‘Tis the season for parties and bonuses
The Christmas season is well and truly upon us and with it comes a spirit of generosity; perhaps a few gifts, hopefully a party or two, and maybe, if it’s been a good year, a bonus. When it comes to parties, gifts and bonuses from businesses, the ATO has a few guidelines, and it’s wise […]
Artificial Intelligence in Bookkeeping
AI, or artificial intelligence, seems to be the buzz word on everyone’s lips with the release of more sophisticated programmes such as Chat GPT 4 which can generate and edit creative and technical writing tasks. So how does AI fit into the bookkeeping and small business landscape and how useful is it as a tool? […]
The ATO’s Stricter Approach to Late Super Payments
If you are an employer, you would be aware of your important responsibility you have on ensuring your employee’s super payments are paid on time and in full. Of late, we have noticed that the ATO is taking a stricter approach to late paid super; clients have been penalised, even if the payment was made […]
Price Increase from 1 July 2023
As you may be aware, we are in a rapidly changing world. With inflation rate rises, businesses are needing to increase their prices to keep up; and our business is no exception. We have been encouraging clients to constantly review their pricing, because keeping prices moving to at least track inflation is the only sustainable […]
Have you Finalised your STP for 2023? All you need to know about End of Year STP Finalisation with STP2
If your business has opted into Single Touch Payroll (STP), you are no longer required to produce individual payment summaries for your employees. Instead, your payroll data is finalised by making an STP finalisation declaration which needs to be lodged by 14th July and is done through your accounting software. Here are some of our […]
Ending Soon! Instant Asset Write-Off
“Instant Asset Write Off” winds back 30th June 2023 – what does that mean for my business? Between 2019 and now, we have been living in a world of ever-increasing allowances for businesses to buy equipment such as vehicles and machinery and claim the purchase immediately in the year it was purchased (rather than claim […]
2023 – 2024 Federal Budget Announcement Last night’s 2023/24 Federal Budget announcement did not deliver any major surprises, but there are a number of key announcements. We have summarised the key issues below. If you need to discuss your specific circumstances, our team is ready to speak with you about your situation. Stage 3 Tax […]
2023 Changes to Land Tax – Summary
Land tax is applicable to all states in Australia, with the exception of the Northern Territory. It is a complicated area of tax law and one that has rules differing between states. Land tax is a tax levied on the owners of land in NSW as at midnight on 31 December of each year & […]
Changes to Work from Home Deductions
1 March 2023 marked a significant change to the record keeping requirement for those working from home in claiming working from home deductions in your income tax returns moving forward. The ATO has recently announced changes to working from home deductions and the shortcut claim method (80 cents per work hour) is no longer available. […]
Superannuation – The Government’s Proposed Changes
For a number of months now there has been speculation with respect to changes to Superannuation – and in particular members who have significant funds in Superannuation. The present regimes taxes income as follows: Super zero to 15% – (Penalty tax rate of 47% which is not being discussed as funds presumed to be complying.) […]