Below you'll find a list of all posts that have been categorized as “Uncategorized”
A Victorian man has been sentenced to 4 years and 7 months imprisonment after fraudulently claiming GST refunds. An ATO audit found no transactions or bank activity consistent with the running of a plumbing business. Instead, it found the man spent the money on various lifestyle items, luxurious accommodation and a Harley Davidson motorcycle. The ATO said it continues to …
Monthly PAYGW payments from July
Act Now – Pay Later You know it’s Tax Time, but did you know you can “manage” your tax Refund date or tax Payment due date(s) to your advantage? Your Tax Refund or Tax Payment date will depend on the date you lodge your tax return. That means you can control your tax timing and avoid unexpected tax bills. Don’t …
Key Points The types of expenses you can claim depend on how you operate your business from your home. You can only claim deductions for the portion of your expenses that relate to running your business. You must keep records for at least 5 years to show how you calculated your claim. If you sell your home, there may be …
The $20,000 instant asset write off extended to 30 June 2025
If you’re a small business owner who operates from home or you use a vehicle for business purposes, you need to be aware of some changes when claiming deductions this tax time. Work from home business expenses Do you operate your business from home, even some of the time? For the 2022–23 income year, the fixed rate method increased from …
Super Guarantee rate 11%
These are my Top Three Tax Changes from the Federal Budget for small business owners. Income Tax Cuts The Stage 3 personal income tax cuts will commence from 1 July 2024 as previously legislated. From 1 July 2024 the 32.5% marginal tax rate will be cut to 30% for the $45,000 to $200,000 tax bracket. The 37% tax bracket will …
If you have business assets which are expected to decline in value over time, such as machinery, motor vehicles, furniture, computers and phones, it’s likely that you would have claimed a depreciation expense. So, what’s the difference between temporary full expensing and instant asset write-off? Temporary full expensing allows eligible businesses to claim an immediate tax deduction for the business …
From 1 July 2022, two important super guarantee changes will apply to your business. Whats’ changed The rate of Super Guarantee is increasing from 10% to 10.5%The $450 per month eligibility threshold for when Super must be paid is being removed. What this means for you These changes mean that from 1 July 2022 you’ll need to make Super contributions …
