Is your business planning to purchase new assets? Perhaps new tools, a vehicle or computer upgrade? If so, you may be able to take advantage of the Coalition’s expanded “instant asset write-off” incentive or other key measures in Budget 2019. This write-off is a tax...
Budget 2019 saw the major parties go head-to-head to ease the cost of living for low and middle-income earners. However, long-term tax policy is a major point of difference, with the Coalition’s plan to flatten tax rates and provide “incentives for working Australians” branded a...
The ATO benchmarks data is a useful tool for smart business owners. Learn how you can access these ATO benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to...
A client asked us recently “what are the key factors for a successful business”? We think the following are some of the important factors to take into consideration: * Think about “scaling up” your business from the very beginning of the business, no matter how small...
Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. Here we highlight three common scenarios in which a homeowner may face some CGT liability when it...
Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything...
Millions of Australians are now using the “sharing” economy to earn some extra money on the side. Thanks to smartphones and user-friendly apps, people can easily access sharing services like ride sharing, accommodation sharing and pet minding. The government is concerned that some Australians who receive...
It’s the start of another calendar year. What resolutions have you made to grow your business in 2019? If you made any resolutions you probably made them around 6 weeks ago. How have you gone on the all-important implementation tasks? If your business is established and...
That’s great – but there are a few issues that you should think about before starting a business or purchasing a business. Unfortunately, there is a high failure rate in the first 3 years of a business’ life. An accountant’s role is to advise you...
The ATO has recently warned taxpayers to be alert to malicious scammers who are using increasingly sophisticated methods and technology to impersonate the ATO. A new tactic on the rise involves “spoofing”, whereby scammers mimic a legitimate ATO phone number visible on caller ID to...