Everyone wants to succeed in business and while success can include a range of factors, in the end it all comes down to whether or not your business makes a profit. The fact is, every business owner wants to boost their profits to create a more valuable business and to enjoy the personal prosperity that…
The repayment thresholds and rates of the Higher Education Loan Program (HELP) 2019/2020 Financial Year have been released.
From 1 July 2019, new tenderers and first-tier subcontractors looking to secure government contracts over $4 million will be required to provide a satisfactory ATO Statement of Tax Record (STR) showing acceptable engagement with the tax system.
There are common misconceptions about what you can claim when it comes to claiming work related expenses. Follow the three golden rules for claiming work related expenses.
The ATO has ramped up data matching relating to cryptocurrency transactions to ensure that taxpayers are meeting their taxation and superannuation responsibilities with cryptocurrency operations and ownership.
The instant asset write-off threshold has increased and the eligibility extended. From 2nd April, up to 30th June 2020, small businesses have the ability to immediately write-off assets purchased for less than $30,000. Medium sized businesses with turnover between $10 and $50 million now also have access to the scheme.
The ATO is prioritising investigations into rental deductions this year. With double the number of in-depth audits planned, the ATO will address unjustifiable claims and prompt taxpayers to amend their returns, with over-claiming attracting penalties of up to 75% of the claim.
Asset valuation is a key responsibility as part of SMSF financial reporting, and the ATO is reminding SMSF auditors of their obligations to verify asset values or risk breaching their duties.
Tax planning is a proactive must-do activity for business owners who wish to minimise tax and improve their cashflow, maximise opportunities for growth, build personal prosperity and, of course… succeed in business. There are actions you can take now which can significantly impact the amount of tax you pay. Not only can planning reduce your…
Financial insight is an acquired skill. Even the most experienced business owners can overlook opportunities or put themselves at risk of issues that are actually in plain sight, simply because they are busy and distracted. Insight is a business super power you’ll develop as your business grows and matures, but until then, how to succeed…