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: Immediate deduction for assets – due to COVID19, the government has temporarily increased the instant asset write off to $150,000, to 30 June 2020. This also […]
By Olivia Maragna Tax time is a stressful period for many Australians. Even seemingly simple tax returns can escalate into a madcap scramble through personal records to make sure everything is in order. Is this really any surprise, given that the complete Income Tax Assessment Act 1997 comes in at over 5000 pages? But even without […]
By: Eloise Keating It’s that time of the year again. You’re (hopefully) well on your way to getting your tax affairs in order as June 30 approaches, and come Saturday, your finance team will be putting their feet up for a well-earned rest. But amid the mad rush of the end of the financial year, it can hard […]
By: DOMINIC POWELL The skies are dark, the sales are on, and every ringing phone strikes fear into the hearts of Australia’s accountants. Yep, it’s that time of year again — tax time. For the handful of small business owners who are confidently across their finances and tax obligations (must be nice), the end of financial year […]
By Max Newnham Just before the end of the financial year profitable businesses often look for tax deductions that will reduce the income tax that they pay. Depending on whether the business profit is taxed at the company rate or taxed at the individual marginal rates, a better tax result could be achieved by delaying a […]
By: Steve Burnham Most small business owners stay on top of their GST refunds, mainly because of the cash flow concerns that very much seem to dog many small businesses. However you may now and then have a business client that lets these things slip, and what they may not know is that they have four years […]
By Adam Joy Small businesses have different considerations to make at tax time compared to their larger counterparts. Here’s Adam Joy, CEO of the Australian Lottery and Newsagents Association (ALNA), with a rundown on what you should be focused on. The close of another financial year once again marks the time to get the books […]
By: Pam Madytianos Normally we do a spring clean, but with business, we need to do a financial year clean. As you dash towards the EOFY finishing line, it’s a great opportunity to get your business in shape. Here’s your list of things to tidy up this end of financial year. Six ways to maximise deductions 1. […]
By Melissa Browne Unless you are living under a rock, most of us have heard of the term cryptocurrency or, at the very least, Bitcoin. If you haven’t, cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Not […]
By: Dominic Powell It’s no secret that tax time can be one of the most painful times of the year for business owners, with a seemingly ever-changing list of things on the Australian Taxation Office’s (ATO) hitlist and numerous concessions and deductions to keep in mind. To help out, the ATO has released a short list […]
