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 […]
Improving cash flow is a crucial aspect of managing any business, regardless of its size or industry. Cash flow represents the net amount of cash being transferred into and out of a business, and maintaining a healthy cash flow ensures that a business can meet its obligations, reinvest in itself, and weather financial challenges. Here […]
When running a business in Australia, you’ll encounter various tax obligations that require regular reporting to the Australian Taxation Office (ATO). Two of the most common forms are the Business Activity Statement (BAS) and the Instalment Activity Statement (IAS). While both are essential for compliance, they serve different purposes. Understanding these differences is crucial for […]
Filing tax returns is a crucial part of financial management, and in Australia, you have the choice of either doing it yourself online or engaging a professional accountant. Both options have their advantages and are suitable for different situations. Doing It Yourself Online Advantages: Best For: Considerations: Engaging a Professional Accountant Advantages: Best For: Considerations: […]
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. […]
When you step into the world of the stock market, you might hear about two main approaches: share investing and share trading. While both involve buying shares in companies, the way you approach these activities and their tax implications can be very different. Share Investing: A Long-Term Commitment Share investing is all about the long […]
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 […]
We are all feeling the rising cost of living. And we have all been hearing a lot about the tax cuts that will help us all that come into effect on the first of July 2024. But what exactly do these tax cuts involve and how do they help us? Good question! The Australian Taxation […]
It’s a couple of months out from tax time. But it’s not too early to start preparing your bookwork for the end of the financial year. Getting a head start on your bookwork before tax time can make the process smoother and less stressful. Here are some steps you can take to prepare: Organise your […]
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