Tax Deduction Changes

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 …

Budget highlights

Budget Highlights for Business Owners

These are my Top Three highlights 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 be …

Full Tax Deductions

Instant Asset Write Off & Temporary Full Expensing = 100% Tax Deductions

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 …

Employee Super Increase to 10.5%

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 …

Stay Safe

What’s on the Tax Office Radar

Australian Taxation Office Focus The ATO has announced its 4 key focus areas for Tax Time 2022 Record-keeping; Work-related expenses; Rental property income and deductions; and Capital gains from crypto assets, property, and shares. The ATO says that these priority areas will be scrutinised for correct reporting of deductions and income in 2022. The “golden” rules for taxpayers you must …

Budget Highlights for Business Owners

Technology Investment Boost $1.0 billion for a new Technology Investment Boost to encourage small businesses to go digital. Small businesses with annual turnover less than $50 million will be able to deduct a bonus 20% of the cost of expenses and depreciating assets that support digital uptake. This includes; portable payment devices, cyber security systems and subscriptions to cloud-based services. The boost …

Income Tax, BAS & Super Due Dates

Keeping on top of due dates can help you keep your business running smoothly. Take note of the most important financial dates for 2022 to plan for the year ahead and avoid any unnecessary penalties. End of Financial Year (EOFY) The end of the financial year is an important time for your small business. The last day of the financial …