Business Owners – Are you paying the Superannuation Guarantee to your Contractors?

If you are an Australian business owner and you are trying to work out if you must pay superannuation guarantee (SG) contributions to independent contractors, then firstly you need to know their status under the Superannuation Guarantee (Administration) Act 1992.

It is important to know that having contractors with an ABN who issue your company with invoices does not automatically remove your SG obligation. If a contractor is not an employee of your organisation, then you will need to consider if they are deemed to have ‘common law employee’ status for the purpose of paying SG contributions.

SG contributions are generally payable to a contractor who:

• Has an ABN and issues an invoice for work performed
• Performs work personally and does not or cannot delegate their work
• Is engaged wholly or principally for their personal labour and skill (and only partially or not at all for equipment and materials), their labour and skill making up more than 50% of their contract or invoice value
• Is engaged to work on an hourly basis (time) and not for achieving a specific outcome, result or project (product)

SG contributions are generally not payable to a contractor who:

• Is paid to achieve a result (product), not just provide labour (time)
• Does not work as an individual but rather is a company, trust, or partnership
• Delegates the work to others

If a contractor is running their own business, supplying their own staff, tools, materials and bearing business risks, the obligation to pay SG may not apply.

However, business owners who get it wrong and fail to pay SG are at risk of:

• Being corporately liable for the Superannuation Guarantee Charge (SGC), plus interest and administration fees
• Incurring Australian Taxation Office (ATO) penalties, such as fines, for non-compliance
• Being personally liable as Director/s of your company for any unpaid SG

To get it right as a business owner, you will need to:

• Review your contractor arrangements and assess whether SG applies
• Ensure SG contributions are processed timely – schedules and deadlines are adhered to – and reported accurately – keep records for ATO compliance (through SuperStream)
• Work closely with your bookkeeper or accountant to mitigate the risk of SGC and ATO penalties for unnecessary non-compliance

Next Steps

Keep your business running smoothly and reach out to YML Business Services TODAY for our bookkeeping services. We help you stay on top of the rules surrounding Superannuation Guarantee (SG) and independent contractors. Our bookkeeping team is here to support you with accurate and timely management of your SG payments.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with your SG obligations. For more information, view our website and contact us on (02) 8383 4455 or by using our Contact Us page on our website.

NEW Work Test for Retirees – What it means for you

Australia’s ‘work test’ must be met by Australians who have reached 67 years of age and want to make voluntary superannuation contributions for which they will claim a tax deduction.

A new rule states that the ‘work test’ no longer must be met by anyone under 75 who wishes to make voluntary contributions to their superannuation accounts, unless they want to claim a tax deduction.

What is the Work Test?

The ‘work test’ requires that anyone aged 67 to 74 years of age must work at least 40 hours within 30 consecutive days in a financial year to be eligible to make voluntary superannuation contributions, such contributions payable at any time within the same financial year as the work is completed.

This ‘work test’ was removed for non-concessional (after tax), salary sacrifice and voluntary employer contributions for people aged 67 to 74 years of age. However, the ‘work test’ remains if you want to claim a tax deduction for personal deductible contributions.

Being ‘gainfully employed’ forms part of the criteria to meet the ‘work test’. Gainful employment means receiving gain or reward and may include remuneration such as salary, wages, directors’ fees, business income, bonuses, commissions, fees or gratuities which have been obtained in return for personal exertion.

Unpaid work does not qualify as being ‘gainfully employed’.

The term ‘gainfully employed’ once unfairly excluded company directors and officeholders in non-traditional employment roles, but a new tax law draft restores eligibility meaning that directors and officeholders may claim a tax deduction on voluntary superannuation contributions if they meet the 40-hour ‘work test’ (or exemption – see Note). This draft change is already in effect.

Any director of a company (including non-executive directors who do not engage in the day-to-day management of an organisation) is specifically included as an employee for Superannuation Industry (Supervision) Act 1993 (‘SIS Act’) purposes, provided that a director is entitled to payment for their work as a company director.

Work may be undertaken offshore, although residency matters may arise.

Note: There is a ‘work test’ exemption, applicable only once per individual and then may not be used again. It is applied for those people recently retired with superannuation total balances at the previous 30 June of under $300,000.

How can YML help?

