Record Keeping
Tax – NDIS Self-managing your National Disability Insurance Scheme (NDIS) budget can give you more control and flexibility. However, it also comes with important tax responsibilities – especially if you’re hiring support workers directly or receiving NDIS funding as a participant, nominee, or plan manager. Understanding your tax obligations can help you stay compliant and …
Instant Asset Write-Off Extended Initially absent from the 2025-26 Federal Budget, the $20,000 Instant Asset Write-Off has now been officially extended for another 12 months – through to 30 June 2026. This backflip from the Government came after mounting pressure from independents and other parties, who are also pushing to increase the threshold or make …
Proactive Tax Planning As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time. EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial …
Claiming Expenses Incurred As A Result Of Natural Disasters. What to be aware of. Natural disasters can cause significant damage to rental properties and business premises, leading to costly repairs and financial uncertainty. If you own a rental property or business premises that has been impacted, it’s important to understand what expenses you can claim …
Instant Asset Write-Off If you’re running a small business in Australia, you’ve probably heard the term “instant asset write-off” tossed around-especially come tax time, and more recently in the news. But what is it? And how can it benefit your business? What is the Instant Asset Write-Off? The instant asset write-off (IAWO) is a handy tax rule …
Division 293 Tax Division 293 tax is an additional tax on concessional superannuation contributions for high-income earners in Australia. It is applied at a rate of 15% on certain super contributions when an individual’s combined income and concessional contributions exceed $250,000 in a financial year. This tax effectively reduces the tax concession available to higher-income …
Fringe Benefits Tax As 31 March approaches, businesses need to prepare for their Fringe Benefits Tax (FBT) obligations to ensure compliance with the Australian Taxation Office (ATO). The FBT year runs from 1 April to 31 March, and preparing ahead of time can help businesses avoid costly mistakes, reduce their FBT liability, and ensure all required records are …
FBT Record-Keeping New options are being introduced to streamline this process, allowing small businesses more flexibility and efficiency. Let’s dive into these new record-keeping methods and how they can benefit your business. Simplified Record-Keeping Methods The ATO now offers several simplified methods for managing FBT records, aimed at reducing the administrative burden on small businesses. …