News

What the full expensing write off deduction means for business

What the “full expensing” write-off deduction means for business

November 6, 2020

The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6…

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New data matching programs initiated by the Federal Government

New data matching programs initiated by the Federal Government

October 2, 2020

Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds. Data matching involves bringing together data from different sources and comparing it. For example, records from different agencies or businesses are compared, with the results possibly identifying people who are being paid…

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The realities of insuring against cyber crime

The realities of insuring against cyber crime

July 7, 2020

Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these recent times of COVID-19 with nearly everyone…

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Remote AGMs and document signing allowed

Remote AGMs and document signing allowed

July 7, 2020

Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. ANNUAL GENERAL MEETINGS…

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Succession planning for family businesses

Succession planning for family businesses

February 4, 2020

Photo by Photo by Sabine van Straaten on Unsplash For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include…

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E invoicing is on its way

E-invoicing is on its way

December 2, 2019

Photo by Clay Banks on Unsplash Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow. The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices – think PDFs and…

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Personal services income explained

Personal services income explained

December 2, 2019

Photo by Element5 Digital on Unsplash The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do…

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CGT CONCESSIONS Does your business qualify

CGT CONCESSIONS: Does your business qualify?

December 2, 2019

Photo by Ashley Batz on Unsplash Wondering if you’re eligible to claim the small business CGT concessions can be settled by answering a few basic questions. In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a small business to disregard or defer some…

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If you’re in business you need to know about the PPSR

If you’re in business, you need to know about the PPSR

December 2, 2019

Photo by Matthew Waring on Unsplash There is a simple step that many businesses can take to better manage the risk that can attach to certain assets. Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following…

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Small business Low cost assets the threshold rule

Small business: Low-cost assets & the threshold rule

November 8, 2019

Photo by Pawan Kawan on Unsplash There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. Known as the threshold rule, this can help small business owners save time as well,…

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