Tax
Tax Audits & Audit Shield What is our Audit Shield service? Our Audit Shield service provides for the payment of our professional fees otherwise payable by you when incurred as a result of our accounting firm being required to respond, on your behalf, to an audit, inquiry, investigation, review or examination of your lodged returns …
Superannuation: Spousal Contributions Superannuation is a vital aspect of retirement planning in Australia, ensuring individuals have sufficient savings for their later years. One effective strategy to enhance your family’s overall superannuation balance is through spouse contributions. Spouse contributions involve one partner making voluntary superannuation contributions to their spouse’s super fund. This can be particularly beneficial …
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. …
Working From Home – Tax Tips In a world where commutes are measured in steps rather than kilometres, working from home has become the new norm (be it as a hybrid role or full-time). How Do I Know If I’m Eligible To Claim? To claim a deduction, you must: Be working from home to fulfilyour …
Do you employ contractors in your business? As a business owner, paying contractors to provide services is a common practice. However, it’s essential to understand your obligations to ensure compliance with Australian Taxation Office (ATO) regulations. Here’s a guide to help you navigate the requirements and avoid potential pitfalls. Distinguishing Employees from Contractors First, it’s …
Division 7A Imagine having a vault of company assets at your disposal, but every time you reach for the key, you’re met with a complex web of tax regulations. The Australian Taxation Office (ATO) has specific guidelines and regulations to prevent accidental (or intentional) misuse and ensure compliance. Let’s examine what needs to be done …
Not-for-Profit Sporting Tax Exemption Starting from the previous financial year (2023-24), not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income tax exemption status. It’s time to ensure that, if this applies to you, you are aware of …
Family Trusts A family trust is simple but has complex implications for business and tax. This guide explains what a family trust is and how it can benefit you. A family trust is a legal arrangement where a trustee manages assets for a group of beneficiaries. Unlike companies or partnerships, a family trust is a …
Business Tax Savings When preparing your business tax return, you want to take advantage of every opportunity to maximize your hard-earned dollars. However, it’s not always easy to know how to do that. We’ve put together this guide to help you with the exact strategies we’ve used for thousands of businesses to maximize their tax …
What You Need To Know Save this PDF for Future Reference What is a Motor Vehicle Logbook and why is it important? Do you use your car for work-related tasks or for your business? If so, it’s important to keep a thorough record of your car-related expenses to maximise your tax deductions. Maintaining an accurate …
Superannuation Before The EOFY for the Self-Employed As the End of Financial Year (EOFY) approaches, self-employed individuals have a unique opportunity to bolster their retirement savings and take advantage of significant tax benefits. While the self-employed may not have the automatic superannuation contributions that employees receive, proactive planning and strategic contributions can yield substantial long-term …
What You Need To Know Save this PDF for Future Reference There are three rental expense categories, those for which you: Can claim a deduction in the income year you incur the expense, for example, interest on loans, council rates, repairs and maintenance, and depreciating assets costing $300 or less. Can claim deductions over multiple …