Buckle up, because the 2024 tax year just rolled in, and it brought some big changes to Fringe Benefit Tax (FBT). This might sound like a snoozefest, but trust me, it’s important. The Australian Tax Office (ATO) decided to shake things up this year. Their goal? More transparency and a revamped tax structure for those
Most businesses approach taxes with a reactive mindset. They wait until year-end, scramble to gather documents, and hope for the best. This is the accounting equivalent of ignoring all the road signs. You might eventually get there, but you’ll likely face unexpected fines and penalties along the way. The integration of strategic tax planning within
Changes are coming to the way superannuation is paid to employees. Starting from July 1, 2026, you will need to pay your employees’ super at the same time as their salary and wages. WHAT YOU NEED TO KNOW The way superannuation is paid to employees is changing, with the Australian government implementing new regulations. Starting
Re-contributing COVID-19 Early Release Super Amounts is a complex process but a great way to grow your super funds. Many individuals have been impacted financially by the COVID-19 pandemic, leading to changes in money management. To provide relief during this crisis, the government opened access to superannuation funds under its Compassionate Grounds through the COVID-19
If you are running a business and have employed workers and your weekly total gross wages are over $25,000 you may need to register and pay payroll tax. Each type of taxation has its own guidelines, so you’ll need to discuss your circumstances with your accountants. With this, we’ve created this basic guide to payroll
“She works hard for the money,” Donna Summer once said. Her song still resonates for most adults now. Although we do not want to share something that we worked hard for, we have to give some to the government. It is how things work and that is where tax minimisation strategies come into play. Everyone
Amidst the Omicron COVID-19 wave and with our government shortening booster dose intervals, many businesses are encouraging their employees and customers to either get vaccinated or get their booster dose by offering rewards or incentives. It is important to consider that there may be some tax implications such as consequences involved. If your business provides
Tax season may be a particularly stressful time for everyone, especially business owners. It makes sense to want to pay as little in taxes as possible, to retain as much money in your pocket as you can. One way to do this is by minimising your income for tax returns. While this may seem like
Many taxpayers in Australia often commit mistakes when filing their own tax returns. Even if various tax software is being made available, if you have never had a tax agent before or never filed your tax return on your own, you may be more likely to turn in a form with plenty of errors that
It’s safe to say that individuals get disheartened and stressed out when dealing with taxes, but that shouldn’t be the case at all with proper tax planning. With the vast changes in our economy, there’s no doubt that taxes have become even more complex and have affected our personal finances, businesses, investments, retirement funds, and