Minimise Your Tax

Minimise Your Small Business Tax

“ Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read. I can tell you as a government that you are not spending it so well that we should be donating extra. “ – Kerry Packer If you agree with K.P. here are some simple strategies you can use …

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Coronavirus – Economic Stimulus

On 12 March 2020 the Morrison government announced the details of it’s coronavirus stimulus package designed to support confidence, boost investment and keep Australians in jobs. Here are the six key elements of the government’s plan: An increase in the instant asset write-off scheme. The threshold jumps from $30,000 to $150,000 until 30 June 2020. A 50% accelerated depreciation deduction. Business will …

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Don’t Lose Your Tax Deductions

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia. This may happen if you: Don’t lodge your BAS’s on time; or Don’t lodge your payroll each week using Single Touch Payroll (STP); or Don’t properly withhold a tax amount from a payment before you pay it to an employee or …

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Tax Time Updates & Reminders

Your 2019 EOFY Reminders & Action Items Another financial year has finished and as a responsible business owner, there are many obligations that you need to consider and action. PAYG Payment Summaries If you have not used STP for 2019, then you need to provide all of your employees with their PAYG Payment Summary on or before 14 July 2019. …

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Tax – What the 2019 Federal Election means for You!

There is only a short time before the Federal Election on 18 May 2019, and there’s a lot of wild speculation and “fake news” in the media. We’re not trying to recommend who you should vote for, but instead we believe that it is vital that our clients understand how they will be affected by the result of the Election. …

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Xero “Payroll Only” – STP for Small Employers

From 1 July this year, Single Touch Payroll (STP) will apply to all employers in Australia. First announced in 2015, STP is an Australian Tax Office reporting regime that requires employers to report salaries and wages, PAYG withholding tax, and superannuation to the ATO each time they pay their employees. According to the ATO, more than 400,000 small employers with …

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Key Budget Highlights

On Tuesday, 2 April 2019, Treasurer Josh Frydenberg handed down the 2019-20 Federal Budget. In an election Budget, the Treasurer announced the first Budget surplus in more than a decade at $7.1 billion for 2019-20 Economic Outlook Frydenberg maintained a relatively optimistic outlook for the economy, though he conceded there were risks including from falling house prices and global risks …

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Thoughts for the year ahead – Tax in 2019

There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election. Individuals could be affected by: Losing franking credit refunds More Capital Gains Tax Losing tax benefits from negatively gearing Investment Properties Businesses could be affected by: Changes to the laws for loans from Companies (known as “Div 7A”) …