Talk to our YML Super Solutions Team today to see how YML Group can assist you with your SMSF. For more information, view our website and contact us on (02) 8383 4444 or by using our Contact Us page on our website.

What you MUST know about selling your Main Residence

What you need to know about Capital Gains Tax (CGT) when selling your Home

Capital Gains Tax (CGT) implications when selling your home (‘main residence’) must be addressed because unless you qualify for the main residence exemption, CGT may be triggered. CGT applies when you sell an asset for more than you paid for it. Any gain is added to your assessable income and taxed at your marginal rate.

The full main residence exemption, however, allows you to disregard any capital gain (or loss) when selling your home if the following criteria apply:

• You are a resident of Australia
• You lived in the property for the entire ownership period
• The property was not used to produce income (via rental or running a business)
• The land itself is less than two (2) hectares

If you sell vacant land, intending to build on it but not yet having done so, the main residence exemption generally is not available.

Partial CGT Exemption if you rented out your Home before selling

If you rented out your home, the Australian Taxation Office (ATO) allows you to treat the property as your main residence for up to six (6) years whilst it is rented out, so long as you have not nominated another property as your main residence during this time.

Renting out your home means full CGT exemption will not apply. You will need to apportion any capital gain and may be eligible for a partial CGT exemption.

Main Residence Exemption if you leave your Home vacant before selling

Leaving your home vacant, so long as you have not nominated another property as your main residence, allows you to treat the property as your main residence indefinitely, thus qualifying for the main residence exemption, assuming all relevant criteria are met.

Can I claim the Main Residence Exemption if I’m residing overseas at the time of selling?

If you are a foreign resident for taxation purposes at the time of sale of your home, generally, you may not claim the main residence exemption, even it the property was your home when you were living in Australia prior to living overseas.

If you have been a foreign resident for a continuous six (6) years or less during your Australian property ownership period, and one of certain qualifying life events has occurred (such as, for example, a terminal illness or a death in your immediate family, or a formally-agreed relationship termination), then you may satisfy the life event test which may result in your qualifying for the main residence exemption.

Note, foreign residents are subject to Foreign Resident Capital Gains Withholding (FRCGW), a 15% withholding tax on the sale price of their Australian property, adjusted accordingly when you have lodged your annual tax return.

The ‘Interest-deductibility Test’ and how it affects the Main Residence Exemption

If any part of your home is or was used to produce an income (via rental or running a business) and you would therefore be eligible to deduct interest on your home loan, then you may not qualify for the full main residence exemption.

The part of your home used exclusively to produce an income may allow you to claim a proportionate interest deduction.

However, if the home loan used to purchase the property is not solely in the owner’s name, interest deductibility may be denied unless you, the owner, can prove that you are legally responsible for the home loan, and the property or part thereof was used to produce an income (via rental or running a business).

What do I need to report to the ATO in my annual Tax Return?

Whether you expect a full or partial main residence exemption, you have reporting obligations, including:

• Electing eligibility for full or partial main residence exemption, if applicable
• Declaring any rental income earned from renting out part or all the property
• Claiming an interest deduction on the portion of the property used to generate an income
• Using your records to declare purchase price, move in and out dates, rental and business use (income-generation) periods, and accurate proportions of relevant interest and associated expense deduction claims
• Declaring whether you were an Australian or a foreign resident at the date of sale
• Claiming satisfaction of any life event test (if you were a foreign resident)
• Selecting the correct exemption code: “I: Main residence exemption (Subdivision 118-B)”
• Using “Property transfer” data already available to support CGT reporting

Next Steps

Contact YML Chartered Accountants for tailored advice about selling your home (‘main residence’), especially if selling your home involves rental periods, foreign residency, or shared ownership.

How can YML help?

Talk to our YML Chartered Accountants today to see how YML Group can assist you with your CGT obligations. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

YML Doubles Down on AI: Investing in the Future of Intelligent Innovation

YML is proud to announce its strategic investment and commitment to expanding its Artificial Intelligence (AI) capabilities through the launch of a dedicated AI division. This bold move responds to the accelerated growth of AI technology and focuses on rapid development cycles to deliver practical, high-impact solutions to everyday business challenges.

Building on our proven success in Robotic Process Automation (RPA), this new chapter marks a significant step forward in our mission to provide intelligent, transformative solutions for clients across industries.

