by Peter Ristevski | Mar 18, 2024 | Superannuation, Tax & Accounting
Starting from July 1st, 2024, there will be an increase in the maximum amount you can contribute to your superannuation. We’ll guide you on how to make the most of this change. Contribution limits for superannuation will rise from $27,500 to $30,000 for...
by Peter Ristevski | Mar 11, 2024 | ATO, How To, Small Business, Tax & Accounting
The Fringe Benefits Tax year (FBT) ends on 31 March. In this article we clear up some of the confusion regarding the FBT issues when an employer provides an EV (electric vehicle) to an employee. In late 2022, the Government introduced a concession that enables...
by Peter Ristevski | Mar 11, 2024 | Cashflow, How To, Small Business, Tax & Accounting
Managing money is crucial for any business to do well and keep going strong. But for construction and trade businesses, it’s even more critical. Why? Because they deal with some tricky situations. They might get paid in big chunks for projects, but they also have to...
by Peter Ristevski | Mar 11, 2024 | Discretionary Trusts, Family Trusts, Tax & Accounting
What is a Discretionary Trust? When you establish a discretionary trust, the trustee will legally own an asset(s) for the benefit of one or more other people. A discretionary trust can also be called a family trust if the members/ beneficiaries are part of your...
by Peter Ristevski | Feb 29, 2024 | ATO, How To, Small Business, Tax & Accounting
The Tax Office will begin applying penalties from the middle of next month where businesses have failed to lodge a Taxable Payments Annual Report (TPAR) from 2023. The ATO has warned businesses that pay contractors to provide certain services to lodge their taxable...
by Investment Plus Accounting Group | Feb 25, 2024 | Income Tax, Superannuation, Tax & Accounting, Tax Deductions
As the second half of financial year unfolds, taxpayers may be exploring ways to reduce their tax liabilities before June 2024. One often overlooked avenue for tax savings lies within the superannuation system, specifically through the strategic utilisation of unused...
