Accounting
Maximising your Returns: How Property Depreciation Works
Property tax depreciation refers to the decline in value of an investment property’s assets over time due to wear and tear. The Australian Taxation Office (ATO) allows investors to claim this depreciation as tax deductions, thereby potentially increasing tax refunds and increasing the effectiveness of negative gearing. How is Depreciation Categorised? 1. Capital Works (also…
How Changes to ATO Interest Deductions Will Impact You
Historically, ATO interest charges, such as General Interest Charges (GIC) and Shortfall Interest Charges (SIC), have been tax deductible for businesses and individuals. These charges often arise from underpaid tax, late payments, or adjustments to prior tax returns. However, from 1 July 2025, ATO interest charges will no longer be eligible for tax deductions. This…
Ensuring ATO Compliance for Property Investors
Each tax season, the Australian Tax Office pays special attention to areas where taxpayers often make mistakes, intentionally or unintentionally. Rental properties have been a key focus this year, with the ATO revealing that 90% of audited rental property schedules contained errors. These errors accounted for a $1.3 billion shortfall in tax collection. Common issues…
Christmas Parties & Gifts: A Business Owner’s Guide to Festive Tax Perks
As Mariah Carey’s “All I Want for Christmas Is You” is starting to blast through supermarkets and shopping centers, businesses are gearing up for staff parties and expressing gratitude through gift-giving. In saying this, it’s important to consider the tax implications of these celebrations, particularly when it comes to Fringe Benefits Tax (FBT) and tax…
Guide to Accounting for Retention Payment in the Building & Construction Industry
Retention payments are very common in the building and construction industry and involve the customer retaining a portion of the contract amount until a time after completion of the project. What Is Retention in Construction? The retention is an agreed-upon amount that acts as security to ensure that the job is completed to the…
The Power of Shorter Meetings in Small Businesses
In today’s fast-paced business environment, time is one of the most valuable resources. Many businesses find themselves stuck in long, drawn out meetings that often achieve less than intended. Statistics show shorter, more focused meetings can lead to better decision making, greater productivity, and happier teams. In this article we unveil 6 reasons as to…
10 Spring Cleaning Steps for Small Businesses.
Spring is the perfect time for a fresh start, and this applies to your business as much as your home life. Taking a moment to “spring clean” your business can help you streamline operations, improve profitability, and uncover new opportunities for growth. In this article, we explain 10 practical steps every small business owner should…
Investment Bond: A Tax Effective Way to Fund Your Child’s Education
Securing your child’s financial future is a top priority for many parents. With education and living costs on the rise, starting a savings plan early can make a significant difference. There are three main avenues to consider when saving for your child: Bank Accounts, Investments, and Investment Bonds. Each option has its own benefits and…
Key Action Items for the Upcoming Financial Year: A Guide for Employers
As we approach the end of the financial year, it is crucial for employers to stay updated on the latest changes affecting employee awards, pay rates, and superannuation. Here’s a comprehensive guide to help you navigate these updates and ensure compliance. Fair Work Updates Award Wages Fair Work has announced a 3.75% increase in…
How to Use the Business Boost Grants Program for Your Business
The next round of the Business Boost Grants Program is opening shortly, and is for small businesses wanting to enhance their efficiency and productivity. Funded businesses are expected to: Increase turnover, profit, and employment Boost business confidence and skills Enhance efficiency and productivity Strengthen resilience and survivability Available Funding Eligible businesses who are successful…