One way that small business owners can strengthen and supplement their income is through self-managed super funds (SMSF). Though it might seem challenging, these obstacles are worth traversing, as SMSFs offer many benefits. Having an SMSF allows you to invest in commercial properties within your private super funds. This gives you the twofold benefit of […]

SMSF Auditor

A self-managed super fund (SMSF) trustee is obliged to designate an SMSF auditor approved by the Australian Taxation Office (ATO) on or before forty days before filing their SMSF annual return. In a nutshell, an SMSF auditor is a financial expert who works to evaluate if your company’s finances comply with the superannuation law. Besides […]

  Truth be told, paying taxes is not fun. It entails the stressful preparations you need to do to take into account all of your income. On top of that, it involves seeing a significant percentage of your earnings slip out of your hand. Nevertheless, paying taxes diligently and promptly is something that must be […]

TAX TIME IS NOW!   June 30 is fast approaching , so you should start thinking about any work-related and/or income-generating expenses you paid since last July 1, but also if you are planning on some expenditure n the near future to bring it forward before June 30 To recognise expenses that may be suitable […]

  TAX SAVING STRATEGIES   Even with the final day of the financial year to go, traditionally, year-end tax planning for small businesses is based around two simple concepts (i.e., Accelerating business deductions and deferring income).  Consideration will obviously also need to be given to the impact of the  COVID-19 pandemic on specific businesses as […]

JobKeeper Alternative Turnover Tests The ATO has now determined alternative tests for various businesses in relation to the fall in turnover where there is not an appropriate relevant comparison period. If your business satisfies the basic test, you do not need to go to any of the alternative tests as outlined. The alternative tests can […]

JobKeeper Guidance and Payment Further information has now been released by Treasury to clarify the comparison period is for either; any monthly period from March 2020 to the end of September 2020 OR any quarterly period from April to June or July to September, compared to the same monthly or quarterly period in 2019. Importantly, […]

You may now be working from home more than ever and you will be incurring costs of working from home, outlined below are various details as to  what you can claim and how to claim those deductible expenses at tax time In order to be able to claim, all of the following must apply: You […]

JobKeeper In the third and largest economic stimulus package up to 6 million workers are set to be eligible for the $130 billion wage subsidy, known as the JobKeeper payment. The flat $1,500 payment, which will be delivered by the ATO, will be paid to businesses, and will include businesses which have been structured through […]