When trading in an old car to purchase a new one, it’s crucial to understand the tax implications. Here’s a comprehensive guide for small business owners considering non-fuel efficient, fuel-efficient, and electric vehicles, including options like utes with specific towing capacities. Tax Implications Overview Below is a table summarizing the key differences in tax implications … Read more
In the dynamic world of small business, managing your cash flow effectively is not just a good practice – it’s essential for survival and growth. Understanding and implementing cash flow forecasting can be the compass that guides your business through uncertain financial seas. But what exactly is cash flow forecasting, and how can it transform … Read more
Hello small business champions! The festive season is knocking on our doors, and it’s time to think about the Christmas party. You want to be the boss who hosts a bash that’s talked about well into the New Year, right? But here’s the catch: you want to do it smartly, without getting lost in a … Read more
Discover the essentials of GST on food products for small businesses in Australia. Learn about the latest rulings and classifications in a simplified guide, ensuring your business stays compliant and informed.
Navigating the landscape of self-education expenses can be challenging, especially when trying to determine what is deductible on your tax return. The Australian Taxation Office (ATO) has provided guidelines on this subject, and in this article, we’ll break it down for you. 1. Basic Principle: Relevance to Current Employment If your studies relate directly to … Read more
The winds of change are blowing for property investors in the realm of short-term rentals. If you’ve capitalized on the short-term rental trend or have been keeping your properties vacant, there’s an upcoming tax shakeup that’s worth your attention. The Victorian Government has recently announced Australia’s premier short-stay property tax, set to come into effect … Read more
Want to give your business an energy-efficient boost? Read on to find out how! 🌍 The Future is Electric Gone are the days of gas and fossil fuels. The spotlight is now on electricity and energy efficiency. The government has introduced an incentive to help businesses shift towards cleaner energy solutions. 💰 What’s the Deal? … Read more
The Skills and Training Boost gives you a 120% tax deduction for external training courses provided to employees. The aim of this boost is to help SMEs grow their workforce, including taking on less-skilled employees and upskilling them using external training to develop their skills and enhance their productivity. Sole traders, partners in a partnership, … Read more
For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22 alone, the Fair Work Ombudsman recovered $532 million in unpaid wages recovered for over 384,000 … Read more
In the ever-evolving business landscape, small businesses must continually adapt and innovate to remain competitive. Recognising the importance of digital adoption and skills development in driving business growth, the Australian Federal Parliament has introduced new tax incentives as part of the 2022-23 Budget. These incentives, known as the Small Business Technology Investment Boost and the … Read more
