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 | May 10, 2023 | Federal Budget 2023- 2024, Tax & Accounting
In a response to increasing cost of living pressures, the Labor government’s second budget has put the spotlight on easing the impacts of rising inflation and driving wage growth. It is clear the Government is committed to achieving responsible and targeted relief for...
by Investment Plus Accounting Group | Apr 28, 2023 | Business, Division 7A loans, How To, Small Business, Tax & Accounting
When you start up a business, inevitably, it consumes not only large amounts of your time of but also a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back....
by Investment Plus Accounting Group | Apr 28, 2023 | Business, How To, Small Business, Tax & Accounting, Tax Deductions
As the cut-off date for the instant asset write-off program approaches on June 30, 2023, many small to medium-sized enterprises (SMEs) are feeling the pressure to take advantage of the program before it ends. The instant asset write-off (IAW) initiative has been a...
