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TaxBusiness Advice

Maximizing Tax Benefits for Small Businesses in Australia: A Comprehensive Guide

Running a small business in Australia comes with its unique set of challenges and opportunities. One key opportunity lies in effective tax planning, which can significantly enhance your business's financial health. This guide covers various strategies that small business owners can leverage to optimize their tax position, including making super contributions, utilizing the concessional carry-forward rules, buying assets, and more. The Benefits of Super Contributions Making superannuation contributions can offer significant tax advantages for small business owners. By contributing to…
Business Advice

Points Power: Transforming Everyday Spending into Dream Holidays with Qantas

Collecting Qantas points for free holidays is the dream—imagine a free international trip! It's an amazing prospect, but easier said than done. I've been on a points-collecting mission and recently enjoyed business-class flights to Japan for a snowboarding trip. It was a great way to fly! Here are some of my tips: American Express Card AMEX offers various options, usually with some sign-on bonus. AMEX can be used at most big-brand retailers, so pay for purchases at Bunnings, Coles, and…
Business AdviceXero Accounting Software

8 Powerful Xero Hacks That Will Ease Your Day and Maximise Efficiency

8 Powerful Xero Hacks That Will Ease Your Day and Maximise Efficiency Whether you’re a small business owner, a freelancer, or managing a bustling startup, Xero’s cloud-based software offers some clever hacks to boost your productivity and streamline your financial processes. In this post, we’ll unveil eight powerful Xero hacks that will not only save you time but also enhance your data security and improve your overall workflow. From the simplicity of logging in to integrating complex sales data, these…
Business AdviceSuperannuation

Unlocking Property Investment Opportunities with Your SMSF: A Guide for Australian Small Business Owners

Your SMSF Adventure: Navigating Costs with a Smile! Embarking on the journey of setting up a Self-Managed Superannuation Fund (SMSF) is like taking a thrilling financial leap, offering you the key to unlock greater control over your retirement savings. SMSF legislation allows a a business owner to purchase a retail, commercial, or industrial property through their SMSF and rent that property back to their business. But before we set sail on this exciting adventure, let's dive into the costs of…
TaxBusiness AdviceNews

Embracing Change: How Australia’s New Tax Cuts Impact Small Businesses

Introduction: A New Fiscal Landscape In a significant move that reshapes Australia's tax landscape, the Morrison government's stage-three tax cuts, passed in 2019 and upheld by Labor in the last election, are set to bring substantial changes for individuals and small businesses alike. With the aim of easing cost-of-living pressures amidst rising inflation and interest rates, these tax cuts represent a pivotal shift in fiscal policy. Let's dive into what these changes entail and how small businesses can navigate this…
IT SecurityBusiness Advice

ATO & myGov Scam Alert: Don’t Fall for the Trap

ATO & myGov Scam Alert: Don't Fall For The Trap In a world where technology rules, it's no surprise that scammers are finding new and crafty ways to target unsuspecting victims. We've all heard those horror stories of friends, family, and clients falling prey to scams. Today, we're shining a light on some scams circulating in the wild, particularly the ATO and myGov scams. Brace yourselves, and let's dive into this gripping tale of online trickery! The Australian Taxation Office…
TaxBusiness Advice

Christmas & Fringe Benefits Tax (FBT)

The countdown to Christmas has begun! Decorations are being put up, and Christmas parties are booked in. It’s common for business owners to take staff out for a Christmas lunch or dinner to celebrate another year and/or give a nice Christmas gift. Unfortunately, the tax man is Hans Gruber in this Christmas Story (if you know you know)! As an employer, there are a few things you need to be aware of when planning your Christmas party or employees giving…
TaxBusiness Advice

Navigating the New Rules for Claiming Working from Home Expenses in Australia

Tax season in Australia has always been a time of anticipation and apprehension for many individuals. But this year, there's more to it than just the usual paperwork and calculations. The Australian Taxation Office (ATO) has introduced significant changes to how taxpayers can claim deductions for expenses incurred while working from home. These changes, effective from 1st July 2022, have the potential to impact the deductions you can claim on your next tax return. So, let's dive into the details…
Business AdviceCOVID-19

Victorian Government Business Grants – COVID

Another lockdown and another Victorian State Government grant, this time we have two separate grants, the Business Costs Assistance Program Round Two and the Licenced Hospitality Venue Fund 2021. Business Costs Assistance Program Round Two The program offers grants to eligible small and medium businesses of up to $5,000, including employing and non-employing businesses. Yes, non-employing businesses affected by the lockdown will be eligible for this grant (HOORAY!!!). The grants will support businesses in an eligible business sector directly impacted…
Blog COVID-19 Standing Down Employees During LockdownBusiness AdviceCOVID-19

Standing Down Employees During Victoria’s 5 Day Short-Circuit

Well, I don't think any of us were surprised by the announcement of a 5-day statewide lockdown, especially given how other states have reacted to, and overcome similar outbreaks. Over the weekend I have had quite a few questions about the treatment of employees who have no work for the next three days (hopefully it is only three days!). The reassuring thing is that nothing has changed on this front, the requirements about this have been in place for quite…