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Company Money: A guide for owners

When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?There a myriad of ways owners look for paybac...

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How Does Tax Apply to Electric Cars?

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.The FBT exemption for electric carsIf your employer provides you with the use of a car that is classified as a zero or low emissions vehi...

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Selling a business? The pros and cons of earn-out clauses

Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider.Business transactions often include earn-out clauses where the vendors ‘earn’ part of the purchase price based on the performance of the business p...

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What sharing platforms are sharing with the ATO

From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.While the legislative instrume...

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End of the FBT year fast approaching

The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business, we’ll be in contact with you shortly to work out whether or not your business needs to be registered for FBT (if you are not already) and start collecting the information to work out your FBT liability (if any). ...

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The Super Wars

The Super Wars

Future earnings for super balances above $3m taxed at 30% from 2025-26The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superan...

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What's the deal with working from home?

What's the deal with working from home?

What’s the Deal with Working from Home?The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home.The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose e...

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What will the ATO be asking about your holiday home?

Taxpayers claiming deductions on holiday homes are in the ATO’s sights.The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims:How many days was it rente...

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Full throttle in 2023

In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough.The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate financial returns. Sometimes in the ...

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How good is ChatGPT at tax?

Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to work with the complexiti...

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