A Natural Evolution from RPA to AI

YML’s success in RPA has already shown our ability to streamline repetitive processes, improve productivity, and reduce operational costs. Now, YML AI will take this further — applying breakthroughs in generative AI, natural language processing, and data analytics to solve more complex and dynamic problems.

This evolution allows us to offer a complete spectrum of intelligent automation, from process optimisation to predictive decision-making.

Leadership Driving Innovation

To lead this initiative, we are excited to welcome Avi Sharabi, a senior technology executive with over three decades of experience in cutting-edge technologies. Avi has established and led the Deloitte Sydney Analytics, and later on led the KPMG Sydney data team in his 12 year tenure as a Senior Partner. During these times and afterwards, Avi drove innovation in both corporate as well as startup environment. in his role as a Lead Partner for over 12 years. innovation at both corporate and startup levels.

His AI journey dates back to 1995, when fresh out of Uni, he developed a Machine Learning (ML) solution enabling GE Nuclear Energy to address a heating reactor challenge. Today, at YML AI , Avi is building and leading a team of AI professionals dedicated to delivering measurable results for our clients.

Solving Real Problems, Fast

At the core of YML AI is rapid prototyping — creating and testing solutions quickly so clients can see value early in the process. Based on our experience and initial conversations with business leaders we are prioritising high-return applications of AI in areas such as:

• Document Intelligence – Extracting and organizing information to reduce manual processing
• Agentic Workflows – Building intelligent assistants that identify bottlenecks, automate decisions, and handle complex processes within your existing work environments (e.g. MS Outlook).
• Data Analysis & Insights – Finding patterns and generating actionable insights from complex information resulting increased profitability, expansion of market footprint, maximising available resources
• Customer service support – analysing omni channel (email, phone, chat, etc.) interactions with customers, defining best resolution approach, measuring (customer success), and evolving service

Investing in the Future

To ensure the success of YML AI, we made significant investments in:

• Talent – Building a team of experienced data scientists, AI engineers, and domain experts.
• Technology – Partnering with leading providers to leverage industry leading AI technologies.
• Speed & Scalability – Developing reusable AI artefacts to accelerate delivery

Your Challenges, Our Next Breakthrough

Our AI vision is fuelled by real-world challenges. We invite our clients and partners to share with us the challenges they face - whether in accounting, logistics, marketing, sales, or beyond. Jointly, we can design solutions that deliver immediate value and long-term growth.

How can YML help?

For more information, please contact:

Avi Sharabi
CEO - YML AI
M: 0410 348 297 
E: Avi.Sharabi@ymlgroup.com.au 
W: www.ymlgroup.com.au

Proposed New Taxation Rule – Division 296 – to affect Individuals with over $3 million in Superannuation

What is Division 296?

Yet to be introduced as law into the Income Tax Assessment Act 1997 (Cth), Division 296 is a proposed taxation rule imposing an additional 15% tax on specified earnings of an individual’s Total Superannuation Balance (TSB). The proposed Bill will affect those superannuation members with a TSB of more than $3 million, generally, but not limited to, affecting high net-worth individuals in Australia.

From 1 July 2025, fund earnings on the portion of TSB above $3 million will be taxed under Division 296. As Division 296 is in addition to the current 15% concessional tax rate on fund earnings, fund earnings in excess (on the portion above $3 million TSB) may effectively incur a 30% total tax rate.

The Australian government’s aims of this proposed taxation rule are equity, as large superannuation balances currently receive generous taxation concessions, and revenue. It is expected that fewer than 0.5% of Australians are likely to be impacted, but will you be one of those affected?

Will Division 296 affect you and, if so, when?

Firstly, determine what your Total Superannuation Balance (TSB) will be at the end of the year ending 30 June 2026 as this will decide if you are liable to have taxable fund earnings under proposed Division 296.

Those individuals with aggregate TSB across all their superannuation accounts above $3 million will be impacted. Note, individuals in defined benefit schemes, employer-sponsored pensions, will be allowed to defer Division 296 liability until retirement (interest applicable annually).

The ATO will assess your eligibility to pay Division 296 tax when you lodge your tax return for the financial year. If you are liable to pay, a notice will be issued by the ATO. You may be

able to pay with a release of money from your superannuation fund.

How Division 296 will be calculated?

