Blog
Categories: All, Accounting adjustments, Advice, GST Credit, GST credit claims, JobKeeper, Legacy, News, Super, Tax, Tax Rates, Technology,
How to protect your business and survive through these volatile times
Market volatility and economic uncertainty have been at the top of the news lately with headlines about tech lay-offs, the economic downturn, and RBA rate hikes. Things are only going to get worse with a recession looming. However, there are ways small to medium businesses can continue to drive business…
Companies with an Overdue Debt
A company that has an overdue debt with the Australian Taxation Office (ATO) and doesn’t pay the amount owing or doesn’t contact the ATO to make other arrangements, may be issued a Director Penalty Notice (DPN) – which makes the director personally liable if a company has failed to meet…
Transition to Single Touch Payroll (STP) Phase 2
By now as an employer, we expect that you will be well aware of your Single Touch Payroll (STP) reporting requirements. STP Phase 2 will be the next step which will incorporate some changes to your processes. Your obligation as an employer to begin complying with STP Phase 2 depends…
Will your superannuation balance be over $3 million at 30 June 2025?
The Government has announced that the concessional tax rate on earnings from superannuation will increase from 15% to 30% for those with total super balances (TSB) of $3m or more from 1 July 2025. This will be after the next federal election so we will need to await the results…
ATO announces changes to working from home deductions
The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. The changes better reflect contemporary working from home arrangements. Taxpayers can choose one of two methods to claim working from home deductions – “actual cost” or “fixed rate” method. Only the…
Temporary Full Expensing Rules
The temporary full expensing rules allow eligible businesses to claim a tax deduction for the full cost of eligible depreciable assets (except for motor vehicles which are subject to the current car cost limit of $64,741). To claim the deduction in full, in the year the asset is acquired, the…
RBA increases cash rate by 25 basis points to 3.35 per cent
The Reserve Bank has raised interest rates for the ninth meeting in a row, taking the cash rate target to its highest level since September 2012. The 0.25 of a percentage point increase at today's RBA board meeting leaves the benchmark rate at 3.35 per cent, with average variable mortgage…
New Accountability Measures Proposed for ABN Holders
Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders. Once in effect, this will mean you will have to: lodge outstanding income tax returns, and confirm the accuracy of your entity's details on the Australian Business Registrar…
Your Business New Year Resolutions
A new year is an opportunity to set resolutions that will set your business up for success, achieve goals and growth and kick bad habits. Here are some resolutions that you might like to consider for your business: Cyber health check. With the recent hacks on Medibank and Optus, give…
Kick off 2023 with these tips for business success
2023 is here, now is a great time to look at your business and create a plan for the upcoming year. Here are some tips on how to get started! Make a plan to achieve your goals As the saying goes, a goal without a plan is just a dream.…
