Understanding the Australian Small Business Restructure Legislation In the ever-changing economic landscape, many businesses face financial challenges that can threaten their viability. Fortunately, the Australian Small Business Restructure Legislation, introduced in 2020, offers a lifeline to eligible businesses. This legislation aims to provide a more accessible path for small businesses to restructure their debts, helping […]
READ MORESMSF Management: What Trustees Can and Canāt Charge Fees For
How to Avoid Non Arms Length Penalties Self-managed super funds (SMSFs) offer a level of control and flexibility that many individuals find attractive. They allow you to take charge of your retirement savings, making investment decisions and even managing aspects of the fundās operations yourself. However, with this autonomy comes a layer of complexity, particularly […]
READ MOREGift or Tax Liability? How to Avoid the Gift Tax Trap
When is a gift not a gift? The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple […]
READ MOREEmpowering Women through Financial Literacy
At Walsh Accountants, we are dedicated to not only supporting the Gold Coast Women in Business Awards but also to empowering women through financial education. This commitment was exemplified on August 15, 2024, when we hosted our inaugural ‘Know Your Numbers Masterclass.’ This exclusive masterclass was offered to the winners and awardees of merit from […]
READ MOREThe Price is Right: A Summary of the 2024/25 Federal Budget.
A Summary of the 2024/25 Australian Federal Budget and how it impacts small business. Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. Like the Price is Right gameshow, it will all come down to the price paid at the checkout. āÆFor business, […]
READ MORESmall Business Energy Incentive
The 20K Small Business Energy Incentive isnāt just another policy ā itās a game changer. Whatās the buzz about? Picture this: youāre a small business owner with an aggregated turnover under $50 million. Youāre eyeing a future where energy efficiency reigns supreme, and fossil fuels take a backseat. Thatās precisely where the Small Business Energy […]
READ MOREMaximising Your Tax Benefits: Ultimate Guide to the $20,000 Instant Asset Write-Off for Gold Coast Small Businesses
Small businesses serve as the engines of innovation and economic vitality. To empower these enterprises, the Australian government will continue to allow businesses to take advantage of the $20,000 instant asset write-off scheme. This article is your go-to guide for understanding this tax relief program and how it benefits small businesses across the country. Understanding […]
READ MORENavigating Salary Sacrifice: Essential Insights for Employers
Salary sacrificing, a strategic manoeuvre within the realm of employment benefits, serves as an arrangement between employers and employees. This arrangement allows employees to relinquish a portion of their pre-tax salary in exchange for comparable benefits, amplifying their overall compensation package. Letās delve into the intricacies of salary sacrificing, exploring its mechanics, effective setups, and […]
READ MOREUnlocking Tax Savings: FBT Exemption on Electric Vehicles
In todayās business environment, sustainability and cost-efficiency go hand in hand. Electric vehicles (EVs) offer a promising solution, not only for reducing carbon emissions but also for minimising tax burdens. One such advantage lies in the exemption from Fringe Benefits Tax (FBT) on electric vehicles. Letās explore how businesses and employees can leverage this tax […]
READ MOREUnderstanding the Implications and Opportunities of the 1 July Super Cap Increase
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps […]
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