If your aggregate TSB across all your superannuation accounts will be above $3 million on 30 June 2026, then you will have reached the proposed threshold for the application of Division 296.

Following is the formula for determining the amount of tax for which you could be liable:

Earnings on your TSB will be calculated as:

Earnings = (Closing Balance – Opening Balance) – Net Contributions (consider both Contributions and Withdrawals)

The proportion above the $3 million threshold will be calculated as:

Proportion = (Closing Balance - $3 million) / Closing Balance

And the taxable earnings will be calculated as:

Taxable Earnings = Earnings x Proportion

Finally, Tax will be calculated as:

Tax = 15% x Taxable Earnings

Note, losses may be carried forward to offset future Division 296 liabilities but may not be carried backward.

What to do NOW – NEXT STEPS

Many high net-worth individuals may want to consider planning strategies to reduce exposure to or mitigate the impact of Division 296, however consider deferring reactive restructuring at the risk of reducing long-term superannuation benefits.

Contact YML Chartered Accountants TODAY about strategic planning to manage projected balances of your superannuation accounts in anticipation of Division 296 being brought into law before financial year end 2026.

How can YML help?


Talk to our YML Super Solutions Team today to see how YML Group can assist you with your SMSF. For more information, view our website and contact us on (02) 8383 4444 or by using our Contact Us page on our website.

Business Insurance: What You May Be Overlooking

Here are five types of business insurance worth having on your radar, that could provide more comprehensive cover:

      1. Cyber Liability Insurance

Cyber-attacks aren’t just a big business problem. In fact, small and medium-sized businesses are being hit the hardest. According to the Australian Signals Directorate, over 87,000 cybercrime reports were made in 2024, with small businesses making up a large portion of the victims. The average cost of a single cyber incident for a small business? More than $49,000.

Whether you’re storing customer information on a laptop or in the cloud, using an EFTPOS machine to collect payments, sending emails to vendors, or simply updating your website, you could be vulnerable to a cyber-attack. Cyber Liability insurance can cover the cost of responding to a data breach, recovering compromised systems, and notifying affected customers. It also helps with crisis management and legal expenses if client data is exposed or stolen.

      2. IT Liability insurance

Tech professionals operate in high-stakes environments. One coding error, outage, or lost file can lead to serious consequences for your clients, and potentially legal action for you.

IT Liability insurance is designed with Information Technology professionals in mind. It combines the protection of Professional Indemnity insurance and Public Liability insurance to provide cover if something were to go wrong with the IT advice, services or even products you provide to your clients.

      3. Management Liability insurance

Being at the helm of a business means taking on a fair share of risk and legal responsibilities, especially when you're managing staff, finances or company decisions. Even with the best intentions, things can go wrong. One internal complaint or regulatory investigation could trigger a costly legal process.

Management Liability insurance is designed to protect business owners and company directors from legal claims tied to the management of the business. That may include incidents like unfair dismissal, discrimination or harassment claims, and even allegations of financial mismanagement.

      4. Tax Audit insurance

Even if your books are in perfect order, an audit from the ATO can still land on your desk. And when it does, responding properly takes time, expertise, and money.

Tax Audit insurance can be included in your Business Insurance Pack. It helps cover the professional fees that come with handling an audit. That includes costs for hiring an accountant, tax agent or other related professionals. This type of cover is useful for any business that wants to meet ATO requirements without taking a significant financial hit for it.

      5. Statutory Liability insurance

Regulations are a part of doing business in Australia. Whether it's workplace safety, employee rights, or industry-specific rules, it's important to stay up-to-date and compliant. But mistakes can happen.

Statutory Liability insurance can also be added to your Business Insurance Pack.  It covers investigative costs and penalties that come from unintentional breaches of government regulations. This could include breaches in legislation, or missed steps in licensing obligations.

This policy is especially useful for businesses in heavily regulated industries. With this cover in place, you're not left footing the bill if an honest mistake turns into a costly legal problem.

Get the cover you need, without the hassle

If your current cover is limited to just Public Liability and Professional Indemnity insurance, now’s a great time to explore your options. BizCover helps you compare multiple insurance options from leading Australian insurers, choose a policy that fits your business needs, and buy your cover in minutes.

No forms. No phone calls. Just easy, affordable cover trusted by over 260,000 small businesses across Australia.

Ready to protect your business properly? Head to BizCover and sort it all out in just a few clicks.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.

