The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. Opportunities – FOR YOU Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible, make any …
In fiscal year 2024, the role of a business accountant has evolved beyond traditional bookkeeping and tax preparation. Today’s business accountants are pivotal in guiding financial strategies, ensuring regulatory compliance, and leveraging technology to enhance business performance. Let’s delve into how a business accountant functions in this dynamic fiscal environment, highlighting the key areas where …
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Navigating the complexities of taxation can be a daunting task for individuals and businesses alike. With ever-changing tax laws and regulations, staying compliant while maximizing your financial benefits requires expert guidance. This is where a tax accountant in Melbourne becomes invaluable. Let’s explore how a tax accountant can help you throughout the financial year. 1. …
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Running a small business comes with a myriad of responsibilities, and managing taxes is one of the most crucial yet complex aspects. Hiring a tax accountant can provide significant relief and ensure that your business remains compliant with tax laws while optimizing your financial outcomes. However, understanding the costs associated with hiring a tax accountant …
How Much Does It Cost to Hire a Small Business Tax Accountant? Read More »
Welcome to our blog dedicated to helping you master your finances with the assistance of a skilled tax accountant in Melbourne. In today’s fast-paced world, managing your finances effectively is essential for achieving your financial goals and securing your future. Whether you’re a business owner, a freelancer, or an individual taxpayer, understanding the nuances of …
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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 »
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 »
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. …
