How to Claim Car Related Tax Deductions
If you use your car for work, you may be able to claim a tax deduction – but you will need to own the car. If your employer owns the car or it’s packaged in a salary package, you will be unable to make a claim. There are two methods for making car claims: […]
Will the Super Guarantee increase?
We see much discussion in business circles around the proposed increase to the Superannuation Guarantee paid by employers for employee super. The Superannuation Guarantee rate has been kept at 9.5% of an employee’s ordinary wages since July 2014. However, from 1st July 2021, it is due to gradually increase (by 0.5% each financial year) until […]
Wondering if Covid Has devalued your business?
Your business is an important family asset, and you should understand the value of it. What impact has Covid-19 had on it? And is the impact long term? Business value is determined by negotiation value is the price in a free market between an informed, willing but not too willing buyer and an informed, willing […]
Find out: Do I pay tax on Government Grants?
Short answer, it depends. Income tax Most Grants are indeed taxable unless they are specifically excluded from tax. Any grant relates to your ongoing business activities is likely to be added to assessable income for income tax purposes. The result can be different where the payment is made so that the business can start a […]
ATO Audits – are you ready?
The ATO has increased its audit activity, and JobKeeper and other COVID-19 payments are now on the ATO’s hit list. Professional help during an ATO audit is a must to minimize the time and financial cost. ATO audit can contact you at any time, and now with JobKeeper, early release of super and COVID-19 cashflow […]
