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. […]
19
May
May
Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super […]
16
May
May
As the end of the financial year approaches, taking proactive steps in your tax planning is essential to optimise your position and potentially minimise your tax liabilities. Here are some key strategies for small businesses to consider as we head towards 30 June: Income Management: Consider Deferring Invoicing: Where legally possible and subject to the […]
15
May
May
Queensland’s pharmacy landscape is undergoing a significant shift with Pharmacy Business Ownership Act 2024 passed by Parliament, superseding the 2001 legislation. This new Act aims to modernise and clarify the rules surrounding pharmacy ownership, introducing key changes that are expected to come into effect around 1 July this year. Notably, the Act restricts ownership to […]
26
Mar
Mar
The Treasurer, Jim Chalmers, delivered the Federal Budget 2025 on Tuesday 25 March. With a general election scheduled for 2025, this Budget was an important one, setting out the Albanese Labor Government’s financial plans for the future path of Australia. We’ve summarised the key points that may have an impact for you and your business. […]
03
Mar
Mar
There are changes to the Australian Taxation Office (ATO) guidelines regarding tax clearance certificates for property sales, effective 1 January 2025. Key Changes: Mandatory Clearance Certificates: From 1 January 2025, all Australian residents selling or disposing of property, regardless of the sale price, will be required to obtain an ATO tax clearance certificate. Increased […]
03
Mar
Mar
The deadline for lodging the first NFP self-review return is approaching on 31 March 2025. This new requirement applies to non-charitable NFPs with an ABN and aims to ensure only eligible organisations maintain income tax exemption. To comply, NFPs must confirm their eligibility by reviewing their purpose and activities against specific criteria within one of […]
03
Mar
Mar
Supporting financial strength of licensees is a focus area for the QBCC, as identified in their Compliance and Enforcement Strategy 2024-2026. As is early intervention for financially distressed licensees – because prevention is better than cure. As part of this strategy, the QBCC has developed a range of compliance and enforcement focus areas, some of […]
03
Mar
Mar
All parents are set to qualify for a minimum of 3 days guaranteed subsidised childcare after a bill proposing this measure was passed in the Parliament. Previously, families that applied to claim the childcare subsidy (CCS) were required to pass the income test and the activity test (or be exempt). Current requirements The current activity […]