Tax Planning
Get Expert Support Get ready to kickstart your business into high gear for the new year ahead! With tough conditions, unpredictable supply chains, and inflation on the rise, it’s time to arm yourself with expert support to fortify your finances. Don’t go it alone; now’s the perfect time to tap into the wisdom of seasoned …
MyGov / ATO When it comes to managing your obligations as a business owner, connecting your myGov account with the ATO and Online Services for Business (formerly the “ATO Business Portal”) makes life much easier. Our clients should always set up the following online accounts. As a result, you and your tax agent always have …
What’s changed in this year’s tax return? The 2022-2023 tax return may look different to your previous returns, but there’s a reason – and it’s probably due to an expiry date. Here are our top three reasons that your tax refund this year might not feel as bountiful as the previous year: Work From Home …
Deductions: Working From Home Working from home expenses can be deducted if you meet the following criteria: incur additional running expenses as a result of working from home be working from home to fulfil your employment duties, not just completing minimal tasks keep records at the time you work to prove you incur the cost. …
Instant Asset Write-Off The Federal Budget has reintroduced the $20,000 Instant Asset Write-Off to benefit small businesses, amidst the myriad of measures announced by the government. The instant asset write-off will return for the 2023-24 financial year (between 1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes …
Keeping Business Tax Records Can I “Guesstimate”? A Business Expense? Not at all. You cannot ‘guesstimate’ an expense. Expenses cannot be claimed without proper documentation that they occurred. By ‘guesstimating’, you may expose yourself to penalties. How Long Do I Have To Hold Receipts For? After you file your tax return, you are generally required …
PAYG Is A Good Thing! Don’t Freak Out (The ATO Is Not Stealing Your Money) As a taxpayer, you may likely have come across the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both. …
Partnership Taxes: Offseting Business Losses In Current Financial Year Partnerships If you are a partner in a partnership, you – as an individual – may offset your share of a partnership loss against your other income, subject to the non-commercial loss rules Income Requirement The non-commercial losses income requirements are applied to the individual partners …
Accounting that takes a proactive approach Tax planning opportunities and challenges are inherent in every transaction. By the time the end of the financial year has arrived, it’s actually too late to make significant changes to your net tax outcome. However, by working with an accountant throughout the year – one who understands your business …
Sole Trader Taxes: Offseting Business Losses In Current Financial Year A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity unrelated to your primary source of income. This type of business activity could be a hobby or lifestyle benefit. For sole traders, you need …
Tax Treatment of Common Fringe Benefits As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This …