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2024 End of Financial Year Business Preparation

June 21st, 2024

At this time of year, we find ourselves having regular discussions with clients about best business practice for 2024 End of Financial Year preparations. This can include end of year payroll, transitioning to cloud-based software for the first time, changing software providers, or simply reviewing data file accuracy.  A proactive approach and mindset are keyread more

MP+ Federal Budget Update 2024-25

May 15th, 2024

The 2024-25 Federal Budget was handed down on Tuesday 14 May 2024 by Treasurer Jim Chalmers of the Albanese government. Mr Chalmers indicated a $9.3 billion surplus this financial year, following a $4 billion surplus last financial year. This is only the second consecutive budget surplus in two decades – however the likelihood is thereread more

Act Now: ATO Interest Charges Will Soon be Non-Deductible

March 13th, 2024

Do you have ATO interest charges hanging over you? Hoping to claim them as a tax deduction when you pay them off? If so, read on, because a recent Government announcement aims to put a stop to interest charge deductibility. Previously, general interest charge (GIC) and shortfall interest charge (SIC) could be claimed as aread more

Urgent: Have You Applied for Your Director ID Yet?

February 7th, 2024

Back in 2021, we covered in an article the rollout of Director IDs by the Australian Business Registry Services (ABRS) – a measure intended to combat fraud and security issues in Australian businesses. Now we’re in 2024, the ABRS continues to engage with directors of companies that haven’t yet met their obligations – meaning ifread more

Does My Business Need to Pay Payroll Tax?

January 24th, 2024

As a business owner in Australia, navigating the complex landscape of taxes and employer obligations can be challenging, and payroll tax is no different. Legislative changes in mid-2023 means it’s as important as ever to stay informed and compliant with payroll tax laws, and understanding it is key. This includes knowing if your business isread more

New Div 296 Tax Legislation for Super Balances over $3m

November 27th, 2023

Is your super balance over, or approaching, $3 million? In October 2023, the Australian Government introduced draft Div 296 legislation aimed at reducing tax concessions for individuals whose total superannuation balance (TSB) exceeds $3 million. The policy consideration of this measure is to achieve a more equitable Australian Superannuation System, and this new measure isread more

Starting a Business in Australia – A Quick Guide

October 13th, 2023

The allure of entrepreneurship is undeniable, and for many Australians, starting their own business is motivated by the pursuit of autonomy, escaping the 9-to-5 grind, and carving their own path. If you’re considering starting a business, you might be drawn in by the opportunity to purse a passion full-time. Even beyond these personal motivations, businessread more

Simplify Your Business’ Tax and Compliance in 2023-2024

August 9th, 2023

No matter what business you run, being an entrepreneur can be challenging, exciting, daunting, and even overwhelming at times – and that’s just in day-to-day operations, let alone the tax and compliance requirements required to keep everything above board. The shifting landscape of tax and compliance legislation can make it tricky to stay on topread more

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