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Posts Tagged ‘deductions’
McKinley Plowman’s 2024 Tax Time Tips
May 22nd, 202430 June 2024 is fast approaching, and with it – tax time. While this isn’t a time of year many people get excited about, the potential for a tax refund may be something to look forward to. Also given the Stage 3 Tax Cuts are being brought into effect from 1 July, tax time mightread more
Equipment Finance – EOFY Deductions Await!
May 9th, 2024As the end of the financial year (EOFY) approaches, Australian business owners are presented with a strategic opportunity to enhance their operations and optimise their tax position through equipment finance. Financing new equipment or vehicles is not only a pathway to modernising and increasing the efficiency of your business but can also provide significant taxread more
Why Are So Many Businesses Moving to Xero?
March 25th, 2024In a world of many options, business owners have several choices when it comes to the accounting software package they use, but Xero is by far the largest and fastest growing player in the market in Australia & New Zealand. That’s no coincidence – there are a number of reasons why so many business ownersread more
Understanding Stage 3 Tax Cuts
January 30th, 2024You’ve doubtless heard the term “Stage 3 Tax Cuts” in the headlines recently, but what’s it all about? The Australian Government is set to implement significant changes to the tax system with Stage 3 Tax Cuts, initially legislated a few years ago under the Morrison government. The federal cabinet has recently approved adjustments to thisread more
Another ATO Rental Property Crackdown
May 5th, 2023Just as they did in 2019, the ATO are launching a campaign to target rental property owners who incorrectly report income and expenses. Data-matching efforts have identified a tax gap of approximately $1 billion, and unsurprising are looking to recoup those funds. Financial institutions are now obliged to share data with the ATO, and thereread more
Electric Vehicles – Efficient for the Environment… and Your Tax Bill?
November 11th, 2022As the world begins to embrace electric vehicles as a suitable alternative to fossil fuel-powered transport, the Australian Government has planned to reach “net zero emissions” following the passing of Climate Change Bills. The Government’s objective in providing the FBT exemption for electric cars is to encourage increased use of electric cars on the roadread more
Corporate Sponsorship – Understanding the Tax Implications
September 30th, 2022As accountants and business advisers, we help clients make the most of their business expenditure from a tax point of view, and a number of clients ask us how corporate sponsorship affects their tax position, both when they’re considering sponsorship for a sporting club (or similar), and when they’re offering sponsorship opportunities for other businesses.read more
Action Items to Navigate a Tough Economy
September 9th, 2022There is a lot going on at the moment that is contributing to increased pressure and stress on household budgets and businesses alike. With rising inflation prompting several interest rate rises and increased cost of living pressures, many Australians are looking for practical, actionable ways to improve their situation. Here we have some action itemsread more
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