Tax

What Action Can I Take Now to Save my Business?

By |2020-03-29T09:13:04+00:00March 29th, 2020|Tax, Uncategorized|

Guess What. Nothing Will Happen If YOU Don’t Own this Situation and DO Something About It. What Action Can I Take Now to Save my Bacon Business? It is important to still keep on top of your business’s financial situation even if you aren’t making sales at the moment. Here are some actions you can do now: Cancel any subscriptions you won’t be needing. Stay on top of reporting obligations. Keep your biz numbers up to date (make sure your xero/ quickbooks/ MYOB are [...]

How Is The ATO Helping Us?

By |2020-03-25T22:00:39+00:00March 20th, 2020|Tax|

How Will the ATO Help Us During this Time? The ATO is offering up all the goodies to help small business owners: Reversed Interest and Penalties. Flexible Payments. PAYG I Refunds, and PAYG W Credits. Their #1 priority is keeping cash flowing both in and out of individuals and businesses's hands, as well as keep Australians employed and working. Monthly BAS Option for Quarterly BAS Lodgers This is helpful if you usually get refunds when lodging your BAS. The ATO will also allow quarterly [...]

Stimulus Support for Businesses

By |2020-03-21T00:15:36+00:00March 20th, 2020|Business, Tax|

Federal Government Support: Cash Flow & Employment It's all about cash flow assistance and support in keeping Australians employed and working. The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees during the Coronavirus health crisis. The federal package is front-loaded, meaning a burst of money comes at the start – $11 billion over the next three months. Here are the highlights:  $750 one-off cash payment to welfare recipients will be received by 6.5 million Australians including those on [...]

Stimulus Support for Individuals

By |2020-03-21T00:19:01+00:00March 19th, 2020|Tax|

$750 One Time Payment for Individuals From the Federal Government. Stimulus Payments (subject to the passage of legislation).  What's the $750 Payment All About? The Federal Government will provide a one-off $750 payment to around 6.5 million social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. This payment will help to support confidence and domestic demand in the economy. There will be one payment per eligible recipient. That is, if a person qualifies [...]

Got a Tax Bill This Year? Get Organised for Next Year

By |2019-08-13T04:08:40+00:00August 13th, 2019|Tax|

Did you get an unexpected bill from Mr. ATO after you lodged your most recent tax return? Well, that just plain sucks. I know this, because it's part of my job to deliver this not so good news to clients sometimes. First - let me say that owing tax is actually a good thing, because it means you made more money than you spent in your business. So if you end up with a tax bill, you don't have the problem that over 70% [...]

The $1080 Tax Cut Explained

By |2019-07-04T07:19:40+00:00July 4th, 2019|Tax|

What the $1,080 Tax Cut Means for You We want to be the FIRST to give you the low-down on this massive tax cut that will more than likely mean a bigger refund in your pocket!   Australians earning up to $126,000 will get “tax relief” packages of up to $1,080. If you’re earning up to $37,000 you’ll get up to $255.   And if you’re earning between $37,001 and $47,999 you’ll receive between $255 and $1,080.   If you’re earning between $48,000 and [...]

9 Sneaky Tax Deductions You Can Claim as a Business Owner, Student or Employee

By |2019-07-01T05:09:36+00:00June 29th, 2019|Business, Tax|

"What can I claim on my tax return?" - is one of the most common questions we get asked as tax accountants. So we thought we'd share a few commonly misunderstood or missed deductions that you may have forgotten about! 1. Home Office Allowance If you thought working in the comfort of your own home, wearing your pyjamas, and sipping that coffee that didn’t (Or did...) cost you $6 from your local coffee shop was living the life, then think again! Because it can [...]

2 Changes for Business Tax in the New FY That You Need to Know About

By |2017-08-07T03:58:53+00:00June 28th, 2017|Tax|

Each new financial year, there will be changes introduced by the Australian Tax Office that affect individuals and businesses in many different ways. Last year, there were a whole host of changes that caused a bit of chaos - thankfully, settled down now and all under control. In the next few weeks however, there are some more changes coming - from July 1 - and while there aren’t many, they will be quite significant for businesses at a certain growth stage. The definition of small [...]

5 Easy Deductions That Businesses Often Miss

By |2018-10-16T09:43:44+00:00June 19th, 2017|Tax|

When it starts getting close to the End of the Financial year, many businesses have a freak out about all the expenses they *forgot* to claim throughout the year, didn’t keep receipts for, or perhaps just didn’t pay attention to. We decided to compile a list of five easy deductions that you can still claim - or at least start doing so from the start of the next financial year! Coffee Catchups with Clients If you’re meeting clients or customers and spending money to do [...]

Want to break up with your old accountant? We can do it for you.

By |2017-08-07T04:19:17+00:00May 14th, 2017|Tax|

If you're thinking of getting a new accountant and moving on from your existing accountant, rest assured that changing your accountant is a very smooth process. Best of all, we'll do most of the hard work for you. It's as easy as 1 - 2 - 3. Step 1 Choose your new tax accountant. (Us, naturally). Step 2 Get in touch (with an email or an appointment). It is important that you like us. Step 3 Let us break up with your old accountant. We'll do it [...]

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