© 2025 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

How can YML help?

Talk to our trusted advisors today to see how YML Group can assist you with your insurance needs through BizCover. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

Reminder: Additional Tax on Concessional Superannuation Contributions

What is Division 293?

First introduced during the 2017/18 financial year, Division 293 is a taxation rule specifying a 15% tax rate on concessional superannuation contributions, generally, but not limited to, affecting high-income earners in Australia.

Division 293 reduces the tax concession on superannuation contributions for people with combined income and concessional contributions exceeding a threshold of $250,000 in a financial year. The aim of this rule is fairer treatment of tax on concessional contributions, meaning that people with higher incomes do not benefit disproportionately.

Will Division 293 affect you?

Firstly, it’s important to know what counts as income and contributions which is what the ATO will look at to determine if you are liable to pay Division 293 tax on your concessional superannuation contributions.

Income includes:

• Taxable earnings
• Total reportable fringe benefits amounts
• Net financial investment loss
• Net rental property loss
• Net amount (after family trust distribution tax has been paid)
• Super lump sum taxed elements (with a zero-tax rate)

Concessional (before-tax) contributions include:

• Employer superannuation guarantee contributions
• Salary-sacrifice contributions
• Personal contributions (if claimed as a tax deduction)

If your total combined income and concessional contributions exceed $250,000 in a financial year, you have reached the specified threshold for the application of Division 293.

Division 293 tax is calculated at 15% on whichever is the lesser of:

• The amount by which your total income plus concessional contributions exceeds the $250,000 threshold,  OR
• Your total concessional contributions in a financial year

The ATO will assess your eligibility to pay Division 293 tax when you lodge your tax return for the financial year. If you are liable to pay, a notice will be issued by the ATO. You may be able to pay with a release of money from your superannuation fund.

Next Steps

Contact YML Chartered Accountants about bringing forward deductions, deferring bonuses, utilising non-concessional (after-tax) contributions and using a family tax, among other ways to manage the timing of your income.

How can YML help?

Talk to our YML Chartered Accountants today to see how YML Group can assist you with your ATO Division 293 obligations. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

Superannuation Guarantee Contribution is NOW 12%

Effective 1 July 2025, the final increment in a series of planned increases to the superannuation guarantee contribution (SGC), to be made by the Australian government, requires that employers contribute 12% of an employee’s ordinary time earnings to an employee’s superannuation fund.

The increase is 0.5% on last financial year’s SGC rate of 11.5% and is aimed at enhancing retirement savings of Australia’s workforce. This increase applies to all payments made on or after this date, regardless of when the work was performed.

Setting aside additional remuneration funds will be necessary from now to meet new payment obligations. Using Single Touch Payroll (STP) software connected to the ATO will ensure that your business generates timely and accurate reports for the ATO.

Navigating the SGC Rate Change for Employers

To navigate these changes and maintain compliance, YML Business Services offers their virtual bookkeeping services. We offer remote management of your business’s financial records using cloud-based accounting software. We provide a high qualified, specially trained bookkeeper – experts in Australian superannuation and taxation law – to partner with your business to help you manage both STP and your SGC obligations.

By leveraging YML’s bookkeeping services, you can reduce your administrative overhead, provide precisely calculated and punctually paid employer superannuation contributions, thereby allowing you to focus more on strategic growth initiatives for your business.

Updating your payroll system to remain compliant is essential to your ability to adhere to SGC reporting and payment requirements.

If you are late paying your SGC amount, then notify the ATO of any late SGC payments via the ATO’s process of lodging a Superannuation Guarantee Charge Statement within 28 days of the quarterly due date and pay the Superannuation Guarantee Charge which is made up of

• SG shortfall amounts, plus
• Interest on SG shortfall amounts, plus
• Administration fee per employee per quarter

Next Steps

The SGC change will affect businesses differently, dependent upon the nature of the workforce within an organisation, so reach out to YML Business Services TODAY.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with your SGC obligations, For more information, view our website and contact us on (02) 8383 4455 or by using our Contact Us page on our website.

A simple insurance solution for busy business owners

You've got a business to run, and that comes with a long to-do list. Business insurance shouldn’t be another time-consuming chore. The right policy should give you peace of mind, not more headaches.

If you're ready to skip the hassle and find cover that is easy, reliable and tailored to fit your business, this one's for you.

