Empowering Electric Vehicle Adoption: The EV Kerbside Charging Grants
As the world moves towards a greener and more sustainable future, electric vehicles (EVs) play a pivotal role in reducing carbon emissions and combating climate change. Recognising the significance of EVs in creating a cleaner environment, the New South Wales (NSW) government has introduced the EV Kerbside Charging Grants program. This initiative aims to support the state’s vision of becoming the most EV-friendly region in Australia, while also increasing charging options for EV owners who lack access to off-street parking. In this blog post, we will explore the objectives of the program, its eligibility criteria, and the types of projects …
Simplify Your Tax Filing with the ATO App: A Sole Trader’s Guide
Tax time can often be a stressful period for sole traders, with countless receipts, expenses, and paperwork to organise. However, there’s no need to fret any longer because the Australian Taxation Office (ATO) has come to the rescue with their user-friendly ATO app. Designed specifically for sole traders, this app provides a personalised and streamlined experience to make tax filing a breeze. We’ll explore the various features of the ATO app and how it can simplify your tax-filing process. 1. A Central Hub for Expense Tracking One of the standout features of the ATO app is the myDeductions tool, which …
Get Set for Taxable Payments Annual Report (TPAR) – Your Essential Guide
TPAR: Your Business Reporting Essentials With the start of the new financial year, businesses need to gear up for their Taxable Payments Annual Report (TPAR) if they’ve made payments to contractors in specific service categories. As a responsible business owner, it’s crucial to understand the requirements and deadlines associated with TPAR. Who Needs to Lodge a TPAR? If your business has made payments to contractors in the following service sectors during the financial year, you may need to lodge a TPAR: Building and Construction Cleaning Courier and Road Freight Information Technology Security, Investigation, or Surveillance Be sure to check if …
Understanding Personal Services Income (PSI) and Its Impact on Your Taxes
Understanding Personal Services Income (PSI) and Its Impact on Your Taxes As the financial landscape continues to evolve, it’s crucial for individuals and businesses to stay well-informed about various aspects of taxation that can significantly impact their financial well-being. One such critical area is “Personal Services Income” (PSI) – a concept that can affect how you complete your tax return and the deductions you can claim. Understanding Personal Services Income (PSI) Imagine you are working on a contract and more than half of your income is a result of your personal skills and efforts. In this scenario, you’re dealing with …
Tax Deductions update – What Business Owner’s Need To Know
As a small business owner, staying on top of changes to tax deductions is crucial to maximise your financial benefits. This tax time, there are a few key updates that you need to be aware of, especially if you operate your business from home or use a vehicle for business purposes. Let’s dive into the details and ensure you’re well-prepared for the upcoming tax season. Cents per Kilometre Method: A Boost for Car Expense Claims If you’re a sole trader or in a partnership with at least one individual partner, the cents per kilometre method is a viable option for …
Tax obligations – What to do when you cannot meet your tax obligations
We understand that meeting your tax obligations can be challenging at times, especially if you’re facing financial difficulties. However, it’s crucial to stay on top of your responsibilities, even if you’re unable to pay on time. Failure to meet tax obligations, such as not lodging your returns promptly, can lead to penalties. As of 1 July, the Commonwealth penalty unit amount has increased to $313 for infringements occurring on or after that date. At Journey2 Business & Personal Wealth, we want to help you navigate these difficulties and find a suitable solution. It’s important to reach out to us as …
