Insights

As year-end approaches, there is a small window for small businesses to get their finance in order, optimise their tax and plan for the next year. In this article, we take a closer look at five things you can do to get your finance and tax in top gear

• Surplus of $4.2 billion for current financial year •. Deficit of $13.9 billion expected in 2023-24 •. From 1 July 2026, employers will be required to pay superannuation on payday, rather than quarterly

High commodity prices and a strong labour market have delivered stronger revenues and enabled the Federal Government to post the first budget surplus in 15 years while also funding key programs and cost-of-living relief. Federal Treasurer Dr Jim Chalmers forecasts a surplus of $4.2 billion – or 0.2 per cent of GDP – in 2022-23, an improvement of $41.1 billion on last year’s October budget.

Did you know that certain food and drink expenses can be considered business expenses and hence tax deductible?

Single-touch-payroll or STP is monthly online payroll submission directly from payroll software to replace annual manual payroll reporting. Phase 2 requires all businesses to start submitting payroll data by the 31st of March 2023.

For the 2022-23 financial year, the shortcut method will be discontinued. Only two methods are available to calculate these deductions: a revised fixed rate and the actual cost method.

Understand the aspects within having an SMSF such as contribution and rollovers, investing, paying benefits, and winding up.

As a director, you hold significant responsibilities regarding the operation and management of the company. Here are several obligations you must fulfill as a director.

If you are a foreign resident, you may be entitled to the main residence exemption from capital gains tax (CGT) for property sold after 30 June 2020, if you satisfy the requirements of the life events test.

If you are a foreign resident and you sold property after 30 June 2020, you may be entitled to the main residence exemption from CGT if they meet the criteria of the life events test.

There is an increased requirement for evidence to support your home office or work from home expenses claim.

Federal Budget 2022-23 for business

Summary of he 2022-23 federal budget for business as delivered on 25 October 2022.

Highlights of he 2022-23 federal budget for personal tax as delivered on 25 October 2022.

First Home Super Saver Scheme

Common questions on super contribution caps.

Frequently Asked Questions on Downsizer Contribution

Stay abreast of changes to the down-sizer contribution, the work test, the bring-forward rule, the first home super saver scheme, and more.

A bare trust or custody trust is a simplest form of trust in which the beneficiary has the absolute right to the trust's assets and income. It is commonly used to acquire a single asset for an SMSF in a limited recourse borrowing arrangement.

A quick run down of the most frequently asked questions on Fringe Benefit Tax

How to assess your accountant's performance and what to expect from a great accountant.

An introduction to understanding self-managed superannuation fund (SMSF) and how it allows you to take control of your retirement savings.

Much welcoming news to the housing market that the Government has funded $780 million to help homeowners and buyers in specific categories under the Shared Equity Scheme

If you are a backpacker or travelling in Australia on a working holiday visa, you could be entitled to a tax refund!

On March 29th, 2022, Treasurer Josh Frydenberg announced the Federal Budget for 2022-23. Here are some key takeaways you should know.

The basic rules for claiming work expenses.

On the July 1st, 2022, various changes to superannuation contributions will come into effect.

Payroll is not just mere routine admin but one of the most important functions of business.

Would you like financial leadership without the costs of a finance executive? Here is why an external CFO may be beneficial for you and your business.

Have you been affected by the March 2022 storms and flooding? Here a list of financial assistance provided by the NSW Government that you may be eligible for.

Is your business affected by the storms and flooding the past few months? The NSW Government is providing a disaster recovery grant for small businesses and not-for-profit organisation.

As a temporary COVID relief up to 30 June 2023, the ATO has allowed immediate expensing of asset in full cost in the first year.

Starting a business is full of challenges and requires a lot of commitment. Here is a guide to help you get started.

Understanding Cryptocurrency and its tax implications during various processes.

Determine your eligibility to claim land tax exemptions and concessions depending on how you own or use your land.

Understanding the types of trusts to help you find a trust that suits you and your financial needs.

NSW Government expands the small business fees and charges rebate to help businesses recover from impacts on COVID-19

NSW Government launches job-saver style support program for small business for 2022

All director's are now required to apply for a director ID.

New changes to small business financial supports including JobSaver and Micro business grant payments and updates to the small business fees and charges rebate.

New updates on COVID support and subsidies including reconfirmation of JobSaver eligibility, small business fees and charges rebate and many more.

The ATO has extended the short-cut method to the 2021-22 year.

A new update for the JobSaver payment where a new comparison base can be used to apply.

3 alternative decline calculation bases means you may qualify for the NSW COVID Grant

JobSaver payment is now open for application

Details of eligibility criteria and claim support

Get $7,500 if you have a 30% reduction in turnover, $10,500 for 50% reduction, and $15,000 for 70% or more.

COVID-19 Disaster Payment for individuation suffering loss of income from COVID-19 restriction at $600 per week for losing 20 hours or more, or $375 for losing 8 to 20 hours per week

The IASB and the FASB have each issued new guidance for impairment accounting.

The Government has extended JobKeeper to 28 March 2021. Employers seeking to claim payments will need to reassess their eligibility and prove decline in turnover.

Know all about tax deductions for your car: what you can claim, how you can claim, and which works best for you.

If you work from home you have 3 alternative methods to claim home office deductions: the shortcut rate method, the fixed rate method and the actual expense method.

If you work from home you can claim home office deductions at a fixed rate for running costs, and separately claim occupancy, phone and internet expenses.

The ATO has announced a simplified shortcut method for individual taxpayers to claim deductions for working from home as a result of to the Coronavirus shutdown. You can claim 80 cents per hour for the period from March 1 to June 30, 2020.

NSW small businesses may be eligible for $10K grants from the State Government to help cope with the COVID-19 shut-down.

The Government's 1.6 billion Childcare Relief will provide free child care to around one million families and provide support for 13,000 child care and early learning services.

The Government announced on the 30 March 2020 that they are providing a JobKeeper payment for eligible employers and their employees.

The key features of the Government’s Coronavirus Stimulus Package as announced on 24 March 2020 for individuals and businesses.

When starting a business you will need to look at the right structure, tax obligations and possible deductions, bookkeeping and compliance to tax laws.

It is common practice to leave tax returns till extended due dates but completing your tax return and knowing your tax position early is advantageous in many ways.

Commercial, legal and tax considerations for a share sale versus an asset sale.