What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
The case of the taxpayer who was paid too late
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The Billion Dollar TikTok Scandal
$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control?
9 Ways to Strengthen Financial Controls in a Remote Work Environment
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
9 Ways to Strengthen Financial Controls in a Remote Work Environment
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
Succession: What does it take to and your business to the next generation?
What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners.
6 Ways to Improve Cash Flow by Managing Receivable
Businesses thrive when the cash position is healthy. Astute management of Accounts Receivable (Collections) can have a big effect on the cash balance… So, let’s look at some Best Practices in this area.
$20k Small Business Energy Incentive
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.
Managing High Levels of Business Debt
Taking on debt can help build a business. Borrowing works well when the cash generates a return in excess of the cost of the debt. Sometimes, however, leaders take on too much debt which they need to reduce while managing cash carefully. Let’s look at some ways to tackle this high-risk situation.
Right to super to be enshrined in National Employment Standards
The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).
Question of the month: Company loan to pay down the mortgage
A friend’s accountant suggested that they could reduce interest on non-deductible debt by using company cash to offset their personal mortgage, then transferring the cash back by 30 June. Is this an acceptable strategy?
Access to home guarantee scheme expanded to friends and siblings
From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years.
ATO Rental Property Blitz
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.
‘OnlyFans’ Tax Risk Warning
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.
Cents per kilometre increase
The cents per kilometre rate for motor vehicle expenses for 2023-24 has increased to 85 cents.
Important: 1 July 2023 wage increases
On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%.
What changed on 1 July 2023
Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to $70,000...
The 120% technology and skills ‘boost’ deduction
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions.
Reviewing Cost to Increase Cash and Drive Profits
A periodic review of business expenses will benefit ALL organisations and usually results in reduced costs, increased cash, and more profit.