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 2023 tax return so you can get your tax done quickly and get any refund due to you in your bank! Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income,
With the temporary full expensing (TFE) incentive due to end on 30 June 2023, the federal government has announced the reintroduction of the small business instant asset write-off. Businesses with an aggregated turnover of less than $5 billion The TFE rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose before 30 June 2023. You and your business must be mindful that
Your Fringe Benefits Tax Return is due soon If you are lodging your own fringe benefits tax (FBT) return you need to lodge and pay by the 21st of May. If we are lodging on your behalf, your due date is not until the 25th of June. If you have been paying FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return to assess whether you have paid too much or too little throughout the year. If
ATO’s crackdown on residential investment property loans and tax compliance The ATO has announced the commencement of a data-matching program for property investors to acquire residential investment property loan data from authorised financial institutions. Sample audits conducted under the ATO random enquiry program indicate a net tax gap of $9 billion for the 2019–20 income year attributable to incorrect reporting of rental property income and expenses. A significant driver of the gap was incorrect apportioning of loan interest costs where the loan was
2023 Federal Budget Highlights The Federal Treasurer Jim Chalmers handed down the 2023 Federal Budget on 9 May 2023. The following is a list of highlights from a tax and superannuation perspective. Businesses The instant asset write-off threshold for small businesses applying the simplified depreciation rules will be $20,000 for the 2023-24 income year. An additional 20% deduction will be available for small and medium business expenditure supporting electrification and energy efficiency. FBT exemption for eligible plug-in hybrid electric cars will end from 1 April
Your upcoming tax calendar for April and May 2023 As we come up to the end of March, we have our final 3 months to finalise tax planning for the 2023 income year. Despite the need for tax planning, April and May are also critical months to ensure all your tax lodgments are complete to avoid any penalties. In order for you to be across your tax obligations, below are the key compliance dates coming up. If you have questions or need help
Which is more important? Cashflow or profit? Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things. Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to have the best possible financial health. The difference between cashflow and profit Understanding the technicalities of financial reporting can be daunting as
New Family Trust Tax Rules – Will the Changes Impact You? If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The changes won’t affect every small business operating through a trust arrangement, but it’s important to check that existing provisions meet the new requirements. The ATO is interested in agreements where parents benefit from trust income allocated to their children or other family members, particularly where tax avoidance
When you run a small business, the amount of work can ebb and flow. Unexpectedly busy periods can create too much work and stress for a small team or one-person business. But if a surge is seasonal or unreliable, you don’t necessarily want to commit to taking on another employee. One solution is to use outsourcing to give you some flexibility during busy periods. What could you outsource? There are several types of jobs that can be ideal for outsourcing: Tasks you dread, usually
If you are lodging your own annual GST return you need to lodge and pay by the 28th of February. If we are lodging on your behalf, your due date will be the same as your tax return date. We will advise you of this in plenty of time. If your not-for-profit entity is not required to lodge a tax return, the due date will be the 28th of February. Things to review before finalising your annual GST return: Have you allocated
