#Hornsby Accountant#Hornsby Tax#Hornby Business

NFP self-review return deadline extension

If you run a not-for-profit (NFP) organisation and didn’t lodge your NFP self-review return by the due date of 31 October 2024 – don’t worry; you still have time.

 The Australian Taxation Office (ATO) has extended the deadline to 31 March 2025.

 Each year, non-charitable NFP organisations with an active Australian business number (ABN) must lodge an NFP self-review return to confirm their eligibility for income tax exemption.

 The return consists of the following three sections that take approximately 10 minutes to complete.

SMEs need more support to overcome challenges

Australian SMEs are being weighed down by persistent and emerging challenges, with red tape, hiring and training staff, and cyber security threats topping the list, according to a new NAB report.

 Other struggles include accessing capital, absorbing supply chain shocks, and adopting digital technologies.

 NAB Group CEO Andrew Irvine says these are not new challenges to Australian SMEs, but that new thinking is needed to address them.

Small businesses surviving economic headwinds

Australian small businesses are persevering amid challenging macroeconomic conditions and still outperforming those in other countries, according to the latest Xero Small Business Insights.

 Sales rose just 3.7% in the 12 months to September, highlighting the challenging environment small businesses are operating in. Yet, although this growth rate is only about half of the long-term average, it is higher than the United States, New Zealand and Canada, all of which recorded negative sales growth in the September quarter.

Cryptocurrency owners could face dire tax consequences

More than 330,000 cryptocurrency owners are unlikely to have budgeted for their required tax payments and could find themselves in a tight financial spot if the taxman comes knocking.

 A recent study by the University of Queensland found that more than one million Australians owned cryptocurrency, yet only 66% knew they needed to pay tax if they sold their coins for a profit.

Falling inflation is good news for small businesses

The Australian Chamber of Commerce and Industry (ACCI) has welcomed the September quarter inflation figures describing them as “encouraging” for small businesses.

 The Consumer Price Index rose 0.2% in the quarter and 2.8% annually, down from 3.8% year-on-year in the June quarter, according to the latest data from the Australian Bureau of Statistics (ABS).

 ACCI chief executive officer Andrew McKellar says inflation needs to reduce to take pressure off interest rates, giving business much-needed relief.

Tax implications for overseas employees

If your business has hired Australian employees to work overseas, you continue to have tax compliance obligations.

 An employer’s tax and super obligations generally remain unchanged with these circumstances, although some exceptions do apply.

 Key factors to consider are:

 * Meeting fringe benefits tax obligations for any benefits you provide

* Understanding if your employee is exempt from paying tax in Australia