Instant Asset Write-Off Update – What You Need to Know Now

Instant Asset Write-Off

The recent Budget announcement brings good news for small businesses. The Instant Asset Write-Off program is extended, allowing eligible businesses to claim the full cost of assets under $20,000 as an immediate tax deduction. Find out if you qualify and how this can save you money on taxes.

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5 Common Mistakes That Businesses Make in Tax Returns

worrying about mistakes in tax returns

While the tax year may not be over yet, it’s never too early for businesses to start preparing. Taking a proactive approach can help you avoid costly mistakes and ensure you’re maximising your deductions and credits. Here’s a breakdown of some common tax pitfalls businesses encounter, along with strategies to steer clear of them. Mistake#1…

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Navigating the Sharing Economy: New Reporting Requirements You Need to Know

sharing economy

The sharing economy, once a niche market, has exploded in recent years, disrupting traditional industries and empowering individuals. From ridesharing apps to peer-to-peer rental platforms, the ease and convenience of connecting directly with consumers have made these services a go-to choice for millions. However, with this growth comes increased scrutiny and the need for responsible…

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Your Tax Return Checklist for the New Year

Tax return checklist

It’s easy to get caught up in the excitement of Christmas preparations as the festive season approaches. However, before you get too carried away with holiday cheer, it’s the perfect time to update your tax checklist to ensure a smooth and stress-free tax season in 2024. Assess your deductions Take a moment to review your…

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The Do’s & Don’ts of Claiming Self-Education Expenses

Claiming self-education expenses

Thinking about going back to school or taking a new course, and hoping to claim some costs on your tax return? Well, tread carefully! There are some expense deductions that the Tax Office won’t allow. So, before you enrol or sign up for anything, pause for a moment and read this article. It could make…

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