Business
ATO Scam tips
Why it is important to protect your tax file number. Some of you may already be aware how important it is to protect your tax file number (TFN) from getting into the wrong hands. Crooks can use your TFN for TFN fraud, such as present themselves as you to the ATO , do your tax…
Read MoreHow company saves tax explained simply
How to save tax in business using a company Most companies are now taxed at 25% from each $ of profit from 1/7/21 Whereas individual takes rates are higher than this from each dollar over $45000 So businesses can take advantage of the lower individual tax rates by paying themselves individual income from…
Read Morewhat is new for tax 2021
Changes to tax returns 2021 ATO Warning – Copy & Pasting Claims ATO are setting their sights on work related expenses (such as motor vehicle, travel claims, laundry, uniform purchases and business trips). The expectation is that these deductions should reduce for taxpayers who were working from home during COVID 19. However, the ATO…
Read MoreWhy to own investment property in Self manged Super Funds
Something you need to know if you are growing an investment property portfolio. Find out what here… Let say Luigi and Maria Retire with 8 rental properties owned outright Sounds great But if they owns them individually They could still have a high taxable income Lets assume 40k taxable income each So that…
Read MoreBudget 2021
Budget 2021 Updates Next years personal income tax rates had already been announced, they are: We can look forward to more personal income tax cuts in 2025 LMITO retained for 2021-22 – the Government will retain the low and middle income tax offset for the 2021-22 income year. The LMITO provides a reduction in tax…
Read MoreSMSF Update Super contribution caps set to increase
Superannuation Update for 2022 financial year Main changes are: contribution cap is set to increase from $25,000 p.a. to $27,500 pa from 1 July 2021. The non-concessional cap in 2021–22 will see the standard cap increased from $100,000 to $110,000 from this date. In addition, the maximum amount a member who was under 65 at the…
Read MorePlanting the trees of investment to accumulate wealth
The key to creating wealth is Investing Are you interested in accumulating wealth? Whatever your circumstances or age, the key is invest, invest and invest and soon your investments will be strong and continue growing like trees. Here are some quick tips: Whether you are in business or employed are irrespective of your income…
Read MoreUnknown secret as why you should have a smsf
Little known reason why SMSF work Many of you may be aware in the world of Superannuation that the uptake on Self Managed Super Funds (SMSFs) continue to grow in number of funds across Australia. Self managed super funds stack high in terms of value in the total of Superannuation funds held in total in…
Read MoreKeep your Super safe!
The recent incident of fraudulent activities carried out by unfaithful financial advisors has raised the much-needed awareness for protecting your super. These advisors have swindled clients, including friends and family, for millions of dollars through their dodgy schemes. These unethical behaviours have raised serious concerns about safeguarding your super savings. Here are a few…
Read MoreFacebook ads to include GST
GST on Facebook Did you know that from 15/2/2021 goods and services tax (gst) will be included on your facebook advertising invoices. Simply add your valid business abn to your facebook account settings. Great initiative by the Australian government. Finally facebook paying some gst is part of the Australia’s tax policies to stop multinational…
Read MoreKeep your data protected!
Recently we were informed by one of our clients about their experience in dealing with a scammer proclaiming to be from the ATO. We couldn’t help but wonder if we have exposed ourselves to the dark side of the web? Due to COVID, we now find ourselves spending a lot more time on the…
Read MoreWork From Home Tax Deductions explained
Work From Home Tax Deductions explained We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time. Home Office deduction on tax return: requirements, records to be kept, what can be claimed. why…
Read MoreLand tax relief for landlords in South Australia
Land tax relief for landlords in South Australia Land tax relief is available for eligible non-residential and residential landlords and eligible commercial owner-occupiers in response to COVID-19. The relief is available for residential and non-residential landlords over two periods. The initial period of land tax reduction was based on rent relief the landlord has provided to tenants impacted by COVID-19 or…
Read MoreSA Government New COVID19 Grants
Cash grants 10k and 3k The Government is offering additional $10,000 grants to support small businesses still heavily impacted by COVID-19 restrictions, and for the first time is offering $3,000 cash grants to non-employing sole traders, partnerships and trusts. Applications for the grants opened on Monday 9 November and will be available until midnight 14…
Read MoreBuilding Momentum In Your Business
Building Momentum In Your Business Typically, a business can start out with many mistakes. It is a critical time, where important steps can make or break the long-term success of the business. Gaining momentum is crucial in the early phases and in plateauing areas of the business. Be clear on where you are going…
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