Small and Medium Enterprises (SMEs) form the backbone of Melbourne’s bustling economy, driving innovation, creating jobs, and contributing to local communities. However, managing the financial aspects of an SME, especially taxation, can be a daunting task without the right expertise. In this blog post, we’ll delve into the importance of partnering with a specialized tax …
Tips for Choosing the Right Tax Accountant for Your SME Read More »
In the fast-paced and competitive world of sports, success isn’t just about what happens on the field or court; it’s also about what happens behind the scenes. One of the critical players in this behind-the-scenes action is the accounting team. Their strategic insights and financial expertise are instrumental in driving the success of sports organizations. …
Maximizing Your Accounting Game Plan for Sports Industries Read More »
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps …
How to take advantage of the 1 July Super Cap Increase Read More »
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited situations (e.g., where payment …
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use. …
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013, …
The problem when the evidence doesn’t match what the taxpayer tells the ATO Read More »
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian …
As we step into 2024, the landscape of business taxation is evolving rapidly. From technological advancements to shifting global dynamics, business tax accountants are facing a myriad of challenges and opportunities. In this blog post, we’ll delve into the expectations for business tax accountants in 2024 and explore the key trends that are likely to …
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift …
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer successfully argued that the purchase …
The controversial case of the taxpayer who claimed a loss on their home Read More »
