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The world of tax and business is everchanging.
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- How well do you know your Business? It is a good idea to periodically review key aspects of the individual components of your business. Customers Who are your customers? How well do you know their preferences? Do you know your “A-grade” customers? Are you solving your customers’ problems with your products/services? More…. 2.07.2019 | Read more
- Records for claiming work-related expenses When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income, and importantly... Read more » 10.06.2019 | Read more
- Instant asset write-off In last month’s article about working from home, mention was made of the small business instant asset write-off. However, this was written before the Federal Budget, which made changes to the write-off. The small business instant asset write-off threshold has now been increased to $30,000. It has also been extended to cover medium sized businesses... Read more » 2.05.2019 | Read more
- Creating Value in your Business Business owners often get so buried in the day to day, that we forget the myriad of essential building blocks required to be kept in check, to create, build, maintain and ultimately sell a business. It can be a real challenge to keep all the plates spinning, regardless of the size or stage of the... Read more » 16.04.2019 | Read more
- The approach to tax when you’re working from home If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions. Otherwise the ATO takes the view that... Read more » 4.04.2019 | Read more
- When valuations of property are important for tax There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands. A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes. For example, let’s say that Humbert... Read more » 12.03.2019 | Read more
- Key Factors for a Successful Business 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 the business. This means implementing systems, regular meetings, adopting business... Read more » 12.03.2019 | Read more
- Stop Press: Single Touch Payroll to cover all Businesses from 1 July 2019 The extension of Single Touch Payroll (“STP”) to employers with 19 or less employees has finally passed both Houses on 12th February 2019, after amendments were tabled late last year. This will mean that employers with 19 or less employees will have to report under STP rules from 1 July 2019. Businesses with 20 or... Read more » 13.02.2019 | Read more
- Guide to making motor vehicle claims A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses. Of course every person’s circumstances may be different, but the following covers most of the relevant information. Key points to keep in mind include:... Read more » 6.02.2019 | Read more
- Cyber Security Small Business Program – Grants A new Grants program for SME’s has recently been announced and is provided to eligible small businesses. What does it offer? Grants up to $2,100 will be provided to small businesses (with 19 or fewer employees) for up to 50 per cent of the cost of a certified small business health check. The health check... Read more » 16.12.2018 | Read more