Blog
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...
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...
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...
Super Guarantee Rate is Set to Rise from July – Are You Prepared?
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5%...
Why accurate leave management is so important
Managing employee leave might seem like quite a basic task for many businesses - especially smaller ones with only a few employees - and it can be tempting to take a relaxed approach. But unless you diligently track, manage, and pay leave for every single employee,...
Have you taken an Odometer Reading for FBT?
Fringe Benefit Tax (FBT) applies to benefits to your employees that are additional to their salary or wage, such as personal use of a company vehicle. Make sure you have your records in order, to take advantage of exemptions that might reduce your tax bill. The Fringe...