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Understanding the New Client Linking Process by the ATO

The Australian Taxation Office (ATO) has introduced a new client-to-agent linking process to enhance security and ensure that only authorised agents can access your business information. This new process is mandatory for all businesses with an Australian Business...

Five Essential Rules for Record Keeping

Important tips on record keeping that can help you stay organised and compliant with the Australian Taxation Office (ATO). Here are the five golden rules: Keep All Records: Make sure to keep every document related to your business transactions. This includes receipts,...

Protect Your Business: Tips to Spot a Scam

In today’s digital age, scams are becoming increasingly sophisticated, targeting business owners through emails, text messages, and phone calls. At Welsh Tax, we want to help you stay vigilant and protect your business from falling victim to these scams. Here are some...

Recent Changes to Superannuation on Parental Leave Pay

Recent Legislative Changes to Superannuation on Parental Leave Pay Introduction In a significant move towards gender equality and financial security for parents, the Australian government has recently passed legislation to include superannuation payments on...

Are you selling a property?

What is a non-resident withholding credits clearance certificate? A Non-Resident Withholding Credits Clearance Certificate is a document issued by the Australian Taxation Office (ATO) that can be used by Australian residents selling their property to notify the buyer...

Understanding the New Payday Superannuation

Understanding the New Payday Superannuation: What You Need to Know Important news that will impact how you manage your finances starting July 2026. The Australian government is set to launch a new initiative called "Payday Superannuation," aimed at making super...

REMINDER – DUE DATES

REMINDER – DUE DATES 14 June Submit and approve Auto Super batches by 14 June to ensure that they are cleared funds in superannuation accounts by 30 June. To be deductible in the 2024 tax year the funds must cleared in Super accounts by 30 June. Due to the volume of...

Top 3 Australian Taxation Office critical focus areas for 2024

Navigating Tax Time 2024: ATO's Priority Areas As we prepare for Tax Time 2024, it's essential to be aware of the Australian Taxation Office's (ATO) top priority areas. The ATO has identified three critical focus areas that will greatly influence the review and...

Tracking cash flow is important.

It's critical to regularly monitor your company's cash flow and performance. Tracking your business’ performance can also benefit you by: Recognising when you are straying off course so you act early. Maintaining profitability and positive cash flow. Assisting timely...

Have you just got married or changed your name?

Did you know that you must also update your name with the Australian Taxation Office. There are few different ways that this can be done. The quickest and easiest way is by logging into your myGov account. Before logging in, make sure you have an Australian...

Data Protection – The rise of the compromised.

Over my years as an accountant in public practice I have heard of cases of fraud with the ATO but never actually seen any first hand. That all changed in the last couple of month. I will detail the 2 situations below but for privacy have left out names and details. A...

Agent to Client Linking

Effective from November 2023, the ATO implemented necessary measures to enhance the security, protect clients against fraud and identity theft, and better manage agent access to tax and super. You must nominate your agent. We can’t do this process for you, but we can...

Small Business Technology Investment Boost

The Small Business Technology Investment Boost is a tax incentive program that provides small businesses with an aggregated annual turnover of less than $50 million and an additional 20% tax deduction to support their digital operations and digitize their operations....

Christmas Closure – Happy New Year from the Welsh Tax Team

My 2023 Tax Refund is lower?

With recent interest rate rises and the cost of living on the increase we are witnessing the effect it is having on taxpayers. In our experience many taxpayers rely on tax refunds as forced savings to assist with covering the cost of living. Unfortunately, a blow to...

Have you got a MyGov Account? Follow these steps to apply for one.

To set up a MyGov account, you can follow these general steps: Visit the official MyGov website https://my.gov.au/en/create-account/. MyGov is a platform used by several countries, so make sure you're on the correct website for your country. Look for the "Sign Up" or...

Tips to minimise your personal Tax or Minimise your Business Profit

Tips to minimise your Personal Tax Now's the time to review what strategies you can use to minimise your tax before 30 June 2023. Imagine what you could do with tax saved? You could: Reduce your home loan. Top up your super. Save for a holiday. Deposit for an...

Welsh Tax – Key Dates for June & July 2023

14 June: Submit and approve Auto Super batches by 14 June to ensure that they are cleared funds in superannuation accounts by 30 June. To be deductible in the 2023 tax year the funds must cleared in Super accounts by 30 June. Due to the volume of super contributions...

Changes to working from home deductions

The Australian Taxation Office has changed one method for claiming working-from-home deductions for the 2023 income year. From 1st July 2022 to 28 July 2022, the ATO will accept a representative 4-week diary of your hours. From 1st March 2023, a record of all hours...

Superannuation Guarantee – do you know when it’s due?

If you are a monthly superannuation payer you must pay your super guarantee by the 28th day of the following month. To ensure that super is paid by the due date we would suggest making payments no later than 21st Month that it is due. Jan 28th for December Super Feb...

Tips to tighten that belt

With interest rates and cost of living increases we should all be thinking about what we can do right now to tighten our financial belts. Here are a few tips to consider: Have your loans/ credit cards/ credit accounts reviewed by a Finance broker and see if...

Invoices Explained?

An invoice is a document that is time/date and itemises and records a transaction between a buyer and a seller. If goods or services were purchased on credit, the invoice usually specifies the terms of the transaction as well as information on the payment methods....

Scams – Keep an eye out!

Personally, I find it perplexing that these con artists don't have respectable employment and make a living that way. For computer users and businesses, they are a constant source of frustration and wasted expense. We are all aware that their objective is to steal our...

Refinancing? Where to start?

With interest rates on the rise many people & businesses are looking to refinance. When you start the process be prepared and it should be smoother and less stressful. We are always here if you need help. Some of the documents you should collate (if applicable)...

Queensland Mental Health Levy – Introduced 1 January 2023

The Queensland Government has implemented a new levy which will be used to fund mental health services to support Queenslanders. The mental health levy will be applied to some Queensland companies who pay more than $10 million in annual Australian taxable wages, and...

ATO Emails – Check first before opening

There are some very real looking ATO emails circulating, the below email was received by Kerri recently. TIP - Always check the source email address, don’t click on links or provide your bank details if you aren’t sure.You can review your ATO account status via your...

Christmas Giving – Staff Rewards

'Tis the season of gifts & parties But did you know that not all gifts & parties are equal when it comes to Taxes & GST? If you are considering giving Christmas gifts or having a Christmas party, there are several things to consider. If you are considering...

Estate Planning

Estate Planning is undertaken prior to ones passing and when it is done well can save thousands of dollars. At Welsh Tax we can assist you in reviewing your whole asset picture and investigate tax strategies that can legitimately preserve & protect your family...

Tax Deductions

Many Australians attempt to claim donations at year end, however, not all are tax deductible. The ATO is warning people not to double-dip in their deductions this year or run the risk of being audited. A non-deductible donation is generally treated as a private...

ATO Payment Plan – Does your business need one?

The Australian Taxation Office is becoming more proactive chasing tax debts. With the recent federal election, supply chain disruptions, soaring costs in fuel and now an interest rate rise it is vital for taxpayers to get their tax debts under control. We have...

We have established a group of trusted referrers that are ready and waiting to provide Welsh Tax clients with any additional assistance that you may require that is outside our service offerings. In our selected base of referral advisors there are no hidden kickbacks or referral fees, this service has been setup to provide best service for our valued clients with tried and trusted advisors. We are passionate about working with our clients to help them reach their financial potential through sound advice, education, statutory compliance and financial management. We want to see our clients thrive and make the most of their opportunities whilst growing their financial legacy.

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