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 MOREIdentifying Growth Opportunities: A Strategic Growth Matrix
In todayās competitive landscape, businesses must continuously seek new avenues for growth. One effective way to identify these opportunities is by using a Growth Matrix. This tool helps businesses analyse their products and markets, guiding strategic decision-making and fostering sustainable expansion. The Growth Matrix Explained The Growth Matrix typically consists of four key quadrants that […]
READ MOREInflationās Impact on Business: Why Budgeting and Cashflow Matter
Inflation, the rate at which the general level of prices for goods and services rises, eroding purchasing power, is a critical economic factor that affects businesses worldwide. In Australia, recent inflation trends have posed significant challenges for businesses, making it imperative for business owners to understand its impact and implement effective financial strategies. This article […]
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 […]
READ MOREUnleashing the power of SMSF with Commercial Property Investment.
In the realm of retirement planning, savvy business owners have a unique advantage to secure their financial future: via their Self-Managed Superannuation (SMSF) to purchase their business premises. Whilst any form of commercial or residential property investment via SMSF should provide a healthy return, this strategic move to purchase your own business premises not only […]
READ MORESecure Your Retirement: A Simple Guide to Choosing the Right SMSF Accountant
Selecting the right SMSF (Self-Managed Superannuation Fund) accountant is a critical decision that directly impacts your financial future. A qualified and experienced professional can become your trusted partner, navigating the complexities of SMSF regulations, streamlining administration, and optimising your returns. However, choosing the wrong accountant can lead to wasted time, resources, and potential penalties. This […]
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