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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:


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!


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.


You may have been led to be believe that Tori and Karen were on a junket at the Xero Conference in Sydney last week …. but believe you me they were also learning & networking for the two day conference.   

They have written a blog sharing some valuable learnings so and if any of these peak your interest please reach out to have a conversation with one of them.  


Everyone is a tax expert, or so they think. In this audio clip, Tori dispels 5 tax time myths.  


As Australia starts to ease Covid-19 restrictions, with new cases decreasing everyday, new questions and expectations have now risen with regards to working. So what now?


We are still waiting for some of the finer details to be released from the ATO, however the broad rules have been released.  As always please feel free to contact us if you would like any clarity around your current situation.


The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.


Released this week - Small Business Adaption Grant Program - up to $10 000. The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions announced by the Queensland Government, to adapt and sustain their operations, and build resilience. 


Late on Friday night, the Treasurer released some changes to the JobKeeper program. (Nothing like keeping accountants and bookkeepers on their toes!).  The biggest news is the change to eligibility to 16 and 17 year old employees. This change means that all employees aged under 18 will need to be re-tested to confirm if they are still eligible to receive JobKeeper. 

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