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The Australian Taxation Office (ATO) is lending a helping hand to nearly four million small businesses to get their tax right this tax time. The top 3 issues that ATO sees when small businesses lodge their tax returns are: Failing to report all of their income Not having the necessary records to prove small business … Read more

WorkCover Queensland has offered one of the lowest average premium rates for workers’ compensation insurance in Australia since 2013, providing excellent value for their customers and supporting more than 90% of workers back to work safely. However challenging economic times and increasing claims costs are putting pressure on premium rates. For the financial year 2022-2023, … Read more

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July … Read more

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction. But, there are a … Read more

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, section … Read more

The 2022-23 Budget is safe and ballot box friendly with a focus on jobs, cost of living, home ownership, and health. Key initiatives include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget night A $420 cost of living tax offset for low and middle income earners from 1 July 2022 … Read more

I’ve been recently asked a few times about the difference between margin and markup, so I thought about writing a blog post about it in order to clear out any confusion around those two terms. Margin and markup are two different ways of looking at your profit on a sale as they both focus on … Read more

Rainfall and flooding is affecting communities across parts of Queensland and New South Wales. As of 28th February 2022, residents in the flood affected local governments across those two states are eligible for financial support through federal and local governments. For individuals Australian Government Disaster Recovery Payment (AGDRP) of $1,000 per eligible adult and $400 … Read more

More than 1.2 billion invoices are exchanged in Australia every year, with around 90 per cent of invoice processing still partly or fully manual. As of 1 July 2022, e-invoicing for all Commonwealth agencies will become mandatory in Australia. Propelled by the goal of decreasing payment cycle times, costs and increasing efficiencies, mandatory e-invoicing legislation is on the … Read more

As a dentist, doctor or other medical practice owner, you probably face financial challenges unlike many other businesses. With a long list of complex regulatory requirements and financial obligations, it is important to get qualified support from specialist accountants with specific medical accounting expertise and experience in order to avoid costly mistakes, and for your … Read more