You may have heard, Australia has recently introduced new employee entitlements for family and domestic violence leave to better support victims of such violence. The new legislation, which will come into effect on August 1st 2023, provides for up to 10 days of paid leave per year for eligible employees within a small business of […]
Sorry, I mean end of financial year jobs. Anyway, enough with the disappointment, on with the important stuff With the end of the financial year as a business owner there are several things you should tick off to make the end of financial year and preparing for tax
It’s time to get organised and be prepared for the financial year ahead. Below is a list of common due dates applicable to you and your business. These dates are applicable if you lodge yourself without the help of a Tax agent. BUT, did you know one of the benefits of having a tax agent,
Who’s excited, it’s Budget time again! Let us summarise our key take aways from this year for you (or check it out in more detail here). Individuals A $250 one-off cost of living payment to help eligible recipients with the higher cost o f living pressures. The payments will start rolling out in
Sole Trader Advantages Simple and cheap to establish and run Speed and flexibility of changes. Can use tax free and low marginal tax rates for new or small businesses. Owner takes all profits and has access to all taxable losses. Not a separate entity so taking money from business account has no tax consequences. Less
Sometimes it might feel like we’re speaking a new language, so we’ve put together a list of common accounting and taxation acronyms and terms we get asked about. If the term you’re looking for is not here, let us know and we will send you a definition. We’ve also included links to each so you
If you’re a director of a company, you may have heard the term Director ID lately. It is now a requirement by ASIC that all company directors have a Director ID. A director identification number (director ID) is a unique identifier you will keep forever. You will only ever have one Director ID, no matter
The Federal Budget was passed down in May and there was a lot of press coverage on some aspects; but what about your business? We’ve explored some of the key takeaways for businesses below. How the Budget could impact your business Increase capital expenditureUnder the proposed Budget temporary full expensing is extended until 30 June 2023. This
How the Federal Budget could impact your business Read More »
We are often asked if financial adviser fees are tax deductible. The answer is not simple – it is the old ‘yes and no’! Let us explain why… It’s a ‘yes’ if… The answer is yes if the service relates to producing assessable income (income you include in your tax return). For example, you may
Financial planning fees, are they tax deductible? Read More »
Well, it’s that time of year in Australia – Budget time! To save you from the “fiscal this” and “economic that” (unless that’s your thing, in which case get the full details here), we’re here to give you the headlines. Tax reductions The tax offset for people who earn between $48,000 – $90,000 a year
