by Investment Plus Accounting Group | May 28, 2023 | ATO, EOFY, How To, Small Business, Tax & Accounting, Tax Deductions, Tax Refunds
Now’s the time to review what strategies you can use to minimise your tax before 30 June 2023. Imagine what you could do with tax saved? You could: Reduce your home loan Top up your super Save for a holiday (when we can travel again) Deposit for an Investment...
by Investment Plus Accounting Group | May 22, 2023 | ATO, EOFY, How To, Income Tax, Small Business, Tax & Accounting, Tax Deductions
If you are a sole trader, there are a number of small business tax concessions that you may be able to utilise. A small business entity is broadly a business with an aggregated turnover of less than $10 million. INCOME TAX CONCESSIONS Start-up costs You may be...
by Investment Plus Accounting Group | May 22, 2023 | ATO, EOFY, How To, Income Tax, Small Business, Tax & Accounting, Tax Deductions
With the end of the tax year approaching, it’s time to take action to minimise the tax liability for your retail business. Here are the top tips for end of year tax planning. Take advantage of temporary full expensing One of the best tax breaks for business is...
by Investment Plus Accounting Group | May 22, 2023 | ATO, EOFY, How To, Income Tax, Tax & Accounting
Claim as many eligible work-related expenses as you can Many expenses that you incur in order to do your job can be claimed in your tax return. However, many cannot, and incorrectly claiming these may result in a penalty from the ATO. Some are more obvious than...
by Investment Plus Accounting Group | Jul 19, 2022 | ATO, EOFY, Tax & Accounting
As we head into the 2022/23 Financial year, staying on top of your taxes and constant changing rules can be time consuming for employees and contractors. The impact of Covid-19 on business and taxpayers along with data matching technology employed by the ATO,...
by Investment Plus Accounting Group | Jul 19, 2022 | ATO, EOFY, Tax & Accounting
Many Australians invest in property, financial markets and other assets, both in Australia and overseas. Managing the tax on your investments can help you increase your wealth. The ATO’s data matching and information-gathering capabilities are significant and cover...
