Tax Tips for small businesses
Common Tax Deductions for Small Business There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are entitled to? Operating expenses include accounting, administration, advertising and marketing, office […]
Federal Budget – what you need to know
At 7:30pm tonight the government will announce the budget. They’ve even got a countdown timer at – https://budget.gov.au/ 1. Tonight’s Budget 2. Past Budgets 3. Next Steps TONIGHT’S BUDGET A few things I’ll be watching for tonight: – Whether the $1,080 LMITO (the ‘Lamingon’/Low Middle Income Tax Offset) which is reduced from employees regular payslips, will be […]
Building & Pest Inspection For Property You Didn’t Buy
Property Purchased = Cost Base for Capital Gains Purposes You probably already know that the Building and Pest Inspection (and also your Conveyancing Costs) form part of your Cost Base for Capital Gains purposes. This means unfortunately that you do not receive an immediate tax deduction for them, but that they reduce your capital gain […]
Registering a Company and Trust
We set up a number of Companies and Trusts for our clients – here are some of the most asked questions (and things that we like to explain to ensure a smooth process). Each question is answered as concisely as possible. This means that many questions will refer to a definition in another question. […]
How PAYG instalments work
PAYG quarterly instalment system – like a car! The PAYG instalment system is like a car. It is simple – it has an engine and it takes you places. While I don’t need to understand how the engine works, by doing certain things (like taking off slowly, not running the air conditioner at the bottom […]
Coronavirus Super withdrawal implications – the hangover that could last the rest of your life
While I don’t disagree with the Australian government’s decision to allow people to take out $10,000 one year and $10,000 the next due to Covid-19 – I do not view it as a lifeline. I view it as having a massive night out – but the hangover could last the rest of your life.