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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: 

  • Rental property deductions 
  • Work-related expenses; and 
  • Capital gains tax. 

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!

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. 

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 our latest blog which introduces our “Demystifying Business” program in which we help you develop a business strategy to improve your financial literacy and increase the business’ revenue and profit.

Brisbane City Council currently have a grant for businesses located in their LGA, which are 50% or more owned by women, that can assist you to fund the first few months of this program. To match this grant, we have developed a three month “Begin the Demystification” package which includes preparing the acquittal report at the conclusion of the grant funded program. Hurry though, the grant closes at 4pm AEST on Thursday, 3 November. Our friends at Phoenix Jara Grant Specialists can help you apply for this grant along with the quote from us.

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