Year: 2022

Are you considering investing in a new way to make your business more productive or streamlined? With a tight labour market, everyone’s time is at a premium – so finding ways to maximise productivity has never been more important. But it can take considerable funds to pay for a new website, ecommerce platform, software system or automations. Here are a few questions to ask yourself when you’re weighing up the costs and potential benefits of a significant investment. What are the upfront costs – and the ongoing expenses? A website, for example, has a large upfront cost for the design, …

Are you making the most of allowable tax deductions? Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home. Book a time to prepare for your 2022 tax. We’ll help maximise your return Have you captured all your work-related deductible expenses to make the most of your 2022 tax return? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income from other sources on your tax return as well. Wages and salaries from …

Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust and must also have a legal document called a trust deed. A super fund trust is set up for the sole purpose of providing retirement benefits to its beneficiaries. The trust deed governs how the fund is set up and how it will operate and …

Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. Contrary to popular opinion, a trust is not actually a legal entity; rather, it is a formal relationship between other entities, where one entity holds property for the benefit of another entity, which could be a business or individual. Because a trust is not a person or business entity, its income is usually taxed differently, although this depends on the setup and type of the trust. But even though the tax return is different, many …

If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2022 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more efficient. Rent received, whether paid directly to you or through an agent or through an online management platform. Rent includes recurring regular amounts as well as any lump sum amounts paid in advance. Rental bonds returned for example if the tenant caused damage or defaulted …

This year it’s important to get your records and tax return correct because of the continued unusual business circumstances. Talk to us and we’ll help make tax time easy and make sure you’re claiming all that you can for your business. Common Tax Deductions for Small Business Are you claiming all the business tax deductions that you are entitled to? There are many expenses common to most small business, and there are other expenses that are specific to the nature of the goods or services that your business provides. Operating expenses include accounting, administration, advertising and marketing, office premises, office …

We have complied a short list of items that the ATO will be scrutinising this tax season. Additional documentation may be required if you are expecting to make a claim this year. As you are getting your information ready for us to prepare your 2021–22 income tax return, here is a short list of things that the Australian Taxation Office (ATO) is on the lookout for this tax season. If you currently have dealings in these areas, we recommend that you ensure that your documentation is in order, as we will be following up on these items. Protective items during …

Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away? It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your systems are robust enough to cope. For your business to work for you, you need to make yourself replaceable. Large corporations have plans in place to mitigate what’s known as ‘Key Person Risk’. But when you run a small entrepreneurial venture, who is the backup? …

When it comes to an investment strategy, there are an almost endless number of paths you can take. Depending on your overall priorities, needs, and values you can follow any established formula or set your own path. One path that has numerous benefits is long-term investing. In long-term investing you put your money in an investment with the goal of leaving it there for a long time. You’re not buying and selling your stocks quickly based on the whim of the market or trying to take advantage of opportunities. Instead, your money sits in the investment and grows over a …