Take charge this financial year   It’s a brand new financial year, and it’s time to take charge of your finances! Whether you’re an aspiring budget master or looking to level up your money game, here are some tips to kickstart your financial success.   1. Set clear financial goals Take a moment to define what…

ATO Watch List 22/2023   A reminder that the ATO has announced that its 3 key focus areas for this Tax Time are: rental property deductions; work-related expenses; and capital gains tax (CGT)   The ATO is continuing to prioritise areas where they often see mistakes being made and by addressing these hope to support…

The 2023-24 Federal Budget was delivered last night by the Treasurer. Read below our summary of the announcements:   Personal Taxation Personal tax rates unchanged for 2023-2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023-2024 tax rates and income…

Earth Day is an annual celebration that takes place on the 22nd of April and is a great opportunity to make a positive impact on the environment by adopting sustainable practices at home and within in your business. Along with investing in our planet, adopting sustainable practices can actually save small businesses money in the long…

The ATO recently released updated guidance on the methods to use when calculating Working from Home (WFH) deductions. These new rules apply from 1 July 2022.   The updated options are: Revised fixed rate method Actual costs method   The previously available Short cut (80c per hour) method is no longer available for use from…

An alert this week from the ATO warned accountants to ask the right questions of their clients when it came to their holiday home deductions as it would pursue those doing the wrong thing. ATO is on a warpath to eradicate those over-indulging in deductions, accountants must be prepared to ask more questions of their…

Whilst self-managed super funds (SMSFs) provide members with a high degree of control over their retirement savings, with this control also comes responsibility. As a trustee one of your responsibilities is to ensure proper and accurate tax and super records are kept. Whilst an annual SMSF financial and compliance audit requires the trustee to provide…

To help reduce filing errors it is important to review key information before you report to the ATO. Our friends at Xero have created a detailed EOFY Payroll checklist to help you navigate the end of year payroll process from start to finish: XERO EOFY PAYROLL

The 2022-23 Federal Budget has been delivered by the Treasurer this week. Read below our summary of the key announcements: Personal Taxation PERSONAL TAX RATES UNCHANGED FOR 2022-2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The…