Inflation. You’ve definitely heard about it, but do you know what causes it? Moore Lewis & Partners Director Pam Badke gives us the rundown on what inflation is, and how we got here. WHAT IS CAUSING INFLATION? The term inflation refers to prices rising over time. In Australia, inflation has risen to 7.8% – which […]
Category: Uncategorized
How to protect your business from Cyber Attack
As recent events have revealed in Australia (We’re looking at you Optus and Medibank), no matter what kind of business you operate and no matter how much revenue you generate, everyone is at risk of a cyber-attack. Unfortunately, cyber-attacks are on the rise. In the 2019-2020 financial year, the Australian Cyber Security Office estimated that […]
2022 – 2023 Budget Recap
The Albanese government has unveiled its first budget. So, How does the new budget affect you? Australians earning between $45,000 and $200,000 Debate over the contentious stage three tax cuts package dominated headlines earlier in October after speculation arose over whether they would be scrapped or pared back. But the policy has been spared the […]
How to start a Side Hustle
Last financial year, 167,646 businesses in Australia were created, an increase of 7 per cent on the previous year. Of those businesses, more than 80 per cent were non-employing businesses or sole traders — many of them were Australians monetising a hobby. As the economy gets tougher, more and more people are exploring hobbies and […]
ASK MLP: I have inherited a property, if I sell it, do I have to pay CGT?
Director Pam Badke takes a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction […]
AVOID TAX DODGY SCHEMES THIS TAX SEASON
With anything in life, if something sounds too good to be true, it probably is! If you’ve ever come across a scheme that offers you tax deductions or refunds that seem out of this world, it could be unlawful. Before investing your hard-earned money, look out for the following red flags of a dodgy scheme: […]
Cars & Tax – WHAT YOU NEED TO KNOW.
From 1 July 2022 the following car threshold amounts apply for the 2022–23 financial year. Income tax: The car limit for 2022–23 is $64,741. This is the maximum value that can be used for calculating depreciation on the business use of a car first used, or leased, in the 2022–23 income year. Goods and services tax […]
We’re Shane Webcke’s Accountant of Choice!
We recently headed out to our long-time client Shane Webcke’s farm to chat all things farming and accounting. We also brought a video crew! Take a listen to Shane about his experience with Moore Lewis & Partners.
ARE YOU ELIGIBLE FOR THE LOWER COMPANY TAX RATE?
Did you know that reduced tax rates may be available to eligible entities? These include companies, corporate unit trusts and public trading trusts. If your company is a ‘base rate entity’, your company tax rate is 25% from the 2021–22 income year onwards. For your company to be a ‘base rate entity’, it needs to […]
Rental expenses you can claim now
You can claim a deduction in the income year you incur expenses for your rental property that relate to the management and maintenance of the property, including interest on loans. If your property is negatively geared, you may be able to deduct the full amount of rental expenses against your rental and other income – such […]