuring that their contributions—both in the workplace and at home—are recognised and valued, setting a new standard for financial equity in Australia. 

CONTACT ALLAN HALL BUSINESS ADVISORS

Background

For decades, women — who make up the majority of primary caregivers — have faced financial setbacks after becoming parents. Research shows that, on average, women experience a 55% reduction in earnings during the first five years of parenthood, a loss that compounds over time. This drop in income, coupled with the compounding effects of superannuation contributions based on lower wages, has left women retiring with around 25% less super than men.

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