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Understanding Tax Planning: More than just minimising taxes
In both personal finances and business management, tax planning is a vital practice that goes beyond simply reducing tax bills. While minimising taxes is important, tax planning involves a more holistic approach aimed at optimising financial efficiency and aligning with long-term financial goals. Let's delve into what tax planning really entails and its broader implications: Read More…
The ATO is Not All Sunshine and Rainbows
Have you received a letter or notice from the Australian Taxation Office (ATO) with a big coloured band across the top? Read More…
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What the ATO will consider a deductible expense and what they won't. Read More…
Understanding Super Guarantee Employer Obligations in Australia
Helping both employers and employees understand their rights and responsibilities. Read More…
I Want to Claim a Tax Deduction for my Car. What records do I need to Keep?
Are you considering claiming car expense deductions under the log book method against your employment or sole trader business income? Here
are some key requirements for this type of claim.
Read More…
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What is Capital Gains Tax and could you be liable?
Have you sold any assets? Could you be liable for Capital gains tax? Read More…
REMINDER - Do you need to do a stocktake on 30th June 2023?
If your business buys or sells stock, you may need to do a stocktake for tax purposes. Understand how a stocktake can help your business and how to do one. Read More…
LAST MINUTE TAX DEDUCTION OPPORTUNITY
The Small Business Technology Investment Boost was only passed a few days ago so has not been considered in our tax planning estimates, if this applies to you then WINNER! Read More…
What is in the ATO’s “sights” this 2023 tax time?
Each year, the ATO takes a closer look at various areas and focus their audit activity there. For the 2023 financial year, the ATO has shared what its key focus areas are:
What should I do to prepare my business' books for tax time?
June is the perfect time to arrange a bookkeeper to clean up and overhaul your business' accounting file ready for your tax accountant to either do tax planning before the end of financial year, or be able to prepare your June quarter BAS and tax returns easily. Plus, by organising a clean with a bookkeeper and paying the fee before the end of financial year, you can claim the fee as a tax deduction this year! Read More…
Tips for getting ready for the EOY 2023
As the 2023 financial year comes to a close it is important to start thinking about your tax planning strategy. We have outlined some simple steps to take that could potentially save money on your tax bill and ensure there are no hidden surprises. Read More…
Federal Budget 2023 Cheat Sheet
Last night was the Federal Budget announcements, our friends at Tax Nuggets have compiled this summary of the 2023 budget items which look to affect small businesses. Note that these are not yet law. Read More…