Why do you need business insurance?

Every business deal with risks, whether it's client injuries on your office premises, mistakes in your professional advice, or cyber-attacks just to name a few. Business insurance is designed to protect your business from the financial aftermath, including cover for expenses and legal costs related to such unexpected events.

Without business insurance, one incident could set your business back months, or more. With it, you can help protect your finances, your reputation, and the trust you’ve worked hard to build with your clients.

Here are some of the most common types of business insurance:

• Public Liability insurance covers third-party injury or property damage claims that happen as a result of your business activities.
• Professional Indemnity insurance covers claims made against you for mistakes, errors, negligence or omissions in the services or advice you provide.
• Management Liability insurance helps protect business owners and directors from risks that come from running a business, like employment disputes, regulatory fines or harassment claims.
• Cyber Liability insurance covers costs related to cybercrime incidents such as data breaches, ransomware attacks, and other cyber threats.

The problem is how business insurance is traditionally purchased

Business insurance has a reputation for being complicated. You're filling out endless forms, trying to make sense of confusing policies, and chasing quote comparisons that never arrive on time. It’s slow, frustrating, and frankly, outdated.

For time-poor business owners, this can lead to two outcomes: Either sticking with a policy that may be no longer right, or giving up altogether. But neither options will protect your business if something goes wrong.

That's where BizCover comes in

The YML Group has partnered with BizCover, Austalia's leading online insurance provider, to bring our clients easy, affordable insurance options from leading Australian insurers like QBE, Vero, Dual and Chubb.

Instead of spending hours calling different providers or filling out forms, you can jump online, compare multiple quotes for multiple products instantly and secure your cover without any paperwork necessary. It’s fast, easy, and designed for business owners who don’t have time to waste.

Protect your business with confidence

Insurance shouldn’t feel like a chore. With BizCover, you can quote, compare and buy the right policies for your business all in one place. No forms, no phone calls, no fuss. They even offer automatic renewals, so you are worry-free when it comes to insurance. Ready to protect your business properly? Head to BizCover and sort it all out in just a few clicks.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.

© 2025 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

How can YML help?

Talk to our trusted advisors today to see how YML Group can assist you with your insurance needs through BizCover, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

ATO gets tough on BAS Non-compliance – Is your business at risk?

In 2025 the Australian Taxation Office (ATO) is taking a tougher stance on non-compliant businesses that find it hard to stay on track with their Business Activity Statement (BAS) reporting. Since 1 April 2025 the ATO has mandated that thousands of slack businesses be transitioned to monthly, instead of quarterly, BAS lodgments.

Referring to the ATO’s ‘Getting it Right’ campaign, ATO Deputy Commissioner Will Day has said: ‘If you’re a small business who continues to deliberately disregard your obligations, you can expect the ATO to move you to more frequent GST reporting’.

If you find your business is repeatedly late lodging its quarterly BAS, you are at risk of being moved by the ATO to monthly BAS reporting. Moving from quarterly lodgment means more frequent – reporting and payment – of GST, PAYG withholding and other taxes, making it a bigger compliance burden for your business.

YML’s own virtual accounting service, a team of dedicated, Australian-trained professionals who partner with you, offers help that’s essential to ensuring you meet your ATO obligations. YML’s virtual accounting service can make a transition to monthly reporting smooth and stress-free OR help you to stay on track with quarterly reporting and avoid costly mistakes.

ATO’s ‘Getting it Right’ Campaign

Small businesses that consistently pay GST late or not in full, that fail to lodge their BAS timely and error-free will be notified by the ATO about changing from quarterly to monthly BAS reporting. The ATO aims to support small businesses by providing a more structured approach to addressing unmet taxation obligations through smaller, more manageable payments which might be easter to manage than larger, quarterly amounts.

However, this transition will lead to an increased administrative workload, which requires:

•  greater cash flow planning,
•  improved budget management and maintenance,
•  more frequent bookkeeping and reporting,

making choosing YML’s bookkeeping service an essential tool in your business’s financial armoury. To avoid your business slipping out of line, contact YML Business Services NOW.

How can YML help?

Talk to our YML Business Services Team today to see how YML Group can assist you with your BAS reporting. For more information, view our website and contact us on (02) 8383 4455 or by using our Contact Us page on our website.