Practice Update – April 2024
How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at home. This amount covers additional […]
Practice Update – March 2024
Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. This ‘CC’ cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions. This ‘NCC’ cap is generally applicable to personal non-deductible […]
Christmas Parties & Gifts 2023
With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients.
Small Business Instant Asset Write-Off This Financial Year
Are you looking to purchase assets for your business? Eligible businesses can spend up to $20k per asset and immediately claim the tax deduction and GST. Talk to us about the best strategy for purchasing business assets.
Proving your ongoing business viability through 5 financial reports
Proving that you’re a viable business. We’ve listed the main reasons why lenders and investors want to see solid financial statements before they invest in you.
#businessadvice #SmallBusiness #financialmanagement #reporting
Practice Update -March 2023
Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut method – which was available from 1 March 2020 to 30 June 2022; […]
How much is our work taxed in Australia compared to other countries?
How much tax do Aussie employees pay compared to employees in other countries? We take a look at the latest OECD report – and find out how Australia compares to the OECD average.
GST on Business Purchases from Overseas
Does your business buy products and services from overseas suppliers? If so, you may be charged GST, but not always!
We can review your accounts and software tax codes to make sure GST claims on overseas purchases are correct.
Fringe Benefit Tax at Christmas Time
It is a time of the year when giving is encouraged. As a business owner, you may want to make sure you have all the information available to you, so that you are fully aware of your tax obligations this Christmas. Christmas parties The cost of food and drink associated with a Christmas party is […]
Practice update_July
ATO’s small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year: – Deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for taxpayers running a home-based […]
