The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first …
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value business apart? Every business owner is naturally curious about just how much their business is worth. However, for every …
When you embark on the journey of entrepreneurship, one of the fundamental decisions you’ll face is determining the structure of your business. Whether you’re a sole proprietor, a partnership, a corporation, or something in between, your choice of business structure lays the groundwork for everything from taxation to liability to management. In this article, we …
As April 2024 rolls around, business owners across the nation are gearing up for the annual tax season. In this pivotal time, understanding the nuances of taxation is crucial for ensuring compliance, optimizing financial performance, and maximizing returns. In this blog post, we’ll delve into key insights and strategies from experienced business accountants to help …
Business Accountant Insights for April 2024 Taxation 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 »
In the heart of Melbourne, a city bustling with innovation and entrepreneurial spirit, lies a vital component of Australia’s economic backbone: primary producers. These individuals or businesses play a crucial role in supplying food, materials, and resources to both local and global markets. However, navigating the financial landscape can be challenging for primary producers, given …
How Melbourne Accountants Drive Prosperity for Primary Producers Read More »
In the ever-evolving landscape of the legal profession, law firms and practitioners are faced with a myriad of challenges, from navigating complex regulations to managing financial intricacies. While attorneys focus on delivering exceptional legal services to their clients, the role of a business accountant becomes increasingly vital in ensuring the financial health and success of …
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications. A case before the Administrate Appeals …
Getting back what you put in:Loans to get a business started 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 »
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. …
