by Marketing | Jun 1, 2021 | Tax Deductions Checklist, Tax Saving Strategy, Travel expenses, Uncategorized
If you are a police officer, here is a checklist of the tax deductions you may be able to claim on your personal tax return. TAX WARNING – The ATO considers the following expenses are NOT deductible: Conventional clothing – “Plain Clothes”...
by Marketing | Jun 1, 2021 | Income Tax - Individuals, Motor vehicle expenses, Tax Deductions Checklist, Tradies, Uncategorized
A deduction is allowable if the travel relates to the transportation of bulky equipment rather than to private travel between home and work and is supported by case law. To establish that the deduction is allowable, the employee’s circumstances must meet two...
by Marketing | May 20, 2021 | Tax Saving Strategy
According to the recent Federal Budget, the Government is delivering a further $7.8 billion in personal income tax cuts. The tax cuts will support more than 10 million low- and middle-income earners worth up to $1,080 for individuals or up to $2,160 for couples. The...
by Marketing | May 10, 2021 | Directors, Payroll
Since 1 July 2020, all employers must report their payroll via the new Single Touch Payroll (STP) system. The ATO has announced if employers do not have a specific deferral or exemption, the ATO can impose penalties. A general deferral is in place for closely held...
by Marketing | May 4, 2021 | Family Tax Benefit
Avoid losing your Child Care Subsidy or Family Tax Benefits. Make an appointment with Maynard Accounting to lodge your 2019-20 income tax return. Services Australia needs your income to balance payments for Child Care Subsidy and Family Tax Benefit. If you have not...
by Marketing | Apr 2, 2021 | SMSF, Superannuation
For some years, concessional (deductible) contribution caps have limited annual contributions to superannuation to $25000.00. However, new carry-forward arrangements, commencing from 1 July 2018, can modify that cap. The new arrangements effectively increase the...
by Marketing | Mar 30, 2021 | Busienss Strategies, Business Startup, JobKeepr, JobSeeker, Single Touch Payroll, Tradies
Employment & the Economic Environment Employing team members has always been challenging. It is becoming increasingly so as every year passes. The Global Financial Crisis (GFC) in 2007-09 triggered an increase in labor supply for several years and was a rare...
by Marketing | Mar 24, 2021 | Busienss Strategies, Business Startup, Business Structures, Company Setup, Employment, JobKeepr, Stimulus 3, Stimulus Package 1, Stimulus Package 2
There has been a lot of talk about how businesses will cope post-JobKeeper. A comment I heard just today said, “The end of JobKeeper in March 2021 will result in an economic cliff face.” Really? Government Stimulus A year has passed since COVID-19 ravaged...
by Marketing | Oct 22, 2020 | Tax Deductions Checklist, Tradies, Uncategorized
Key rates: Small business depreciation — Summary of instant asset write-off thresholds Purchase date or date asset first used (or installed ready for use) for a taxable purpose Threshold From 1 January 2021 $1,000 12 March 2020 to 31 December 2020 $150,000 2 April...
by Marketing | Sep 7, 2020 | JobKeepr, Uncategorized
JobKeeper has been an enormous success and extremely helpful for many small businesses. However, JobKeeper version 1 is nearing its end date, followed, thankfully, by the JobKeeper extension, set to take effect on 28 September 2020. WHAT IS JOBKEEPER EXTENSION There...
