Insights

In January 2024, the government announced that it would redesign the Stage Three tax cuts that were initially announced by the former government in 2018. The new rates were designed to provide larger tax cuts to low and middle income earners and reduce the tax cuts for those earning $160,000 or more.

As we approach the Christmas period, many businesses will now be considering the festive season, with planning and organisation of celebrations for workplaces, employees, clients, and associates well underway.

As a business owner, securing a prime commercial location can be an essential component in the success of a business – especially for those operating in high-traffic industries. Many business owners often commence their journey leasing a premises, however following successful start-up and continued expansion, consideration can turn to the purchase of a commercial premises and how best to do so.

For medical practitioners, interpreting the appropriate tax obligations attached to seeing patients can often be confusing. This can be especially true surrounding the application of Goods and Services Tax, where certain patient scenarios can require the need to charge GST.

For many opting to start their own business, the financial freedom gained from its success is a significant draw-card – potentially creating wealth for immediate and future generations.

With the continuing rollout of Single Touch Payroll – Phase Two well underway since the beginning of the year, we’ve now entered “stage 2” of the process, with employers required to identify and update certain pay items with new earnings categories as defined by the Australian Tax Office.

As of 1 July 2022, new legislation has now taken effect which details the Australian Tax Office’s compliance approach to the allocation of profits or income from Professional Firms as assessable income to the ‘Individual Professional Practitioner’ (IPP).

You may be able to claim a tax deduction for motor vehicle expenses if you have used your vehicle for work-related purposes.