New businesses often have many questions when it comes to their accounting needs. Here are some of the top questions new businesses ask accountants: These questions are just a starting point, and every business has unique accounting needs. An accountant can provide you with personalised guidance and advice tailored to your specific business. Contact […]
Earlier this month, the 2023/24 Federal Budget was released. This includes a substantial improvement in the Federal Government’s fiscal position from the October Budget, primarily driven by significantly higher personal income tax and company tax receipts than originally estimated. This suggests that individuals and businesses have contributed more tax revenue than initially projected, which has positively impacted the […]
Starting a business is an exciting and challenging time. While it may be tempting to handle all aspects of your new venture on your own, seeking the advice and guidance of an accountant can be invaluable. Here are some of the top reasons why start-up businesses should seek the services of an accountant: Financial Planning […]
Minimise your tax liability and Maximise your tax refund, by ensuring you are claiming what you are entitled to. There are various deductions available that can be claimed on your tax return, but it’s important to ensure that you are eligible to claim them and that you have the necessary documentation to support your claims. […]
The ATO has made changes to the way that working from home deductions can be claimed by eligible taxpayers for the 2023 income year. If you have genuinely worked from home at any time from 1 July 2022 to 30 June 2023, you may be eligible to use the ATO’s revised fixed-rate (67 cents per […]
Starting a business is an exciting and challenging time. While it may be tempting to handle all aspects of your new venture on your own, seeking the advice and guidance of an accountant can be invaluable. Here are some of the top reasons why start-up businesses should seek the services of an accountant: Seeking […]
Tax planning – why do we recommend it? Tax planning is a great opportunity to look at your business trading for the year to date, assess what goals you have for next financial year, and plan for what tax bill may arise at year end so there are no surprises. Tax planning is usually done […]
There are changes to company tax rates. While the full company tax rate is 30%, your company may be eligible for a lower company rate. If you are a ‘base rate entity’, your company tax rate is: 27.5% from the 2017–18 to 2019–20 income years 26% for the 2020–21 income year 25% from the 2021–22 […]
We are nearing the end of financial year again. Here are some things to consider to reduce the tax bill or defer some of it to next year: Other things to consider before 30 June: If you have any questions or concerns regarding these, please contact us.
Many workers new “normal” is working full time from home, as a result of the Social Distancing measures in response to Covid-19. In order to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), the ATO have announced a temporary short cut method […]
