While inflation peaked at 7.8 per cent last year, cost of living pressures are still being felt by consumers and small businesses alike. In the current environment it’s important to look at your outgoings, whether it’s your personal financial situation, or your businesses’ bottom line, and see if there are any areas you could possibly […]
Considerations for refinancing your home or business loan Read More »
Does your business have a fleet of 5 or more vehicles/assets that are regularly turned over? Then the following is relevant to you: A Master Asset Finance Agreement (also known as Master Lease Agreement, or leasing line) is a solution we put in place for companies that have semi regular asset purchases in their
Asset finance for high volume purchases Read More »
Significant Tax Benefits for EVs and Plug in Hybrid Vehicles (Company and Employee Benefits) There have been initiatives introduced by the Federal government to increase the uptake of Electric and Hybrid vehicles. These initiatives are designed to provide benefits to company owners and employees. When you traditionally purchase a vehicle in your company,
Electric & hybrid vehicle tax benefits Read More »
Businesses looking to attract and retain staff often provide employee benefits, on top of salary, as a way to sweeten the deal. Many of these benefits (but not all) can have potential tax consequences – known as fringe benefits tax (FBT) – so it is important to weigh up the effect on your business. FBT
Navigating FBT and your obligations Read More »
Whether you are selling your business because you have to, or because you are planning a well-earned retirement, it pays to step through the process carefully. In particular, if the sale isn’t handled correctly, you could find yourself receiving a hefty tax bill, as selling a business triggers capital gains tax (CGT). Don’t rush it!
How to get your business ready to sell Read More »
It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area. The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or
Making sure your deductions don’t get personal Read More »
Is your business running efficiently, or is it running off the rails? It is often said that small business owners are so busy working in the business that they don’t work on the business. But, with economic conditions softening, it is a good time to take action. According to the ATO, simple habits like managing your cash
Signs of a well-run business Read More »
We’re all now only too aware of the risk of cybercrime after the well-publicised data hacks of Medibank Private and Optus. Although these crimes involved large organisations, email scams, cyberattacks and online scams also represent a major risk for small businesses, particularly if you don’t have the funds or knowhow to strengthen your digital security.
Small business risk and cyber security: Are you prepared? Read More »
As digital tools continually evolve, it is more important than ever to make sure you understand your tax obligations and comply with them. The Australian Taxation Office has been expanding and improving its data matching programs. Data matching compares data from a range of private and government organisations with the information you have provided to
Small business and SMSFs: keep an eye on the rules Read More »
Prior to 30th June each year, it is good to make sure that you have done everything that you can do (legally) to reduce your taxable income and minimise any tax that may be payable. Here are a few things that can be done to assist with this: Review your trade receivables – review your
With the cost of living continuing to rise, it can feel increasingly hard to make ends meet in terms of your personal finances, and it can also be challenging running a business in an inflationary environment. One way of combatting inflation is to reduce the escalating cost of borrowing by reviewing your current arrangements. A
Time to refinance? Considerations for mortgage holders and businesses Read More »
The availability to fully expense the purchase of new or second hand assets is coming to a close. However as in previous federal budgets, this benefit has been expanded. As it stands currently, it is ending on 30 June 2023. This tax benefit is available to businesses with an aggregated turnover of less than $5
Temporary full expensing of assets to 30 June 2023 (… unless extended again) Read More »