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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

Employees of non-small business employers can now access 10 days of paid family and domestic violence leave in a 12-month period.   Employees of small businesses can access the leave from 1 August 2023.   Employees have had an entitlement to unpaid family and domestic violence leave (FDVL) for some time as part of the National Employment Standards (NES). But as of 1st February this is a paid leave entitlement for employees of larger employers and 1 August 2023 for employees of small employers

Business plant and equipment: Buy or lease? When your business needs new plant or equipment, what’s the best choice – buy or lease? The answer will depend on your specific circumstances, but there are some basic considerations that can help you weigh up the options.   The advantages of buying   Buying gives you certainty and ownership, at a higher upfront price, but a lower total price. Owning an item of plant or equipment gives you unrestricted use for the lifetime of the item. You

Your upcoming tax calendar for February and March   Welcome back to work after what was hopefully a restful and lovely summer break! And welcome to 2023, where we are truly looking forward to working with you and your business this year.   In order for you to be across your tax obligations as you get back into the swing of things, below are the key compliance dates coming up. If you have questions or need help with any of the following, we are