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GST food classification resources

The ATO has issued guidance and resources to help businesses determine the GST classification of food and non-alcoholic beverages. This includes instructions for reviewing business systems and controls, tools for checking product classifications, accessing public advice and guidance, and clarifying when the ATO’s interpretations should be applied from a future date. All information can be … Continue reading GST food classification resources

Lifestyle Assets Data-Matching Program

We want to keep you informed about important developments from the Australian Taxation Office (ATO). Starting from the 2023-24 financial year through to 2025-26, the ATO will implement a new data-matching program targeting lifestyle assets. This program will involve the collection of insurance policy data for high-value assets, including: Caravans and motorhomes valued at $65,000 … Continue reading Lifestyle Assets Data-Matching Program

Considering Your First Home? Explore the FHSS Scheme

The First Home Super Saver (FHSS) scheme allows you to make voluntary contributions to your super fund to assist in saving for your first home. Here are the key details: Tax Benefits: Concessional contributions are taxed at just 15%, and you can withdraw up to $15,000 per year (up to a total of $50,000) plus … Continue reading Considering Your First Home? Explore the FHSS Scheme

Downsizer super contributions

If you’re 55 years or older and have recently sold (or partially sold) your home, you could be eligible to contribute up to $300,000 from the sale proceeds into your superannuation fund! Linked below is all the downsizer super contributions data that you’ll need. Why Consider Downsizer Contributions? Boost Your Super: This contribution doesn’t count … Continue reading Downsizer super contributions

Best practices for storing records

As we enter the new financial year, it’s crucial to stay organized with your financial records. The Australian Taxation Office (ATO) emphasizes the importance of maintaining accurate and accessible records to ensure you can manage your tax affairs efficiently and claim all the deductions you’re entitled to. Why Record-Keeping Matters Good record-keeping is essential for … Continue reading Best practices for storing records

Do you receive benefits through a business?

This may come with tax implications, so here are some quick tips to keep things straightforward and avoid tax hassles: Keep It Separate: Use different accounts for business and personal expenses to make tracking easier. Report Everything: Salary & Wages: Include these in your personal tax return. Your company will handle PAYG and superannuation. Fringe … Continue reading Do you receive benefits through a business?

Did you know about the tax incentives for early stage investors?

If you invest in a qualifying early stage innovation company (ESIC) from 1 July 2016, you might be eligible for significant tax benefits. You could receive: – A non-refundable carry forward tax offset of 20% on your investment amount, capped at $200,000 per year for you and your affiliates. – Modified capital gains tax treatment, … Continue reading Did you know about the tax incentives for early stage investors?

Are you a small business owner? Here are three new measures for small businesses…

Check if you can claim these extra deductions on training, energy-efficient upgrades, and eligible assets. 1. External Training Deduction: Small businesses with an annual turnover under $50 million can claim an extra 20% tax deduction on costs for external training courses delivered in Australia (in-person or online from Australian providers). Check out the Small Business … Continue reading Are you a small business owner? Here are three new measures for small businesses…

In order to maximise your deductions, you’ll need effective record keeping…

We want to help you maximise your deductions, and claim what you’re entitled to. However, it is essential to keep records that can substantiate these claims. Bank Statements: Bank or credit card statements alone are not sufficient proof for work-related expenses. Clients need written evidence, like receipts, showing details such as the supplier, cost, … Continue reading In order to maximise your deductions, you’ll need effective record keeping…

Cash vs Accrual accounting methods

Confused about accounting methods? Here’s a quick breakdown: Cash Basis: Track income when payments are received, not when the work is done. Remember, if you haven’t received payment by the end of the financial year, it doesn’t count towards your income yet. Be sure to reconcile any unpresented cheques when you file your tax return. … Continue reading Cash vs Accrual accounting methods