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 →
With there being so many changes to tax as presented in the Federal Budget, this is a concise summary of those that may have the biggest impact or relevance to... 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 →
Knowing what type of legal expenses are tax-deductible is valuable information when it comes to budgeting and allocating funds for emergencies. Legal expenses that pay for business operations integral to... 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 →
The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services or pay contractors to do so. The extension was approved on 1 July 2019. Road... read more →
The Government’s complete package of individual tax adjustments that were announced in the 2019-20 Federal Budget, have passed parliament and are now law. On 4 July 2019, the Treasury Laws... read more →
One of the greatest benefits of owning an investment property (besides the additional income) is your entitlement to tax benefits. Here are some tips to maximise your tax return this... read more →
FEDERAL BUDGET NEWS HIGHLIGHTS We have pleasure in enclosing a summary of the significant announcements from the Federal Government’s 2018/19 Budget. We thought it was quite an interesting budget. Most... read more →
From 1 July this year, the ATO will be able to pass on to credit agencies the tax debt information of businesses that have not effectively engaged the ATO to... read more →
The ATO is working with insurance companies to assess artworks and collectables owned by taxpayers and identify the owners of these kinds of assets. There has been an increasing concern... read more →
Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for... read more →