Plan. Control. Grow.
At Helm Accounting, we specialize in helping people who make things. If you own a business in building and construction, engineering, or a specialist trade then we want to meet you.
We will help you plan your business and control your money so your business can grow. We want you to succeed.
We are committed to giving our clients the best solutions and advice. We are great at accounting and tax but that is just the tip of the iceberg. We keep the big picture in mind, looking at where you are now and providing you with the focus and planning to get where you want.
Whether you are just looking for help to survive the tax office requirements or you want to take your business to the next level, we are the people you need to see.
The latest from the Helm Accounting Blog
The employer obligations area of the ATO is collecting information about payments made to contractors for the 2009–10 to the 2011–12 income years. Data will also be collected from businesses being audited in 2012–13 period as well.
Records relating to approximately 75,000 individuals and entities who have received contract payments from employers or businesses will be electronically matched with certain sections of ATO data holdings to identify non-compliance with lodgement and reporting obligations under taxation law.
Called the Contractor Payments Data Matching Program, it will enable the ATO to:
- identify and address the compliance behaviour of contractors who may not be correctly meeting their taxation obligations
- be more strategic in its approach to determine appropriate educational and compliance strategies to encourage voluntary compliance for contractors.
This program also allows the Registrar to verify the integrity of the information held on the Australian Business Register.
The tax free threshold is the amount of income you can earn each year before paying any tax.
From 1 July 2012 there has been an increase in the tax-free threshold from $6,000 to $18,200.
What this means is, if you are an Australian resident for tax purposes, the first $18,200 of your yearly income is not taxed.
The Australian Tax Office has released new regulations that require businesses in the building and construction industry to report annually on payments they make to contractors.
Essentially, they are putting the ownership on you to collect more information about payments contractors receive to allow data cross matching for reviews and audits.
We are especially concerned for businesses with a large number of contractors – now you have a lot of extra people to monitor on the Tax Office’s behalf. The Tax Office is counting on these new regulations to bring contractors who have not been reporting their income correctly (if at all) into the tax system.
What this means for you is that you need to be absolutely certain that your contractors are compliant – and also be aware that in some cases the Tax Office could in fact deem some contractors to be employees. A major headache for you! Read More