by Tommy | 22 Apr 2022 | Tax Updates
The 2022 Fringe benefits tax (FBT) year ended on 31 March 2022, so it’s a good time to start preparing what you need to do to lodge your business’ FBT return and pay FBT. You’ll need to work out if the business has an FBT liability for any fringe benefits provided to... 
by Tommy | 9 Apr 2022 | Federal Budget, Tax Updates
The annual budget was announced on 29 March 2022. The tax and superannuation highlights in the Budget include: ▪ the Low and Middle Income tax offset (LMITO) will increase for 2021–22 by $420 (but will not be extended beyond 2021–22); ▪ the 50% reduction in the... 
by Tommy | 6 Jan 2022 | Bookkeeping Tips, Small Business Tips
Happy New Year 2022! It’s about that time again to prepare for your quarterly superannuation guarantee (SG) contribution lodgement and payment due on 28th January 2022. Here’s what you need to review: Have you allocated all payroll related bank transactions to... 
by Tommy | 28 Oct 2021 | Small Business Tips
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to... 
by Tommy | 27 Oct 2021 | Small Business Tips, Tax Updates
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are... 
by Tommy | 26 Oct 2021 | Small Business Tips, Tax Updates
A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset... 
by Tommy | 25 Oct 2021 | Small Business Tips
The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director you will need a director identification number. You can apply for a director ID from November 2021. What is a... 
by Tommy | 19 Oct 2021 | Small Business Tips
Understanding your finances is a vital part of running your business. But getting down into the nitty gritty of the company accounts isn’t every entrepreneur’s top skill. If you are new to company accounting, or simply want to expand your knowledge, we can help... 
by Tommy | 18 Oct 2021 | Small Business Tips, Tax Updates
Working from home is becoming the norm for many businesses, either due to lockdowns or greater employee flexibility. It’s important to think about the deductible expenses that you may be able to claim when working from home and make sure you include them in your tax... 
by Tommy | 15 Oct 2021 | Small Business Tips
Vaccination is an effective way to help protect against COVID-19. But as an employer, can you require your team to be vaccinated? While in some situations, you may be able to require employees to get vaccinated, another approach is to openly support vaccination...