Business In Distress? Proactive Steps You Can Take Before EOFY
Businesses facing financial challenges must take proactive steps as the end of the financial year approaches to ensure compliance and set a foundation for recovery. The Australian Taxation Office (ATO) has intensified efforts to recover debts, leading to a surge in insolvencies and restructuring plans . Therefore, it’s crucial for struggling businesses to […]
Tax Concerns When Managing an NDIS Budget
Self-managing your National Disability Insurance Scheme (NDIS) budget can give you more control and flexibility. However, it also comes with important tax responsibilities – especially if you’re hiring support workers directly or receiving NDIS funding as a participant, nominee, or plan manager. Understanding your tax obligations can help you stay compliant and avoid […]
Carrying Forward Contributions Before The EOFY
As we approach the end of the financial year, it’s a great time to review your superannuation strategy – especially if you haven’t used up your concessional (pre-tax) contribution caps in recent years. Thanks to the ATO’s carry-forward contributions rule, you may be able to boost your super and gain a tax advantage by […]
Preparing A Business For EOFY
As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time. EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial position for […]
Changes to Australian Workplace Laws
The Australian Government has passed the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 that changes a number of existing rules and introduces a range of new workplace laws. The Fair Work Act has been amended to change a number of existing rules and include a range of new laws. Many of these […]
Super Fund Fees – Are Yours High, Medium Or Low?
No matter the kind of super fund you opt for, or how it has been performing, you will be subject to super fees. Understanding how these fees work and the difference they can make to your nest egg is vital. When it comes to super fund fees, there are two factors you need to get […]
Working from home deduction changes for 2022–23
The record keeping requirements and methods for calculating working from home deductions has changed for the 2022–23 income year onwards. Following consultation with the tax profession, the proposed changes to the working from home fixed rate method have been finalised, and PCG 2023/1 is now available. From the 2022–23 income year, the methods available to calculate working from […]
Privacy Act changes bring tougher penalties for data breaches
As part of a wider review of the Privacy Act 1988 (Cth), the recently passed Privacy Legislation Amendment (Enforcement and Other Measures) Act 2022 (‘the Amendment Act’), brings increased penalties for serious or repeated privacy breaches and allows for broader regulatory powers for the Office of the Australian Information Commissioner (‘OAIC’) to resolve breaches. Recent […]
Have You Made Your Business’s New Year Resolution?
Coming out of the holiday period is usually a slow time for businesses but there’s never been a better time to get on top of things. A new year brings business owners great motivation and opportunities to bring their businesses to greater heights. Whether you want to get on top of your business’ finances, relationships, […]
Uncomplicating The Tax Treatment Of Life Insurance
Have you recently purchased life insurance? The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that individuals and businesses alike seek assistance from accountants. The deductibility of premiums and treatment of claims payouts can be a complex, nuanced topic. The opportunities and […]