by Cindy Su | Sep 9, 2024 | All, Business
As a tradesperson—whether you’re an electrician, carpenter, plumber, mechanic, or in any other trade—understanding your eligible work-related deductions is crucial for reducing your taxable income. Tradies can claim deductions for tools, vehicle expenses, protective...
by Cindy Su | Sep 2, 2024 | All, Business
What is Fringe Benefits Tax (FBT)? Fringe Benefits Tax (FBT) is a tax that you, as an employer in Australia, must pay when you provide certain benefits to your employees or their associates, such as family members. These benefits, known as “fringe...
by Cindy Su | Aug 27, 2024 | All, Business, Tax and Accounting
What is Single Touch Payroll (STP)? If you’re an employer in Australia, you might have heard of Single Touch Payroll (STP). Single Touch Payroll is a system introduced by the Australian Government to make payroll reporting easier and more efficient for business...
by Cindy Su | Aug 27, 2024 | All, Business, Tax and Accounting
Cash flow is the lifeblood of any business, especially for small businesses where financial margins are often tight. Effective cash flow management is crucial to ensuring that your business can meet its financial obligations, invest in growth, and ultimately succeed....
by Cindy Su | Aug 21, 2024 | All, Business
In Australia, the Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services, and other items sold or consumed. If you’re a non-resident business supplying goods or services to Australia, it’s crucial to understand your GST...
by Cindy Su | Aug 16, 2024 | All, News and Updates, Supers
What is NALI? Non-Arm’s Length Income (NALI) refers to income earned by an SMSF that is derived from non-arm’s length transactions. In simple terms, if an SMSF earns income from a transaction that is not conducted on commercial terms—as if the parties involved were...
by Cindy Su | Aug 13, 2024 | All, Business
What is TPAR? The Taxable Payments Annual Report (TPAR) is a report that certain businesses in Australia must lodge with the Australian Taxation Office (ATO). The TPAR is used to report payments made to contractors for services they provide. This requirement aims to...
by Cindy Su | Aug 8, 2024 | All, Supers
When collating information to submit to your accountant for lodging your 2024 SMSF annual return, there are a few common mistakes to avoid that can save you time, effort, and potential penalties. 1. Correct Information Double-check all personal and financial details...
by David Naylor | Aug 8, 2024 | All, Business, Property
Whether you’re a seasoned investor or a small business owner looking to reduce your Capital Gains Tax (CGT), understanding the available options is crucial. The Australian Taxation Office (ATO) provides several ways to legally lower the CGT you owe when selling...
by Cindy Su | Aug 1, 2024 | All, Business
As a small business owner, managing payroll accurately is crucial for the smooth operation and financial health of your business. Payroll management can be complex, and mistakes can lead to serious consequences, including legal issues, financial penalties, and...
