The Australian Taxation Office (ATO) regularly publishes focus areas for small businesses. One of the top areas where the ATO regularly sees errors is where a private company shareholder uses business money and assets for personal use or benefit, which can lead to Division 7A issues. What is Division 7A? Division 7A is an anti-avoidance […]
24
Mar
Mar
“Every year we see small businesses run into avoidable issues because they haven’t kept accurate records, reported all their income or managed their cashflow effectively” Angela Allen, ATO Assistant Commissioner The Australian Taxation Office (ATO) is encouraging Aussie small businesses to stay compliant. By doing so, you avoid the problems, penalties and fines that can […]
29
Jan
Jan
Have you ever wondered about the best ways to protect you and your business? In this article, we’ll look at how you can use a trust to shelter your assets. What is a trust? Before we go any further, let’s explain exactly what a trust is and how they can be used. A trust is […]
16
Sep
Sep
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 […]
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 […]
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. […]
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 […]
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. […]