Recent reporting from Accountants Daily highlights a growing focus from the Australian Taxation Office (ATO) on holiday homes that are also used as rental properties. As we approach the new financial year, this is an important development that property owners should not ignore. At Oculus Group Accountants, we want to ensure our clients are aware […]
When it comes to entertainment and gifts for both staff and clients many businesses are confused about what is deductible and what is not. Client Entertainment and Gifts If you take a client out for lunch it is generally classified as entertainment and is not tax-deductible. This non-deductibility also means businesses can’t claim input tax […]
The Australian Taxation Office (ATO) is intensifying its efforts to monitor rental property owners through advanced data-matching programs. These measures aim to ensure tax compliance and reduce the tax gap attributed to misreported rental income and incorrect deduction claims. Here’s what you need to know about the ATO’s approach and how you can stay compliant. […]
Have you sorted your End of Financial Year (EOFY) books yet and sent them to your accountant? For small businesses in Australia, the EOFY tax deadline differs from individuals, but it’s still crucial to get everything in order early. This period is often stressful for business owners, but it doesn’t have to be. Xero, the […]
The Fair Work Commission (FWC) in Australia has announced important updates affecting business owners starting from July 1, 2024. These changes include a 3.75% increase in the national minimum wage and award wages, as well as an increase in the Super Guarantee rate from 11% to 11.5%. Key Changes for Business Owners Wage Increases The […]
Tax planning is essential to any successful business. It’s necessary if you want to stay legal and it is a good gauge of the financial health of your organisation. The big question is: how do you pay your taxes and keep your annual profits as high as possible? Oculus Financial Services has the answer. What […]
A tax accountant is the best source of information when it comes to the financial side of hiring and terminating employees. Dismissing a worker may sound straightforward. Maybe things aren’t working out, or the business need isn’t there anymore. No matter what the reason is, you still need to make sure you have everything covered […]
Redundancies, whether forced or elective, can become complex as there are many taxation issues to consider when receiving Employment Termination Payments. The most common form of payment an employee will receive is an employment termination payment. Employment termination payments (ETPs) include payments for unused rostered days off or for unused sick leave; payments in lieu […]
Claiming deductions for your property’s depreciation While depreciation can provide property investors with significant tax breaks, many fail to take full advantage of the notable savings available to them. The majority of properties that generate income, regardless of their age, qualify for some level of depreciation. However, property depreciation is a tax deduction that is missed quite often because it is a non-cash […]
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