News

The end of the financial year is coming and that means tax time. This means the Australian Taxation Office (ATO) is carefully reviewing the areas where taxpayers may try to pull the wool over their eyes, or accidentally make mistakes in their claims, to...

As tax time for 2024 in Australia approaches, one of the ATO assistant commissioners, Rob Thomson, has outlined some of the main errors that are being made regarding WFH-related expenses - primarily expressing the importance of understanding the two main methods that...

Naturally, consistent cash flow is paramount for any small businesses simply looking to stay afloat. Having said that, with how frequently all the latest trends in cash flow management tend to change it can be particularly difficult trying to keep up with them on your...

Low-income earners may receive a lump sum payment in arrears (LSPIA) to cover unpaid wages, workplace compensation, or welfare remunerations. The Medicare Levy LSPIA can sometimes put people’s lump sum income over the threshold, leaving them liable for the Medicare...

The 2024-2025 Federal Budget described as a ‘responsible Budget that helps people under pressure today’ was released last night, the 14th May at 7.30pm.  The priorities of the government were reflected in the Budget released by the Federal Treasurer, Dr Jim...

Tax planning isn’t just about meeting lodging payments and deadlines. It’s about monitoring your cash flow, understanding your financial positioning, and adopting accounting practices that propel your business towards success. Stay with us as we list seven valuable...

Fringe benefits tax (FBT) is applied to the perks you offer your employees. These can range from providing company cars that employees can use privately to offering a low-interest loan or monetary bonus.  Between 31 March 2021 and 2025, FBT is charged at a 47%...

As the 2023 financial year-end fash approaches, we identify several opportunities for businesses to refine their books, optimise tax savings, and prepare for the next year ahead.  Read on as we list our seven tips for last-minute end-of-year tax planning! Analyse...

Construction, property, and home repair businesses often supply vehicles to employees for personal and professional use. While these initiatives streamline business operations and help employees feel more connected to your company, the benefit can come at a cost to...

As an employer, you must make super contributions in line with average ordinary time earnings (AOTE) to employees’ super fund, preparing them for post-retirement life.  Employers and independent workers can make concessional contributions on income that has yet...