The Budget has introduced a number of measures for small businesses designed to revive investment and support entrepreneurship and startups. Tax cuts The Government has followed through with its announced 1.5 per cent tax cut for small businesses with an annual turnover of less than $2 million, which will take... read more →
May
25
May
21
The 2015 Budget made sweeping changes for individual taxpayers and families with its focus on improving the economy. Car expense deductions The Budget has introduced new modernised methods for calculating work-related car expense deductions from the 2015/16 income year. The ‘12 per cent of original value method’ and the ‘one-third... read more →
May
19
Every year, the ATO announces a number of compliance targets that will be subject to additional scrutiny. It always pays to be aware of these focuses, as non-compliance is, more often than not, the result of an honest mistake as opposed to willful deception. Unfortunately, an honest mistake can still... read more →
May
14
The compliance requirements for SMSFs at end of financial year are extremely stringent, and it is important for trustees to be acutely aware of their responsibilities. Of course, your accountant is there to help you out, but you should always aim to have a robust understanding of your SMSF’s reporting... read more →
May
12
Please find below a summary of the significant announcements from the Federal Government's 2015 Budget issued on Tuesday 12 May 2015. There are a great deal of changes in this budget; however for those that satisfy the definition of a small business (with a turnover less than $2million) there are some... read more →
May
11
The end of financial year is a good time to think about your capital gains and losses for the year. Timing and planning are everything when it comes to minimising your CGT bill and making the most out of your investment returns. Capital gains tax (CGT) is incurred when a... read more →
May
05
Every small business owner knows the stress that comes with the end of financial year. A lot of valuable time and energy gets poured into getting your paperwork in order and making sure that you’re minimising your tax bill as much as possible. The good news is that there is... read more →
May
01
Effective planning and preparation is critical for all taxpayers as the end of financial year approaches. The good news is that your tax professional is here to support you, so you don’t have to do all of the heavy lifting yourself. This is the perfect time of the year to... read more →
Apr
16
Giving your investment property a makeover? What about Scrapping? This extract looks at how to boost your deductions this financial year. So it’s time to throw out the old kitchen, floor coverings, windows, ovens, dishwashers, and demolish a few things ready for a renovation. This in turn will improve... read more →
Apr
10
Is your retirement just around the corner? Then it’s time to make your super work harder by avoiding these common pre-retirement super traps and start planning. 1. Outdated investment strategies As you approach retirement, you should revisit your investment strategy. But that doesn’t necessarily mean putting all your money into... read more →