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 2022. This would mean more money in your pocket for you and your family to enjoy. To minimise your Personal tax click here. Business Tax Temporary Full Expensing Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost…
I would like to start mentioning something which will impact everybody from today and that is a temporary reduction in the fuel excise. The current fuel excise is 44.2 cents per litre and this will reduce from today to 22.1 cents per litre for the next 6 months. Below are the other personal and business announcements. 1. Personal 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government…
Directors of companies need to register for a new identification number called a director identification number (director ID) This is a unique identifier that a director applies for once and keeps forever. You’ll need a director ID if you’re a director of: a company a registered foreign company a registered Australian body, or an Aboriginal and Torres Strait Islander corporation. You can apply for your director ID at Australian Business…
Cash Flow, Small Business, Taxation
With the end of the tax year approaching, now is the time to see what you can do to minimise your tax for 2021. This would mean more money in your pocket for you and your family to enjoy and put some fun back into the tough year it has been. To minimise your Personal tax click here. Business Tax Temporary Full Expensing Businesses with an aggregated turnover of less…
Cash Flow, Small Business, Taxation
Capitalism or socialism, that is the question. The Federal Government has released the budget for 2022 and it is a very socialist focussed budget in a way. As capitalism is what grows economies and the wealth of nations, the government has applied the correct balance of the two systems. As the country is in trouble because of Covid, it has come to the rescue with a safety net. Read below…
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…