Starting from the 2023-24 income year, not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income…
Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns.
This period can be stressful and complicated,…
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The 2024-25 financial year is in sight, and significant changes have been made to car thresholds, which are crucial for business owners to understand for tax purposes.
Here’s a detailed overview of what’s new and how it might affect your…
If you’re involved in shares, particularly on the selling side, you need to be aware of your tax obligations. Capital Gains Tax (CGT) is a crucial aspect of investing in shares and units in managed funds.
It applies to various transactions…
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In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months.
This extension, part of the 2024–25 Budget released…
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As your trusted accountant, we’re here to help you navigate the complex landscape of tax planning and ensure that you make informed decisions about your financial future.
Tax planning is a legitimate practice that allows you to arrange your…
Finalising the tax affairs of a deceased estate is a crucial step in the estate administration process, ensuring compliance with tax obligations and providing closure for beneficiaries. To streamline this process and avoid potential liabilities,…
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The Medicare levy, an additional payment atop your taxable income tax, serves to support Australia’s public health system, Medicare.
Ordinarily, your employer includes this levy, typically set at 2% of your taxable income, in the pay-as-you-go…
For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance.
However, employers need to understand their obligations regarding Fringe Benefits Tax…
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Fringe Benefits Tax (FBT) is a tax levied on particular benefits employers provide to their employees or their families.
It is separate from income tax and is calculated based on the taxable value of the fringe benefit provided.
As an employer,…
As the end of the financial year approaches, businesses face a critical task: evaluating their financial standing and anticipating potential tax challenges.
Neglecting this assessment could lead to financial losses and punitive measures.
Let’s…
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Ensure you’re up to date on how to claim your working-from-home expenses!
As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to…
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