Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to deliver first budget surplus in 15 years Australia is set to deliver its first budget surplus in 15 years, with a small surplus of around A$4 billion for the fiscal year ending June and deficit estimates for subsequent years also decreased. Australia to ban public vaping in…  Read more

Below is a round-up of some superannuation changes and key developments that may be relevant to you, as trustee of your SMSF. It is important that you know what changes are coming, so you can effectively understand how they may affect you and the members of your SMSF. Deductibility of personal super contributions and the work test Since 1 July 2022, there has been a law change that abolished the…  Read more

  MINIMISE YOUR BUSINESS TAX 2023 TAX PLANNING GUIDE Imagine what you could do with tax saved? You could: Reduce your home loan Top up your super Save for a holiday (when we can travel again!) Deposit for an Investment Property Pay for your children’s education Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax. IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY?…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. AFL appoints Andrew Dillon as CEO Andrew Dillon has been named CEO of the AFL, following a year-long search. Dillon started with the AFL in 2000 as an in-house lawyer and has moved on to various other legal and administrative roles. Australia set for budget rebound, signals fiscal restraint…  Read more

Last chance to claim deductions under temporary full expensing Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Under temporary full expensing, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new assets first held, used or installed ready…  Read more

  Among those activities, financial reconciliation plays a vital role in keeping your finances–and your business–on track. Here’s what you should know about financial reconciliation and how it can help your business. What is financial reconciliation? Financial reconciliation is a process of ensuring your financial records are consistent and accurate. Basically, when you conduct a financial reconciliation, you review financial statements and compare them with your bank statements, credit card…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Why the RBA should not use interest rates to target the housing market or debt A panel reviewing the Reserve Bank of Australia RBA has recommended against using interest rates to target the housing market or address concerns about high levels of debt held by Australians. Collaboration to bring…  Read more

On 16 February 2023, the ATO issued Practical Compliance Guideline PCG 2023/1 in relation to deductions for working-from-home related expenditure. The new rules actually apply from 1 July 2022. Working from home deductions before 1 July 2022 There were 3 choices: The shortcut method – which was available from 1 March 2020 to 30 June 2022; The fixed-rate method – which was available from 1 July 1998 to 30 June…  Read more

As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Reserve Bank of Australia considers a rate hike The Reserve Bank revealed that it was a “close call” not to raise interest rates at its last meeting due to concerns over inflation and the housing market, but ultimately decided to maintain the current rate of 0.25%. ATO using data-matching…  Read more

When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to…  Read more

Welcome back to our Weekly Digest. Federal Court decision shakes up public holiday rostering rules for employers A recent ruling by the Federal Court requires employers to request their employees’ availability to work on public holidays in advance instead of just rostering them to work. Employers must introduce a mechanism for making such requests before issuing any direction to work on public holidays or risk being in breach of the…  Read more

New 15% super tax to apply from 1 July 2025 The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year). The main takeaways from the information provided thus far include the following:     The additional 15% tax will…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian house prices surge, but experts are divided over whether this is a real recovery The Australian housing market has surged in recent months, but experts are divided on whether it’s a “dead cat bounce” or the start of a real recovery. Lenders offer incentives to attract home loan…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single…  Read more

With the FBT year coming to an end, this question pop ups a lot – what is FBT exemption for electric cars and how does it work? Essentially, from 1 July 2022 employers aren’t liable for FBT on eligible electric cars and associated car expenses. What are the basis rules for making your electric car FBT exempt? Car is a zero or low emissions vehicle This covers battery electric vehicle…  Read more

When you invest your money, it’s a given that you’re willing to take on some amount of risk. There are strategies you can employ to ensure the risk you’re taking is minimal, but it still exists. If you’re comfortable with a lot of risk to enjoy a greater reward, it’s important to understand that you could lose everything you put in. Of course, most of us aren’t putting our money…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Why Australian banks will come out the other side of the global crisis According to Reserve Bank of Australia assistant governor Chris Kent, Australia’s banks are “unquestionably strong” and are equipped to handle a prolonged period of market strain. The banks are already well advanced on their bond issuance…  Read more

Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business…  Read more

  Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian markets take a hit after multiple US banks collapse Australian markets experienced a sharp decline on Tuesday after multiple banks collapsed in the United States. The ASX200 opened down 1.6% and fell a further 2%, wiping out all gains made this calendar year, with financials bearing the…  Read more

  Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: – The shortcut method – which was available from 1 March 2020 to 30 June 2022; – The fixed-rate method – which was available from 1 July 1998 to…  Read more