Your Work-Related Tax Deduction Checklist For This Year’s Tax Return Made EasyThe end of the financial year is coming up (30 June), and you may be looking for ways in... read more →
We have pleasure in enclosing a summary of the tax, superannuation and social security highlights from the Federal Government's 2022/23 Budget. Addressing Cost of Living Pressures – temporary reduction in... read more →
A business plan establishes the goals and objectives of a business and outlines how they will be achieved. It is vital, especially for small businesses, to review progress and update... read more →
The Morrison and Berejiklian Governments announced yesterday a combined economic support package worth up to $5.1 billion aimed at saving jobs and protecting businesses through the current COVID-19 lockdown. The... read more →
The calculation of income tax for businesses becomes more complex as business activities and income streams grow. There are two primary considerations that arise when calculating income tax: assessable income... read more →
This time of year many clients take the opportunity to have a proactive tax and compliance planning strategy before the end of the financial year in order to maximise tax... read more →
Businesses should aim to move towards digitising their tax, super and employee related documents as per recommendation by the ATO. Digital record-keeping has many advantages: • Streamline accounting practices by... read more →
Cultivating a small business beyond its initial customer base can be very challenging. These are some things you can do to grow customer base and your business income. Get to... read more →
Signs of growing revenue and profits are ones that indicate your business is succeeding. This does not reduce the importance of continually making small changes that will improve profitability of... read more →
At the end of the year, it is important for businesses to set time aside to reflect and ensure a strong finish and a fresh start. • Review last year’s... read more →
Legislation was released last week giving effect to the extended JKP Scheme. PAYMENT RATES First extension period - 28 September 2020 to 3 January 2021 ($1,200 or $750) Employees who... read more →
Business activity statements (BAS) may require adjustments from time to time if their net GST liability changes or is incorrect. An adjustment needs to be made in the event that... read more →
It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division... read more →
The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount,... read more →
The ATO has released a range of methods to make tax time easier for businesses and individuals under COVID-19 circumstances. Working from home The ATO has introduced a new ‘shortcut... read more →
Small businesses with low annual travel distances will benefit from the ATO’s new increased cents per kilometre rate for cars, from 68 cents to 72 cents. The new rate has... read more →
As our economy heads towards a recession, now is the perfect time to conduct a business ‘health check’ so that you come out the other side improved and ready to... read more →
Businesses experiencing financial difficulty due to COVID-19 may be over-paying their PAYG instalments if their current rate no longer reflects their estimated tax for the year. This can cause further... read more →
Many employees are now being required to work from home to meet social distancing requirements placed on them by COVID-19, and are now faced with meeting some of the costs... read more →
Thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced today by Premier Gladys... read more →