With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2025. This would mean more money in your pocket for you and your family to enjoy. Business Tax $20 000 immediate deduction The instant asset write-off threshold is $20,000. Small businesses with an aggregated annual turnover of less than $10 million will be able to immediately deduct…
Asic has increased their fees as from 1 July 2024 as per the table below. Fee type Fee from 1 July 2023 Fee from 1 July 2024 Rego company 576 597 Reserve company name 59 61 Annual review fee for Pty Ltd 310 321 Annual review for public company 1440 1492 Late payment 1 month 93 96 Late payment of more than 1 month 387 401 Business name renewal or…
With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2024. This would mean more money in your pocket for you and your family to enjoy. Business Tax $20 000 immediate deduction The instant asset write-off threshold is $20,000. Small businesses with an aggregated annual turnover of less than $10 million will be able to immediately deduct…
Scams are so prevalent these days, that whenever your phone rings or an email hits your inbox, there is a very good chance someone is trying to fleece you of your hard earned cash. According to the ABS, in 2022, Australians lost $3.1 Billion to scams compared to $2 Billion in 2021. That is a 50% increase in 12 months. These numbers are frightening. In order to counteract this situation,…
Cash Flow, Small Business, Taxation
With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2023. This would mean more money in your pocket for you and your family to enjoy. Business Tax Temporary Full Expensing Purchase equipment before year end as businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of…
The budget has just been released and here are the key announcements that will impact most taxpayers. 1. Personal 1.1 There has been no change to the personal tax rates as previously legislated. 1.2 Removal of the low and middle income tax offset (‘LMITO’) with only the Low offset remaining. The Government has announced that the temporary LMIT has now ceased and been replaced by the low-income tax offset as…