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 | 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 | 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 | 14 Oct 2021 | Small Business Tips, Tax Updates
If you are lodging your own quarterly activity statement you need to lodge and pay by the 28th of October. If you lodge using our registered agent electronic services you will have until the 25th of November to lodge and pay. Have you allocated all bank transactions...