An accountant is a huge part of any organisation. A good accountant in Melbourne can provide unimaginable benefits. These can benefit your business in unimaginable ways and can lead to a detailed financial plan that is effective and practical. There are various ways in which an accountant will benefit your business. These are as given…
With the tax filing deadline getting closer everyday, more and more individuals and businesses are making elaborate plans to get maximum returns and file taxes on time. While this seems fairly simple, the process includes many intricacies. There are most likely various everyday financial things that affect your tax filing process. Nonetheless, it is not…
Tax saving strategies prior to 1 July 2021. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. A certified tax advisor can help with tax minimisation strategies and planning Tax Return Checklist: Claims for…
Practice Update June 2021 covers following points: Cryptocurrency under the microscope this tax time ATO warns on ‘copy/pasting’ claims Family assistance payments Temporary reduction in pension minimum drawdown rates extended Super Guarantee rate rising from 1 July 2021 Do you use the Small Business Superannuation Clearing House? Car parking threshold for 2022 FBT year Luxury…
In the advent of the current health situation and its ongoing uncertainty, The Victorian Government has launched the Circuit Breaker Business Support Package- Allocating $250 million in support for the assistance of small and medium businesses that are bearing the brunt of the recent occurrences. The Support Package includes: Business Costs Assistance Program The Government…
The new Federal Budget highlights the retention of ‘LMITO’ (Low and Middle Income Tax Offset). The LMITO is a vital tax rebate for Australians that offers relief to low and middle income taxpayers. This scheme has been an add on to the ‘LITO’ Low Income Tax Offset that’s already in place. Government’s intention is to…
As of Friday 23 April 2021, The Victorian Government has updated its COVID Safe requirements, to be followed by business establishments across a large board of categories. To be able to effectively trace any occurrences all patrons visiting these establishments must check in from their smartphones with the Victorian Government QR code service. Alternatively, for…
Following the COVID-19 debacle, many employees and business owners have shifted to a work from home model, either permanently or temporarily. However, many of them are unaware of the fact that one can avail a deduction on their tax returns or lucrative refunds when working from home. ATO has rolled out a number of guidelines…
Practice Update May 2021 covers following points: Government proposal to modernise business communications Independent review service for small business made permanent ATO asks businesses to check if they are still using their ABNs ATO “keeping JobKeeper payment fair” Passenger movement data-matching program Super contribution caps will increase from 1 July 2021 Click here for Practice…
Practice Update April 2021 covers following points: JobKeeper comes to an end ATO loses case on JobKeeper and backdated ABNs ATO’s taxable payments reporting system update FBT rates and thresholds for the 2021/22 FBT year First criminal conviction for JobKeeper fraud Warning regarding new illegal retirement planning scheme New succession planning guide for family businesses…
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