Tax

Ever found yourself scratching your head at the end of a financial year, wondering how those business lunches and office shindigs have bumped up your tax bill? Well, you’re not alone. Fringe Benefits Tax, or FBT, often catches Aussie business owners by surprise, especially when it comes to entertainment expenses. You need to know what counts as entertainment and how it can impact your tax obligations. In this blog post, let’s dig into FBT and learn how you can effectively manage these expenses to keep surprises at bay. So, What’s “Entertainment” in Business?   By the book, the Australian Taxation Office (ATO)

Have you ever thought about renting out your house as a short-term rental on a platform such as Airbnb or Stayz or through an agent? Whether it’s a new job interstate or overseas, a long holiday, financial troubles or a family member in need of a carer, there are plenty of reasons why a homeowner might leave their home (known here as the ‘principal place of residence’ or PPR) to move elsewhere for a period of time. Sounds simple right? But; you could end up being liable for more than you bargined for without the right planning. There is never a

Under the technology boost, small businesses may be able to access a bonus 20% tax deduction on eligible technology expenses and depreciating assets which are used to digitise their operations. Dates: for expeneses incurred between 7:30 pm AEDT 29 March 2022 to 30 June 2023 (note there from 29 March 2022 – 30 June 2022 would normally fall into the 2022 tax return however the bonus for that income year should be claimed in 2023 tax return) Limits: Bonus deduction is limited to $20,000 per year (ie on expenses up to $100,000 pa). That is; 7:30 pm AEDT 29 March 2022 to 30 June 2022 –

The end of financial year is almost here and there is little time left to get your affairs in order. This year, there are some tax changes likely to affect you whether you’re a business owner, a salaried employee, an investor, or a retiree. Here are a few key points to consider but remember that everyone’s situation is unique so always contact us directly for specific advice. Table of Contents For Individuals More scrutiny from the ATO The recent Federal Budget was a sign that fiscal restraint was not exactly on this government’s agenda and it is evident that a shift