Blog
Happy Retirement John!
This week we sadly farewell John Payne as he commences his retirement. John, along with James Devenny, founded Devenny Payne Taxation & Business Services back in April 2007, from the original offices at 183 Main Street, Bacchus Marsh. Prior to that, John...
Tax Tips for Property Investors
If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2021 financial year. Income to Declare All income earned from each property must be declared. If you have multiple...
Tax Tips for Individuals
Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2021 tax return so you can get your tax done quickly and get any refund due to you in your bank! ...
Business Costs Assistance Program Round Two – Eligible ANZSIC classes
If your ANZSIC industry code is not on this list, you are not eligible for funding through the Business Costs Assistance Program Round Two. This list applies to both employing and non-employing businesses in Metropolitan Melbourne and Regional Victoria. *...
Tax tips for self-managed superannuation funds
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are...
2021-22 Australian Federal Budget Key Measures
Tax slabs for individuals have remained the same for 2021-22: The table above is taken from the Government's Budget website - talk to us about actual figures for your situation. To support household income and create more jobs, the Government is retaining the...
Tax Tips for small businesses
Common Tax Deductions for Small Business There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are...
Can Your Business Claim the Loss Carry Back Tax Offset?
As part of the Federal Budget 2020-21, the government announced a loss carry-back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities...
Payroll Updates – Minimum Wage, Super Increase and STP Finalisation Date
Navigating Payroll? We can help keep you up to date on changes this year, including new rules for casuals. Minimum Wage Increase - 1 July 2021 The national minimum wage increases on 1 July by 2.5% to $20.33 per hour (or $772.60 per week). The minimum...
Selling property for $750K+
If you are thinking of selling a property with a market value of $750,000 or more, they must apply and be eligible for a clearance certificate. When you sell a property and don’t have a valid clearance certificate at or before settlement, the purchaser must...
Changes to Company Tax Rates – Less Tax?
Some companies are eligible for lower tax rates. We’ll always apply the tax law for your benefit when we prepare your company tax return. Company tax rates apply to companies, corporate unit trusts and public trading trusts considered to be base rate entities. ...
Key points in the Federal Budget 2021-2022
The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives, and tax cuts. Budget Highlights for Business Temporary full expensing measures extended until 30...