Spend $100 and get a $120 tax deduction

2022-06-23T14:07:40+10:0023rd June 2022|News|

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction.

Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.

But, there are

What tax changes are taking effect on 1 July 2022?

2022-06-23T14:07:02+10:0023rd June 2022|Accounting, News, Taxation|

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:

For business

Superannuation guarantee increase to 10.5%

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on

The new Lifetime Director IDs

2022-05-08T19:00:47+10:008th May 2022|Advisory, News|

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.

ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered. Or at least

Are your contractors really employees?

2022-05-08T19:00:00+10:008th May 2022|Accounting, Advisory, News, Taxation|

Landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.

Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However, each

Mental health support for business owners

2021-09-30T16:39:53+10:001st October 2021|Accounting, News, Taxation|

Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.

NewAccess for Small Business Owners is a free and confidential mental health program developed by Beyond Blue to give small business owners the support they need. Whether you’re just feeling stressed, or