In support of young Australians and in response to the rising cost of living, the Australian Government has passed legislation to reduce student loan debt by 20% and change the way that loan repayments are determined. 20% reduction in student debt The reduction is expected to benefit more than 3 million Australians and remove over […]
02
Sep
Sep
As part of the 2023-24 Federal Budget, the federal government announced “Payday Super”, which will require you to make superannuation guarantee (SG) payments for your employees at the same time as their salary and wages. Many businesses end up falling behind on their SG payments, and this measure essentially becomes a compliance check for the […]
29
Aug
Aug
You’re a business owner, so you’ll incur a fair number of business expenses over the course of your average week. Costs for client entertaining, petrol to put in your car and toner for the office printer to name just a few. But are any of these expenses deductible against your tax bill? The Australian Taxation […]
30
Jul
Jul
The new financial year has begun, which means it is now time to wrap up the 2024-25 financial year, here is a list of changes and rates that you will need to be aware of for your business in preparation for the 2024-25 tax return. Small business instant asset write-off Small business with aggregated annual […]
15
Jul
Jul
I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing? First some practical distinctions to compare working ‘on’ and working ‘in’. Working ‘On’ Your Business (Essentially Planning) Working ‘In’ Your Business (Essentially Doing […]
03
Jul
Jul
For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult […]
01
Jul
Jul
The new financial year is a new beginning. As a business owner this a great time for you to reflect on where you are at and think about your business goals for the financial year ahead. Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting […]
18
Jun
Jun
Important legislative and regulatory updates are set to impact Australian businesses from 1 July 2025. These changes include superannuation, minimum wage, registration fees and deductions. Here’s a detailed overview to help you prepare: National Minimum Wage Increase From 1 July 2025, the National Minimum Wage will increase by 3.5%. New hourly rate: $24.95 Weekly rate: […]
23
May
May
As a pre-election promise, the ALP announced the extension of the $20,000 instant asset write-off for small businesses by 12 months, this proposed measure may come into effect in their next term. This measure will allow small businesses that choose to deduct depreciating assets under the simplified depreciation rules (Subdiv 328-D of ITAA 1997) to […]
21
May
May
The Australian Taxation Office (ATO) has issued new guidelines to help you in making a claim for running expenses using the fixed cost method, while working from home from 1 July 2024. Under this guidance, the ATO will allow you to make a claim of 70 cents per hour for time spent working from home. […]