‘Cents per kilometre’ rate changed by ATO
The ‘cents per kilometre’ rate change has been implemented by the ATO for individual car expenses for the 2023 income year, from 72 cents to 78 cents per business kilometre.
Double dip tax deduction warning
Taxpayers are warned not to ’double dip’ on tax deductions. Here are three common items that are often claimed twice.
Disclosure of business tax debts may affect credit rating
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.
TAX: Get on the front foot before tax time and reap the financial rewards
Business owners commonly pay more tax than necessary by leaving their tax planning until the last minute. What you do now, in advance of June 30, can make a significant difference at tax time. In this article we share key considerations that will help you get on the front foot before tax time and only…
60,000 businesses non-compliant with 2019/20 tax lodgment
The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments reporting system (‘TPRS’) for 2019/20.
Got that nagging feeling you’re not getting the most from your accountant?
Your accountant should be planning strategies to improve your business, tax and personal outcomes months in advance, not just doing your tax return. Even if ‘you’re not their biggest client’ your accountant should be working proactively for you. Tax savings are made through planning, not hoping. If you don’t have a handle on your tax…
Managing your business through uncharted waters
With the “new normal” continuing to evolve in Victoria, most business owners are feeling frustrated or concerned by the lack of certainty the future holds. We’re living it too and understand the significant challenges and stress you may be experiencing. Our focus for the next few months is to help and support our clients through…
TEN reasons why a little planning can save a lot of tax
There is a big difference between tax planning and tax return preparation. Tax planning is proactive, and highly recommended as advance planning can make it possible for business owners to effectively minimise their tax obligation, and importantly, pay no more tax than they need to.
Getting your business ready for tax time?
For the best possible outcomes for your business, preparation for tax time should start before the end of the financial year. For the 2017/18 financial year, this means now.
Prepare for Take-Off: TAKE action and implement your strategy
MEASURING your performance and gaining a clear UNDERSTANDING of your business financials and defining the goals you have for your business, provide the tools necessary for creating your STRATEGY for business success. However, a STRATEGY without TAKING action achieves nothing. Here’s how we can help you to TAKE the actions you need to transition from…