As we tick over our calendar to the New Year it’s the opportune time to assess your business finances. We have put together three small business accountancy New Year’s resolutions to help you achieve success this 2022. A commitment to keeping track of expenses Keeping track of expenses as a small business owner can prove […]

Christmas can be one of the most profitable times of year for your business, and choosing to close over the festive period can be stressful. We have put together a few things to keep in mind when preparing your business and employees for the end of year rush. Understand your staffing needs Are you remaining […]

Whether you perceive the success of your business as hitting a certain profit margin, an obvious growth or simply having a cohesive team that doesn’t rely on you to mange absolutely every aspect. Whatever the measure, the parts of the equation that always needs to be considered in your business strategy are your numbers and […]

Despite the continued rapid rise in house prices, the Reserve Bank of Australia (RBA) has decided to keep the interest rate on hold for the eleventh month in a row. It also said that it’ll hold its quantitative easing program of purchasing $4 billion a week of government debt steady. But that makes it only […]

If you earn $47,014 or more per year, you may need to start making compulsory repayments. Compulsory repayments of your study and training support loan are made through the income tax system. If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, your compulsory […]

The COVID-19 Disaster Payment was originally announced on 3 June 2021 in response to the May/June lockdown in Victoria. Since then, the Disaster Payment has been made applicable to Commonwealth declared hotspots such as in News South Wales, Queensland and South Australia. Its primary aim is to provide weekly assistance to eligible individuals, like full […]

Are you a business owner that needs to lodge a taxable payments annual report (TPAR) for this financial year? If you have made payments to contactors that provide the following services, you will be required to lodge a TPAR: Building and construction service Cleaning services Courier or road freight services Information technology (IT) services Security, […]

If your business has been impacted by the recent Queensland lockdown, you may be eligible for financial support through for 2021 COVID-19 Business Support Grants. The $5000 grants (excluding GST) are available to small and medium businesses across Queensland affected by the COVID-19 lockdown that commenced on Saturday 31July 2021. These grants are aimed to […]

Are you a landlord who rents out commercial property? Or do you rent your place of business? If you have given or received a rent concession because of COVID-19, you need to consider this in your tax returns. There may be changes to the income you declare, deductions you can claim and your GST and […]

What is a tax offset? A tax offset is a reduction of your tax payable by the offset amount. Contrary to popular belief, you do not receive the amount of the offset entitlement directly as a lump sum. For example, if you earn $87,000 a year, in the 2021/22 financial year you are eligible for […]