Do you work from a home office and plan on claiming the deduction? The Australian Taxation Office has announced changes to the way you need to calculate working from home expenses and your record keeping requirements. In order to rely on the new fixed rate, the ATO expect taxpayers to maintain records of hours worked from home, […]
READ MOREApplications open for federal government energy efficiency grants
Are you looking to replace or upgrade existing equipment to improve energy efficiency and reduce costs? Then the federal government’s Energy Efficiency Grant is for YOU! Grants are available between $10,000 to $25,000 to cover up to 100% of eligible project expenditure. Are you eligible? You can apply now if you: Are an eligible entity Have […]
READ MORELast call for tax savings: Instant asset write-off deadline looms!
With the instant asset write off scheme set to expire on 30 June 2023, business owners have very little time left to purchase assets to claim the full deduction this financial year. What is the instant asset write-off? The instant asset write-off is a tax deduction that allows businesses to claim an immediate deduction for the […]
READ MOREIndexation of SMSF transfer balance cap
The high level of inflation has meant that the transfer balance cap (TBC) will rise from July 2023. The Transfer Balance Cap (TBC) is the maximum amount allowed to be used to pay a member a pension. From July 2023, this will rise from $1.7 million to $1.9 million. This means that members that have […]
READ MOREWe have implemented a new ATO mail system – ATO SmartDocs
Our new ATO SmartDocs mailing system enables us to download all ATO mail on behalf of our clients and distribute it electronically. What can you expect? When you receive electronic mail from the ATO, you will receive a text (SMS) message. This will advise you to log into your email account and use the 6-digit […]
READ MOREPractical accounting tips you’ll need for 2023
At Walsh Accountants, our team are committed to elevating your understanding of numbers to help you manage and grow your business. Use these 8 practical accounting tips to run your business seamlessly. 8 top tips to understand and connect with your numbers Using reporting tools (such as Xero, MYOB, etc. or Business Insights and Dashboard reporting […]
READ MORE2023 Business Ready Checklist
Now is the perfect time to set goals for your business to make 2023 your most successful year yet! Having clear goals set for yourself and your business provides a sense of direction, motivation, and a clear focus on what you are trying to achieve for the year ahead. In this checklist you will find: […]
READ MOREBusiness restructure not so taxing with Qld small business duty relief
Thanks to new amendments and legislation passed in October 2022, Queensland small businesses looking to restructure by transferring assets from a sole trader, partnership or discretionary trust structure to a company structure can continue to access either a full or partial duty exemption on the transfer. This makes business restructures not so taxing on business […]
READ MOREBusiness Basics Grant – Round 4
The Queensland Government Business Basics Grants Program is opening for round 4. The Business Basics grants program provides support to businesses to increase core skills and adopt best practice. Your business may be eligible to receive a single up-front fixed grant payment of $5,000 (excluding GST). This support includes funded activities in 5 priorities: Training and coaching (business development, marketing, […]
READ MOREContribution changes for older Australians means more money in superannuation
Legislation commencing 1 July 2022 has opened some new opportunities for older Australians to get more money into superannuation. The change means that people aged 67 – 75 years can now make contributions from after-tax money, called non-concessional contributions (NCC), without the requirement to be working on at least a part time basis. How much […]
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