As the end of the financial year (EOFY) approaches, now is the perfect time to check in with your accountant and make sure your finances are in good shape before 30 June. A proactive tax planning conversation can help reduce your tax liability, boost your business’s financial efficiency, and set you up for success in…
As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time. EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial position for the…
When you’re in the thick of raising a family – balancing work, school runs, and sleepless nights – estate planning probably isn’t top of your to-do list. But here’s the thing: if you have kids, a mortgage, or even just a bit of superannuation, having a solid estate plan in place is one of the…
If you’re running a small business in Australia, you’ve probably heard the term “instant asset write-off” tossed around – especially come tax time, and more recently in the news. But what is it? And how can it benefit your business? What is the Instant Asset Write-Off? The instant asset write-off (IAWO) is a handy tax…
Running a business comes with its fair share of challenges, but some warning signs indicate deeper problems that could jeopardise its long-term success. Whether you’re an owner, investor, or employee, recognising these red flags early can help you address issues before they escalate. Here are some common red flags in a business to be aware…
Ever noticed your super balance going up and down, even when you haven’t made any changes? It’s not just about fees, contributions, or insurance premiums – it’s also about how your super fund calculates investment earnings. Super funds use one of two methods to allocate investment earnings: unit pricing or crediting rates. While industry super…
Division 293 tax is an additional tax on concessional superannuation contributions for high-income earners in Australia. It is applied at a rate of 15% on certain super contributions when an individual’s combined income and concessional contributions exceed $250,000 in a financial year. This tax effectively reduces the tax concession available to higher-income individuals, ensuring a…
As 31 March approaches, businesses need to prepare for their Fringe Benefits Tax (FBT) obligations to ensure compliance with the Australian Taxation Office (ATO). The FBT year runs from 1 April to 31 March, and preparing ahead of time can help businesses avoid costly mistakes, reduce their FBT liability, and ensure all required records are…
Running a business often involves seeking professional advice, but not every improvement requires external intervention. There are plenty of straightforward strategies you can implement on your own to boost efficiency, customer satisfaction, and profitability. Here are some practical ideas to get you started. 1. Streamline Your Processes Efficiency is key to business success. Take a…
Superannuation is one of the most significant investments many Australians will make. The stakes are even higher for those managing their retirement savings through a self-managed super fund (SMSF). While it can be tempting to adopt a “set and forget” approach, seeking ongoing professional advice is essential for maximising the potential of your super and…