Small Business Energy Incentive Small business operators will be provided with a new tax incentive "to help propel their energy transformation". The Small Business Energy Incentive will provide businesses with annual turnover of less than $50 million with an additional 20% deduction on spending that supports electrification and more efficient use of energy. It is [...]
Victorian Budget - Property Taxes In the budget issued on Tuesday, the Victorian Government has increased the taxes people pay on non primary properties by cutting the tax-free threshold for land tax from $300,000 to $50,000. The government is also levying temporary fixed charges of $500 for properties up to $100,000 in value and $975 [...]
Budget 2023 The 2023 budget was more significant for items it did not mention, than for changes introduced. Three key tax concessions will end: Temporary Full expensing which allows small businesses to fully write off assets (apart from motor vehicles excluding utes) expires on 30th June 2023 – although see new measure below: The [...]
The Federal Government announced on the 28th of February, a 30% tax rate will be introduced for superannuation earnings with balances over $3 million. Approximately 80,000 people will be affected by this proposed intruduction which will come into effect on the 1st of July 2025, after the 2025 Federal Election. Those impacted accounts would retain [...]
Environmental Upgrade Finance for Business Environment Upgrade Finance (EUF) is an agreement where a building owner borrows money for environmental building upgrades from a financier and makes the repayments through the local council rates system. These repayments are known as an Environmental Upgrade Charge (EUC). Eligible projects under EUF include upgrades that improve the environmental [...]
Our office will be closed from Friday the 23rd of December 2022 and will reopen for normal business hours on Tuesday the 3rd of January 2023. We wish everyone a very Happy and Safe Christmas and Holiday time.
All three stages of Xero’s STP Phase 2 roll out are now live and available Here's what you need to do now: While Xero’s STP Phase 2 reporting deferral is until 31 March 2023, we strongly recommend you get started now so you have the time you need to make sure you are compliant by [...]
2022-2023 October Budget From a tax perspective the budget has left the tax system alone. No significant changes were made. Two minor changes: 1. The eligibility age for the Downsizer contribution to super will be reduced from 60 to 55 once legislation passed. 2. Fuel efficient cars (battery, hydrogen fuel cell and plug in hybrid) [...]
Digital Solutions - Australian Small Business Advisory Services Are you looking for tailored advice for your small business? The Digital Solutions program works with you to adopt digital tools to save you time & money and to help grow your business. Small businesses with fewer than 20 full time or equivalent employees, as well as [...]
The ATO have issued the following reminder with respect to the payment of employee superannuation on time. With the introduction of Single Touch Payroll, the ATO can now check the superannuation you should have paid (per your payroll system) with the superannuation you have actually paid (based on information from superfunds). So, it will be [...]