With the End of Financial Year only days away, it is crucial to understand what is eligible for deduction and what isn’t as this can help to avoid complications later on. Some business owners mistakenly believe that registering a business will grant them the ability to deduct any or all expenses. However, this is not the case.
In an inflationary environment, businesses face increased costs. These costs may be things such as higher prices for raw materials, labour, and loan repayments. These increased costs are likely to put a strain on your budget. To manage costs effectively, business owners need to employ several strategies.
When interest rates are rising, it may seem counter intuitive to consider refinancing loans. However, there are several reasons why people should still evaluate refinancing options in such a scenario.
The federal government announced two significant measures regarding superannuation as part of the 2023-24 Federal Budget. Whilst these measures will not come into effect for several years, it is important to be aware to avoid any penalties once the measures commence.
It’s never too early to start teaching your children about money. According to research from the ATO, over half of parents in Australia have not discussed tax and superannuation with their children. In order to prepare them for their working life ahead, as parents, we should be instilling them with the knowledge and skills they need for their future.
Over the last month, we hosted two more events, which were wildly successful.
Australia’s inflation rate has fallen since its peak in December. The annual price increases for the year to March have decreased from 7.8% to 7%.
At 7:30 pm (AEST) on 9 May 2023, the Federal Treasurer, Dr Jim Chalmers, handed down the 2023–24 Federal Budget against a backdrop of geopolitical tension.
The ATO has identified three main areas of focus for this tax season: rental property deductions, work-related expenses, and Capital Gains Tax (CGT). These are areas where mistakes are frequently made and the ATO is now prioritising them.