Tax

What is the Small Business Technology Investment Boost?

Nov 20, 2023

As part of the 2022-23 Budget, the government introduced the Small Business Technology Investment Boost. Small businesses (with an aggregated annual turnover of less than $50 million) are able to deduct an additional 20% of expenditure that is incurred to support their digital operations and digitise their operations.

Fringe Benefits Tax Considerations for Work Christmas Parties

Nov 09, 2023

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.

Year-End Tax Insights 2023 for Businesses

Jun 21, 2023

In approaching the end of the Financial Year, we provide key analysis into potential tax changes to take effect from 1 July 2023, with potential insights covering Instant Asset Write-Off, Fringe Benefit Tax, and Superannuation.

The Importance of Tax Planning

May 15, 2023

For business owners, as we approach the End of the Financial Year, it is important to gain a true understanding of your potential tax position and establish a variety of business strategies for EOFY 23 and leading into FY24.

What is Personal Services Income?

Apr 21, 2023

Personal Services Income, or PSI, is the income derived by an individual mainly as a result of their personal work or exertion, rather than the sale of goods or use of assets. The individual may operate as a sole trader, or through a trust, partnership, or company structure. You can receive PSI in almost any industry or profession, but it is commonly seen within the Professional Services sector (namely among accountants, lawyers, consultants and engineers, etc) and medical practitioners.

What is the best way to purchase my business premises?

Apr 12, 2023

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.

Income Splitting for Medical Practitioners

Mar 29, 2023

The medical industry has a large number of high-income earners and this attracts the attention of the ATO, especially where income splitting is concerned. The characteristic of income in this industry is largely for the personal services of practitioners/specialists whose income generally fall into higher individual marginal tax brackets.

Understanding Division 7A Loans

Feb 22, 2023

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.

Fringe Benefit Tax Exemption for Electric Cars in Australia now Law

Feb 01, 2023

In a measure to reduce emissions and reduce Australia's carbon footprint, the Federal Government's proposed Treasury Laws Amendment (Electric Car Discount) Bill 2022 has passed Parliament, with Fringe Benefit Tax (FBT) exemptions for electric cars now law.

Employee Share Scheme - New Legislation from 1 October 2022

Aug 11, 2022

As originally announced in this year's March Federal Budget by the then-Morrison Government, new reforms surrounding Employee Share Schemes (ESS) available to employees have now received Royal Assent, with revised legislation to take effect from 1 October 2022.