In the 2020 Budget, the federal government initiated several stimuli to keep business moving. One of these was the provision to fully expense eligible items for the cost of assets in the year the asset was first used or installed ready for use to a taxable purpose. This initiative was set to end on 30 June 2022, but has now been extended for a full year, until 30 June 2023.
Should you hire your spouse or hire an employee instead? Many small businesses hire spouses to help you with the books, perform administration tasks or even as partners. At first glance, hiring a spouse is a good idea, but don’t forget to understand how this impacts STP, superannuation and tax offsets.
Tax time is upon us. Savvy small businesses around Australia should have rounded up 2022 and started their planning for 2023. In our short report, we detail what you should know about Covid stimulus payments, temporary full expensing and loss carry back and revenue goals.
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.