Trades
Why Software Makes a Difference for Your Business
In today’s fast-paced business environment, efficiency and accuracy are key to success. The right software can transform the way your business operates by streamlining tasks, reducing errors, and saving valuable time. Whether you run a small business, a startup, or a growing company, leveraging software solutions can give you a competitive edge and help you…
Read MorePenalties for Different Types of Taxpayers in Australia
Understanding tax obligations is crucial to avoiding penalties from the Australian Taxation Office (ATO). Whether you are an individual, business owner, or sole trader, failing to comply with tax regulations can result in financial consequences. Below, we outline the penalties for different types of taxpayers and how to stay compliant. Penalties for Individuals If an…
Read MoreAre You Traveling for Business? Claim It on Your Taxes!
Travelling for business purposes can be an exciting part of your professional life, but did you know you might be able to claim your travel expenses on your taxes? The Australian Taxation Office (ATO) allows business owners, freelancers, and employees to claim certain travel expenses when the travel is for business-related purposes. What Can You…
Read MoreA Simple Lesson if You’re New to Employing Staff
A Simple Guide for Employers: Key Considerations When Hiring Staff Thinking about employing staff but unsure where to start? Hiring employees is a big step for any business, and ensuring you meet all legal, financial, and administrative requirements is essential. Here’s a straightforward guide to help you navigate the process. 1. Understanding Employment Laws Before…
Read MoreHow to Claim Car Related Tax Deductions
If you use a car for business purposes, you could be missing out on valuable tax savings by not claiming your car expenses. Understanding how to claim these deductions properly can help reduce your taxable income and improve cash flow. Here’s a breakdown of why and how you should claim car expenses: Why Claiming Car…
Read MoreTax Advice for Trades Businesses
Running a trade business can be demanding, from managing projects to juggling expenses. However, understanding the tax benefits and obligations specific to your industry can save you time and money. Here’s some tailored advice for tradespeople to help optimise your tax position and ensure compliance with Australian tax laws. 1. Claiming Work-Related Expenses As a…
Read MoreTax Benefits of Charitable Donations
Did you know that giving to charity can not only make a difference in your community but also benefit your tax return? Charitable donations to eligible organisations can provide significant tax deductions, making generosity even more rewarding. Let’s explore the benefits and how to make the most of your donations. How Charitable Donations Save You…
Read MoreWhy Property Investors Need Tax Planning
Investing in property is a powerful way to build wealth and secure your financial future, but it’s not without complexities. One crucial aspect of successful property investment is tax planning. Without it, you might miss key opportunities to maximise your returns, manage expenses, and achieve long-term financial security. Here’s why tax planning is essential for…
Read MoreMedicare Levy Surcharge (MLS): What It Is & How It Affects You
What is the Medicare Levy Surcharge (MLS)? The Medicare Levy Surcharge (MLS) is an additional tax imposed on individuals and families who earn above a certain income threshold but do not have private health insurance. The MLS is designed to encourage high-income earners to take out private health insurance and reduce pressure on the public…
Read MoreHow Much Tax Do I Need to Pay?
How to save tax in business using a company From the 2023–2024 financial year, most small businesses in Australia are taxed at a reduced rate of 25%, while larger companies pay 30%. Whereas individual takes rates are higher than this from each dollar over $45000 The above rates do not include the Medicare Levy…
Read MoreFive common questions you should be asking your Accountant
A great person to ask what you should be asking your accountant is an accountant. So I have prepared five great questions to ask the accountant. What can I claim? Of course, your accountant should be asked to explain the deductions that are available to your circumstances and occupation or business. These may be available…
Read MoreYour Guide To Choosing The Right Accountant
Selecting the Right Accountant: Key Considerations for Financial Success Choosing the right accountant for your personal and professional needs may seem daunting but it is a necessary step for you to maximise your current financial position and proactively plan for your future. The right accountant can do a lot more for you besides preparing your…
Read More8 Essential Tax Tips for Trades Businesses to Save Money
Essential Tips for Trades Businesses We have many clients that are in the trades such as electricians, plumbers, renderers, carpenters, builders, painters, steel fixers, plasterers and more Our top tax tips for trade businesses are: Running a trade business comes with unique challenges, and managing taxes efficiently is one of them. Here are eight essential…
Read MoreStage Three tax cuts
Tax cuts 2024 Tax Cuts are meant to be here from 1/7/2023 Just to refresh, here’s a simplified version of what the brackets are now: Earn up to $18,200 – pay no tax Earn $18,201 to $45,000 – pay a 19 per cent tax rate Earn $45,001 to $120,000 – pay a 32.5 per cent…
Read MoreTimes are tough finances ideas
Times are tough finances ideas – Ways to save explained. Ever wondered what more you can do to combat the ever increasing cost of living? With the ever increasing cost of living, Romeo Caporaso explains vital areas of your finances to review.
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