The festive season is finally here and I am sure you are all relieved that even Covid-19 could not stop it from arriving. So if you want to treat your employees with a year end party or gifts which they deserve, beware of the fringe benefits tax (FBT), GST and income tax consequences. You might think that the party and gifts are simply a tax deductible expense as they are…
Cash Flow, Small Business, Taxation
In March 2020, the Government increased the value that a business could instantly write off a business asset to $150,000 from $30,000 as part of it’s response to Covid -19. The business needed to have a turnover of less than $10 Million. Currently the Government has boosted this scheme and says there is now no limit on asset value if the turnover is less than $5 billion. From 6…
Cash Flow, Small Business, Taxation
Welcome to the Small Business Treasure Chest. I have opened the lid of the chest and found another amazing jewel once again to share with you. If you have missed our previous Jewels , check them out HERE. This jewel I have found, is all about Capital Gains Tax and Shares. If you have a Capital Gain in 2020, you can reduce this Gain with a capital loss. Now…
Cash Flow, Small Business, Taxation
Welcome to the Small Business Treasure Chest. I have looked inside our chest again and found some amazing jewels to share with you. Join me over the next few weeks to view these very helpful tips that will help you reduce your Income Tax for 2020. The third jewel I have found is all about Superannuation Contributions. The maximum amount a person can contribute to their superfund for 2020 without…
Cash Flow, Small Business, Taxation
Welcome to the Small Business Treasure Chest. I have looked again inside the chest and found some amazing jewels to share with you. Join me over the next few days to view these very helpful tips that will help you reduce your Income Tax for 2020. The second jewel I have found is very relatable to those who live in WA. I call it the WaitAwhile benefit. Usually this phrase…
Welcome to the Small Business Treasure Chest. I have had a look inside and found some amazing jewels to share with you. Join me over the next few days to view these very helpful tips that will help you reduce your Income Tax for 2020. The first jewel I have found is the Instant Asset Write-off. This enables you to claim an immediate deduction for the full value of a…