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 | 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...
by Investment Plus Accounting Group | Apr 17, 2023 | Business, Electric Vehicles, How To, Tax & Accounting, Tax Deductions
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle...
by Investment Plus Accounting Group | Apr 17, 2023 | Business, How To, Income Tax, Small Business, Tax & Accounting, Tax Deductions
As a tradie, it’s essential to understand the tax deductions you can claim to reduce your taxable income and maximise your tax refund. This article outlines five common tax deductions for both employee tradespeople (tradies) and business owner tradespeople (business...
