A business checklist for Tax Day

Jessie Lakin

Now that the 2024 financial year has come to an end, it is time to start thinking about preparing for your year-end tax work. There are many things to think about when trying to prepare for your business’s tax and it can get overwhelming when you aren’t sure what you need to provide. So here […] Read More

Superannuation changes as of 1 July 2024

Kayla Hawker

As of 1 July 2024, several changes have been made to Superannuation payments that impact employees and business owners. Superannuation Guarantee rates go up to 11.5% Your employer must contribute 11.5% of you ordinary time earnings salary in 2024-2025 into your super fund. This contribution is known as the Superannuation Guarantee (SG) contribution. The SG […] Read More

Payroll Tax

Kathryn Hamilton

What is it? Yes – another tax… It is a state/territory tax . Not all businesses have to pay payroll tax. You must pay when your total Australian wages are over the tax-free threshold for your relevant state or territory. Thresholds and tax rates vary between states and territories. As we are based in Victoria, […] Read More

Inherited Assets and Cost Base

Karen Grainger

Have you inherited shares or property from a deceased person? If you have and are planning to sell these assets, you need to know what you cost base is to calculate if you have a taxable gain or loss on the asset. Determining the cost base of an asset can be challenging. Sometimes the records […] Read More

Deductible Rental Property Expenses

Emma Glover

If you own a rental property that is rented or is genuinely available for rent, you can claim a deduction for certain expenses during for the period. However, you cannot claim a deduction for your personal use of the property, or any expenses covered by the tenant. Below is a list of the common tax-deductible […] Read More

Minimum Wage Increase

Natasha Gardner

Great news for workers in Australia it was announced on the 3 June 2024 that the Fair Work Commission will be increasing its National Minimum Wage! In a move aimed at addressing income inequality and cost-of-living pressures, the Fair Work Commission of Australia has announced a 3.75% increase in the national minimum wage. The minimum […] Read More

Maximizing Your Tax Refund: Simplifying Record-Keeping Strategies

Regina Chia

Introduction Hello, tax savers! Tax season can be stressful, but keeping good records can maximize your refund and reduce anxiety. Let’s explore why record keeping is crucial, how to do it effectively, and tips to simplify the process. Let’s dive in and make tax time easier! Why Good Record Keeping Matters Steps to Effective Record […] Read More

Tax Planning Tips for Australian Small Businesses

Rohan Brown

How to minimise your tax liability and maximise your cash flow before the end of the financial year Timing of Invoicing One of the simplest ways to reduce your taxable income is to delay issuing invoices until after 30 June. This way, you can defer the income and the tax payable to the next financial […] Read More

Updates to HECS/HELP loan.

Lewis Thomas

It has been announced that in the 2024 budget amendments are being made to the way HELP (Higher Education Loan Program’s) are being indexed to make it more fair for all Australians with a HELP Loan. New Legislation Previously, HELP loans were indexed based on the Consumer Price Index (rate of inflation). The new legislation […] Read More

Common Accounting Mistakes to Avoid in Small Businesses

Yishu Sharma

Small businesses are the backbone of the economy, but they often face unique challenges, especially when it comes to financial management. Accurate accounting is crucial for their success, yet many small business owners inadvertently make common accounting mistakes that can have significant consequences. In this blog post, we’ll explore some of these pitfalls and provide […] Read More