The end of financial year (EOFY) is a time to claim all eligible tax deductions on offer. When people think of tax deductions for their businesses, they automatically think of operating and capital expenses, but did you know there are a range of deductions on payroll, superannuation and fringe benefits that can be claimed?
The end of financial year 2022 is upon us. It’s a good idea to keep on top of these key dates to keep your business running smoothly through the added pressure of tax time. What records do you need and why do you need them?
Established in 1999, the Farm Managements Deposit (FMD) Scheme is a government initiative which provides tax deductions on farm management deposits to help primary producers deal with inconsistent income from natural disasters, climate and market changes aiming to provide assistance through tax liability. If you’re a primary producer, it might pay to understand how the FMD works and how you can benefit from this scheme.
New ATO powers came into effect after the federal government passed a law in late 2019 to protect the Australian economic landscape to report business with over $100,000 in tax debt greater than 90 days. The business entity must have an ABN, have one or more tax debts, are not engaging with the ATO themselves or through a tax agent to manage the debt and don’t have an active complaint with the Inspector-General of the Taxation Ombudsman with an attempt to report the tax debt. Our short report outlines what the exceptions are and what you need to know if you have a tax debt.
The Treasurer delivered the Federal Budget on Tuesday 29 March 2022, marking the next stage in directing Australia’s economic future. These schemes rely heavily on tax offsets, concessions and relief measures for Australian individuals and businesses. Our short report outlines what these measures are and how they will affect you.
Whether you’re a tradie, chippie or computer programmer, there are tools of your trade you can deduct from your taxable income – so what tools can you claim and how can you claim them?