The Small Business Technology Investment Boost and Small Business Skills and Training Boost became law on 23 June 2023.

The new boosts apply to small businesses with aggregated turnover of less than $50 million and there are specific criteria to meet in order to be eligible.

The government confirmed in the recent budget announcement that Temporary Full Expensing, which has been available to all businesses since 6 October 2020, will no longer be available from 1 July 2023. This means that businesses can no longer immediately claim the full cost of all assets purchased. What comes next?

Amongst the many office tasks you have on your list, paying your employees’ Super Guarantee (SG) on time should not be overlooked. There are fees and interest charges applicable to those who do not comply with the due dates. For more information on this topic, please read below.

As we fast approach another end of financial year and start collecting information to complete your tax return, here are some helpful tips to make sure you can claim your eligible deductions.

Eligible Electric Cars – Now exempt from Fringe Benefits Tax! The new Fringe Benefits Tax (FBT) exemption for electric cars has the effect of making all expenses, depreciation, and GST (up to the $64,741 cost limit) for eligible electric cars 100% deductible, no matter what the business use of the

STAPLED SUPER FUNDS – AN IMPORTANT REMINDER FOR EMPLOYERS The transition period for the new Stapled Super Fund rules introduced last year, ended on 31 October 2022. Penalties may now apply to businesses not meeting these employer obligations. When hiring staff, if your new employee is eligible to make a

The Australian Taxation Office has changed its approach on what can be claimed and the required record keeping for those using the Fixed Rate Method.

If you are expecting to claim a deduction for expenses incurred while working from home in your next tax return, please read through this summary to understand what has changed and how to be prepared.

2022-23 BUDGET KEY NOTES Last week, the Federal Government has handed down its 2022-23 Budget which further to the Federal Budget handed down on 29 March 2022, updates economic forecasts and identifies the priorities for the new Labor Government. The Budget does not contain major tax changes. Below we’ve highlighted

SUPER PAYMENTS CHANGES Super Payments for the September Quarter are due on 28 October 2022. Make sure you are up to date with the most recent changes. On 1 July 2022, the super guarantee (SG) rate increased from 10% to 10.5%. In addition to this, the ATO has also removed

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. Motor Vehicle problem areas Just because your business buys a motor vehicle and it is used almost exclusively as a work vehicle, that alone does not mean that the car is

From 1 November 2021, Australian Company Directors are required by law to verify their identity with the Australian Business Registry Service (“the ABRS”) and obtain a director identification number (a “Director ID”). How Director ID works? A Director ID is a 15-digit identifier given to a director (or someone who

A stapled super fund is an existing super account linked, or ‘stapled’, to an employee so it follows them as they change jobs.

A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. In the current every changing business landscape we consider this to be an essential tool for

Job Keeper extended until March 2021 The government has announced changes to the Job Keeper payment scheme, which will see it continue until March 2021. The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants. However, from 28

Its tax planning time again, and this year saving dollars is more important than ever! We are sharpening our pencils and putting new batteries in our calculators ready to give your business numbers a good check over to see if there is any way we can help save you money and

With so much uncertaintinty for all businesses due to COVID-19 for the coming year, its more vital than ever to have forward plans, a clear perspective on your cashflow and up to date financials, so you can be proactive rather than reactive in your decision making.  The button below links

The stimulus legislation amends the SIS Regulations and RSA Regulations to allow individuals affected by Coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionate grounds. Each person is permitted to have up to two releases – one for an application made during the

The cash flow boost provides for payments to support employers by boosting their cash flow. Another intention with this measure is to encourage the retention of employees through any follow-on downturn. Undoubtedly, this part of the stimulus package is the most confusing. Before explaining the detail, here are a number

What does the Government announcement of the increased instant asset write off mean for the cash flow of your business? Let’s take a look at the summary of the concession and a practical example to explain the cash flow effect. Threshold Summary From 7.30pm 2 April 2019 (budget night) Small

Generally speaking, if you estimate that you have a fair amount of business or work-related business use of a motor vehicle (say more than 30% as a rule of thumb), it will be in your best interest to keep a logbook to claim tax deductions for motor vehicle expenses (unless