Blog
Reminder the ATO is back to Business-as-usual debt collection.
ATO reminds Business to pay before they disclose their debts.
(Announcement 6 October 2023).
The Australian Taxation Office (ATO) is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies.
As the ATO shifts back to business-as-usual debt collection, as of July 2023 it has issued Notices of intent to disclose business tax debts to more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days.
ATO Assistant Commissioner Jillian Kitto said paying or engaging with the ATO is the only way to stop a business’s tax debt becoming visible in credit rating checks. ‘We want to work with businesses to help them get on top of their debts. Anyone with a debt is encouraged to reach out to us as soon as possible,’ Ms Kitto said.
Need help or advice.
Be proactive contact Blackburn Accounting for your Business accounting matters and Cashflow Management guidance.
Are you feeling foggy headed, not from Christmas cheer overindulgence but from debt acquired during your Christmas shopping frenzy.
Santa has left, the decorations are down, and the Christmas tree is carefully stored away but the debt isn’t. Debt, it’s hanging about giving you a horrific headache.
You are beginning to feel the strain and struggle of financial stress and understanding the bleak impact it is having on your life. It's daunting!
What to do! Who to turn to?
Keep reading
We have compiled our 8 Best Tips to help cure your financial woes.
The headlines said it all! Did you see them?
Stories of workplace ‘toxic’ culture. Organisations with a noxious environment that had undermined workplace relations causing disruption and pain for many. These workplaces are characterised by bullying, harassment or exclusion that results in absenteeism, low productivity and more recently resenteeism. But there are solutions to remedy such situations.
Culture has been described as ‘the way of life for an entire society, including codes of manners, dress, language, religion and rituals and art’. Elements include values and beliefs and norms and symbols’. At times these are in sync and harmony but at other times there may be challenges and conflict to the status quo. This can be due to a breakdown in Management employee relationships.
When we consider an Organization you will see similarities.
Company culture is the underlying 'way we do things' attitude that becomes ingrained in behaviours. Importantly Management, Leaders need to create a positive work-life culture so that everyone enjoys the benefits of productive, long-lasting results.
Now ask yourself what is my Business culture, importantly is it healthy reflecting the Company vision and mission. Great, if you said yes but what if you answered no!
The answer lies in changing culture. This need for a shift in culture can arise for a number of reasons. For example, if your Business has low productivity, high staff turnover and many complaints from customers and employees, consider the need to change your workplace culture. It's about bringing in change for the better.
To successfully transform a work culture is a complex and challenging undertaking but the end result can be worth the effort. It takes commitment, careful planning and development of strategies. Strategies that need to be implemented and adopted by all to achieve the desired outcomes.
Here is our 10 Step Guide to Changing Workplace Culture:
- It starts at the top with Executive, leading by example. Set the standards.
Have you given up on the notion of New Year's Resolutions, they don’t work or even thinking about it, it's all too hard!
Or are you one of the many who believe in the power of making a fresh start?
The savvy are already making plans for their New Year New Beginnings with aspirations expressing hopes and promises to make changes for a better you and a better year.
If you want tot get onboard there are simple steps you can take and strategies you can adopt to achieve the outcomes you want!
Read on for our 7 Top Tips
So what's it all about!
Described by Wiki as ‘A New Year's resolution is a tradition, most common in the Western World but also found in the Eastern World, in which a person resolves to continue good practices, change an undesired trait or behaviour, accomplish a personal goal, or otherwise improve their behaviour at the beginning of a calendar year.’
With that in mind are you feeling a little sheepish about last year's declarations, those profound proposed changes that didn’t come to fruition? The ever popular lose weight, exercise more and be a better me! But I won't be dismissive as some readers will have accomplished such goals and more.
New Year, New Beginnings, let's take a different approach to this subject.
Consider, Making a fresh start! Making this your best year ever!
Worth thinking about.
Consider splitting contributions with your spouse if:
- your family has one main income earner with a substantially higher balance or
- if there is an age difference where you can get funds into pension phase earlier or
- if you can improve your eligibility for concession cards or age pension by retaining funds in superannuation in the younger spouse’s name.
- remember any spouse contribution is counted towards your spouse's Non-Concession Contribution cap.
Want to know more, have questions!
Contact us, Blackburn Accounting, we are available and ready to help you with all your taxation and accounting needs.