How can Artificial Intelligence (AI) help with your Tax Return
Tax time will be just around the corner. Can you use AI to help with your tax return? The answer is: Yes, you can, and chances are you already do as AI is built into nearly all existing software people use. But there are some limitations and considerations to keep in mind. Pre-filling and Data […]
GST on Property Developments
Are you thinking about subdividing land or building a new home and selling, in Australia? Then understanding Goods and Services Tax (GST) is key, especially since it can be up to 10% of the sale price, and can impact your project in various ways. Your intent behind the project can significantly affect your GST obligations. […]
The Latest Tax Reforms and What They Mean for Small Businesses
Recent tax reforms in Australia have introduced significant changes that impact small businesses. From adjustments in thresholds to new deductions and compliance requirements, understanding these changes is crucial for business owners to optimise their tax obligations and take advantage of available benefits. Key Tax Reforms Affecting Small Businesses Corporate Tax Rate The Australian government has […]
Federal Budget 2025-26
Approaching an election, the 2025-26 provided little in way of substantive tax announcements. This of course is Labours bid for re-election. We will see the alternatives later this week when the opposition has its turn. As a result, none of the below should be considered a sure thing! Our summary is as follows: The highlights: […]
Reporting Requirement Changes for Not-for-Profits
As a follow-up to the email we sent to our clients last year, we want to reiterate the importance of staying informed and up to date with the new reporting requirements for not-for-profit (NFP) organisations. Starting from the 2023–24 financial year, NFPs with an active Australian Business Number (ABN) are required to submit a self-review […]
Contractor or Employee?
Contractor or Employee is a question that is often misunderstood by businesses. Just because someone is paid under an ABN, it doesn’t mean the law treats them as a contractor. Misclassifying a worker can result in having to pay superannuation, workers compensation, minimum award payments, payroll tax and penalties that otherwise may not have been […]
Cyclone Alfred Support Options
Cyclone Alfred’s heavy rains and winds are expected to leave many communities affected. Disaster relief is available, particularly in relation to their Australian Taxation Office (ATO) obligations. The ATO provides key resources to assist those affected by natural disasters, including flood support options. If you or someone you know are dealing with the impact of […]
Bookkeeping for Small Businesses
Running a small business means balancing many tasks, and managing finances is one of the most important. Proper bookkeeping helps you manage your finances, make informed decisions, and stay compliant with tax obligations. There are many benefits of good bookkeeping: Financial Clarity – Good records give you a clear picture of your business’s cash flow […]
The Benefits and Dangers of AI
As we navigate the ever-evolving landscape that is Artificial Intelligence (AI), it’s crucial to stay up to date with technological advancements that will inevitably become more prevalent. While AI offers numerous benefits, it also presents certain challenges that must be considered when implementing. Popular AI tools like ChatGPT and Microsoft Copilot are great tools to […]
Changes to Study and Training Loans
If you have study or training loans, there is some great news for you. Changes to Study and Training Loan Indexation: Indexation for study and training loans will now be based on the lower of the Consumer Price Index (CPI) or Wage Price Index (WPI) This change is backdated to 1st June 2023, and applicable […]