Maximise your savings with energy-efficient assets using the small business energy incentive. Are you struggling with high energy bills for your small business? With the small business energy incentive, you can get a significant tax deduction for investing in...
New additional 15% tax on Super Balance over $3 million. Starting 1 July 2025, the Australian government will introduce an extra 15% tax on superannuation balances exceeding $3 million. This move aims to limit tax benefits for those with high super balances. If your...
New rules for short term rental accommodation in WA. Western Australia is introducing new rules for short-term rental accommodation to ensure consistency and clarity across the sector. These changes will streamline the registration process and make it easier for...
How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?. Starting in July 2024, the revised Stage 3 tax cuts will impact many Australians. In recent years, Australians have faced a sharp increase in income tax, with an average increase of 8% in 2023. And if...
Understanding your trade income: The basics of Personal Services Income. If you're in the trades industry, operating as an electrician, plumber, or in construction, it's important to understand how your income is classified for tax purposes. The money you earn from...
Asset protection for growing businesses and investments. If you're a business owner, understanding asset protection strategies is important for protecting both your personal and business assets. Managing a growing business can be busy, but it's important to have an...
How to pay yourself bonuses and commissions as a company director. Paying bonuses and commissions effectively can ensure you reap benefits while staying compliant with the Income Tax Assessment Act. These types of payments are not only a direct reward for exceptional...
How to make loan repayments to shareholders for Division 7a. Are you aware of the benefits of using loan repayments to return funds to shareholders, compared to other methods like dividends? This approach involves repaying funds that shareholders initially lent to the...
Key tax due dates for Construction Trade Professionals for 2024. As a tradesperson running your own construction business, as an electrician, plumber, or bricklayer, you need to manage your tax obligations, cover overhead costs, and seek new projects while keeping an...