News

Thinking Of Subdividing? The Tax Implications And Pitfalls Of Small-Scale Subdivisions

You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. Many small-scale developers often assume that their tax exposure is minimal – but this is not always the case […]

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Succession: What Does It Take To Hand Your Business To The Next Generation

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to generational succession of a family business, there are a few important aspects: For generational succession […]

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Why Is My Tax Refund So Small?

The tax refund many Australians expect has dramatically reduced. We show you why: There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on capital gains representing 40% of revenue compared […]

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Skills and Training Boost

Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their staff, is finally law. Who can access the boost? The 120% skills and training boost is available to small business entities (individual sole traders, partnership, company […]

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Super Savings and Strategies

As tax time approaches, it's essential to explore smart strategies that can help you maximize your superannuation savings while optimizing your tax benefits. Tax deductions for topping up super You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your […]

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Tax Savings For Your Business

It’s that time of year when we all look at what last minute things we can do to maximise business tax savings. Bring forward the purchase of assets If there are large assets your business needs to buy (or upgrade), you have until 30 June 2023 to use the temporary full expensing rules. These rules […]

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Tax Savings For The Taking

It’s that time of year when we all look at what last minute things we can do to maximise tax savings. Tax savings for you There are some simple things you can do to reduce your personal tax: Avoiding penalties The ATO can apply a penalty if you fail to declare income in your tax […]

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Company Money: A Guide for Owners

When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right? There a myriad […]

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8 Smart Year-End Tax Planning Tips For Small Business Owners

Now is the time to start planning and reviewing your records to maximise your tax deductions for the 2022/2023 financial year. Here are some of our accountant’s top tax tips for year-end planning for businesses: 1. Pay Quarterly Super early Super Guarantee (SG) contributions must be paid before 30 June to qualify for a tax […]

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What will the ATO be asking about your Holiday Home?

Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: The problem is blanket claims for the holiday home regardless of […]

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What's the deal with Working from Home?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 […]

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What does the "Secure Jobs, Better Pay" reforms mean?

The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2022. The legislation is extensive and brings into effect a series of changes and obligations that will impact on many workplaces. The Bill also addresses many of the complexities of the enterprise bargaining process by streamlining the initiation and […]

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Scams and how to avoid them

I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported losses of $2.6 million. Once the scammer establishes contact, […]

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The Top Christmas Tax Questions

Staff gifts The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person. $300 is the minor benefit threshold for Fringe Benefits Tax {FBT) so anything at or above this level will mean that your Christmas generosity will result in a […]

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News

Succession

Is Your Family Home Really Tax Free?

The Instant Asset Write Off

The Essential 30 June Guide

The Price Is Right - Budget 2024-25

Now Is The Time To Start Thinking About Tax Planning

How To Take Advantage Of The 1 July Super Cap Increase

Can My SMSF Invest In Property Development?

Self-education: What can you claim?

$20k Deduction For ‘Electrifying’ Your Business

Thinking Of Subdividing? The Tax Implications And Pitfalls Of Small-Scale Subdivisions

Succession: What Does It Take To Hand Your Business To The Next Generation

Why Is My Tax Refund So Small?

Skills and Training Boost

Super Savings and Strategies

Tax Savings For Your Business

Tax Savings For The Taking

Company Money: A Guide for Owners

8 Smart Year-End Tax Planning Tips For Small Business Owners

What will the ATO be asking about your Holiday Home?

What's the deal with Working from Home?

What does the "Secure Jobs, Better Pay" reforms mean?

Scams and how to avoid them

The Top Christmas Tax Questions