To keep a healthy bottom line, businesses need to be smarter and sharper every financial year. It’s a good time to discuss ATO tax deductions – especially those deductions often missed. 1. Prepay expenses With tax deductions, every little bit counts. Prepaying your expenses can attract a tax deduction that is commonly overlooked. You can…
We have seen a number of measures over the years restricting access to tax concessions for foreign investors, particularly for residential property investments. The recent Federal Budget goes one step further, restricting access to tax concessions, increasing taxes, and penalising investors who leave property vacant. Measures include: Charge for leaving properties vacant Foreign owners of…
Wide-ranging super reforms come into effect on 1 July 2017 With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund: Understand the value of assets at 30 June At 30 June 2017, SMSF Trustees will need to know the total superannuation…
Anyone with investment property in Australia is probably feeling a little edgy with all the recent media attention on deductions, affordable housing, and negative gearing. We take a look at some of the key tax issues for investors pre and post 30 June: No more deductions for travelling to and from your investment property The…
There’s not a single small business owner who would prefer doing data entry over actually working on their business. However, small business owners have spent way too much time in the past hunched over a laptop instead of doing anything else with their time. With the smart tools available in your online accounting software, it’s…
It can be tough to make it in the hospitality industry, but technology is helping improve the odds by improving efficiency and customer experience. Adopting the right technology in your hospitality business can be a game-changer, and the industry is catching on. From cloud-based accounting tools and new ways to think about customer loyalty programs,…
You can run a profitable business but, unless you have cash flow under control, the odds are against you. According to Dun and Bradstreet, 90 percent of small business failures are caused by poor cash flow management. Want to make sure you’re not just another statistic? Here are seven tips to set you on the…
In the last financial year, late payments have increased for six out of ten SMEs! And one in four businesses experienced an average payment delay of 31 to 60 days past agreed terms. At the other end of the spectrum is the Payment Times and Practices Inquiry by the Australian Small Business and Family Enterprise…
The $20,000 tax break for small and medium business has been popular, but it’s not guaranteed to survive the next Budget – so best get in now. In 2015 the federal government announced that it would put a $20,000 immediate tax deduction in place for depreciating assets for companies with a turnover up to of…
The Australian government has pledged to scrap the 457 visa entirely What does this mean if you run a business which relies on them? Details will be fleshed out in the coming weeks, but here’s what we know so far: Current 457 visa holders will not be affected While the government is abolishing the 457…