Federal Budget 2022/23
1. Personal income tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]
WA Government Covid-19 Grant Applications
The Western Australian Government has announced a range of targeted Small Business Grants to assist small businesses that were directly financially impacted by the Chief Health Officer’s COVID Restrictions (Directions). The information contained below is correct as at 23 March 2022. Small Business Hardship Grant The WA Government will provide businesses that have experienced a […]
Logbook Requirements
If you use your car for work, then it’s beneficial to have a valid car logbook in these circumstances: 1. For your Income Tax Return – Claiming a personal tax return deduction for work related travel cost using your own car. 2. FBT Compliance – Calculating the taxable value of a car fringe benefit when […]
Director ID – How to apply for yours
Applying for your Director ID as an Australian resident for tax purposes is a straight forward process. This is a reminder that as of 5 April 2022 anyone intending to set up a new company will require a Director’s ID. Current Directors have until the 30 November 2022 to apply for their ID. Step 1: […]
5 Environmental Conservation Tips for Small Businesses
While major companies create powerful green initiatives, many small businesses use the excuse of “limited resources” to do anything. However, everyone plays an important role in protecting the environment, and small businesses have a unique opportunity to involve their community of employees and customers. The most effective environmental conservation projects need not cost much more […]
Top 3 Business Challenges for 2022
Even the toughest challenge can be turned in your favour with a careful strategy and well-advanced preparation. Take a closer look at our Top 3 Business Challenges for 2022. 1. Attracting and Retaining Talent The Great Resignation is sweeping the globe and is barreling towards Australia. What businesses do in the New Year will determine […]
SMSF Asset Valuations
You are probably getting your documents together in the coming weeks or months to have your super fund financials and tax return prepared. It may also mean it is time to think about getting those asset valuations done. Ensuring your SMSF assets are valued accordingly is an important aspect of being an SMSF Trustee. Some […]
What can my SMSF invest in?
Wanting to control your investments is often a key reason for considering an SMSF. SMSF’s offer a broader choice of investment options which are not usually accessible in retail or industry super funds. Knowing what these are is important so you can consider the appropriateness of each asset for your own SMSF investment strategy. Before […]
Super Stapling is here!
What is Super Stapling? Under the current ‘default’ superannuation system, where an employee commences employment with a new employer and does not choose a superannuation fund into which their super contributions will be paid, their contributions are paid to a default ‘MySuper’ product selected by their employer. This means that a person who changes jobs […]
The Why, What and How of Setting Up Your New SMSF
SMSF’s are not for everyone but for many controlling their own retirement savings and watching it grow is a very rewarding and beneficial experience. Once you have determined you are suitable for an SMSF what do you do next? Here is a “how to” guide for setting up your new SMSF. So you have heard […]
