Running a small business? Here’s what you need to know about CGT concessions.
Capital Gains Tax (CGT) concessions provide an opportunity for small businesses in Australia to reduce, disregard or defer some, or all of the capital gains from a business asset. It is important to understand these concessions and how they can impact your business’s bottom line. In this article, we will delve into the key aspects […]
Compensation from your bank or financial institution – is it taxable?
February 2024 Newsletter With Christmas a distant memory life, and tax obligations, are returning to a familiar routine. In this issue we look at a variety of tax issues, including a consideration of the tax consequences if you receive compensation when your bank or financial institution hasn’t acted as ethically and correctly as they could […]
Give yourself a super gift this Christmas
Superannuation remains a cornerstone of financial planning for most Australians. In this issue, we provide you with a practical to-do list to make sure that your super is working optimally for you. This to-do list includes consolidating your super, reviewing your investment strategy, checking your beneficiary nominations and insurance within your superannuation. Undertaking these tasks can significantly impact your […]
Christmas deductions – what can you claim for Christmas functions and gifts?
With Christmas and the festive season just around the corner, business owners are getting ready for their end of year celebrations. Knowing the rules around Fringe Benefits Tax (FBT), Goods and Services Tax (GST) credits, and what’s tax deductible will help you plan enjoyable summer festivities with staff and clients, without unnecessary tax surprises. First, […]
Are you tax-time ready in 2023?
Whether you’re getting organised for an individual tax return or a business tax return, the more preparation you do before heading in for an appointment with your accountant, the more time you’ll save and ultimately the better your tax return will be. Tax returns require you to have a handle on two essential things: money […]
Medical and healthcare practice accounting services
Spend time with your patients and less on your paperwork with our help Medical and allied health practices are often juggling the balance of providing quality patient care while ensuring cash flow in the business is healthy, and that accounting documentation is compliant. Wouldn’t you prefer to spend more time taking care of your patients […]
Year-end Single Touch Payroll (STP) obligations
If you are reporting your payroll to the ATO through Single Touch Payroll (STP), you must complete the end of year by submitting an STP Finalisation event. For most employees, this is due by July 14. This step provides your employees with access to their payroll information so that they can complete their tax returns […]
Federal Budget 2023/24 Snapshot For SMEs And Individuals
The Government has handed down its 2023/24 Federal Budget with a small surplus and a range of cost of living measures. Limited tax measures were announced, aimed mainly at small businesses to encourage transition to energy efficient assets, and to assist with business cash flow. Business Measures Small Business Instant Asset Write-off (IAWO) The Government […]
Small business: 9 steps to creating a business plan
You’ve taken the first step to start a new business. You’ve got a good idea that you feel passionate about. You’ve done the research and you know there is a market for it. Great – you’re on your way! Or, you may have a business already and you want to go back to the drawing […]
10 steps you need to take to set up a small business
Get your ducks in a row before you start Are you thinking of starting a business for the first time and not sure where to go from here? A business and marketing plan are an important step in discovering the potential scope of your new business idea. But following these, there are also 10 essential […]