16
Jan 2025
Ensuring ATO Compliance for Property Investors
Each tax season, the Australian Tax Office directs its attention to specific areas where taxpayers tend to make mistakes, whether inadvertently or intentionally. Rental properties have been under the spotlight this financial year-end with the ATO recently announcing that, after a series of audits, they found errors in 90% of rental property related returns, amounting to a shortfall of close to $1.3 billion between the amount collected and the amount owing.
On June 3, 2024 the Fair Work Commission handed down its decision for the Annual Wage Review 2023-24. The panel awarded 3.75% increase to all modern award wage rates and 3.75% national minimum wage increase. The increases commence from the first full pay period after July 1, 2024. Join Business Chamber Queensland’s webinar ‘Annual Wage Review Increase: What it means for your business’ to understand implications for business operators in the
31
May 2024
Small business technology investment boost
About the boost Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2024. The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a
The method you use to charge for your products or services is critical to how much income you can generate and the extent of profit margin that’s created. What we are seeing: fixed fees that don’t cover the service delivery costs adopting competitor pricing that doesn’t reflect the real price hourly rates don’t work when you don’t record the time spent on the client/customer fixed-price long-term contracts becoming unviable with
20
Dec 2023
Merry Christmas & a happy new year
From all of us here at Business Wise, we wish you and your Family a Christmas that is cheery, bright and joyful, and a New Year filled with Good Health & Happiness. Our Office will be closed from 12 noon 20th December 2023, and will reopen on Monday 8th January 2024. Merry Christmas from us all,
29
Aug 2023
Selling your business? Get organised!
There may come a time in your business ownership journey when it’s time to cash in on all of your hard work and effort in building your business and pass the reins to the next owner. If you are considering selling your business, there are a few housekeeping tasks that you can undertake now, to help attract the best price for your business. 1. Premises If you lease your premises,
At the start of the new financial year, property investors have a valuable chance to review and enhance their investment approaches. This article, brought to you by BMT Tax Depreciation, gives tips to consider to effectively gear up for the new year. Know the important tax dates Knowing the important tax dates is essential in preparing for the new financial year. 30 June marks the end of the financial year,
22
Aug 2023
2023/24 ideal for concessional contributions
The 2024 financial year is the time period for trustees to make voluntary contributions to superannuation funds as a number of key events have converged to boost their usefulness, according to a technical expert. BT Academy technical consultant Matt Manning highlighted 2023/24 was the last year trustees could make use of accrued unused concessional super contribution caps from the 2019 financial year when the mechanism was first initiated. To illustrate
Capricorn Enterprise have released their latest Regional Economic Report which has been updated with recent unemployment, building and industry data from a variety of statistical sources. Highlights include the March quarter 2023 showing unemployment rates were still historically low (3.5%) and the number of persons in the labour force increased (67,921 persons). You can view the full report by clicking this link. And if you’re pressed for time, this easy
15
Aug 2023
What is the best business structure for you?
No matter what stage your business is in or the type of business you operate, it is critical to have the right business structure in place for many reasons, including to safeguard your personal and business assets, minimise risk and tax implications and optimise returns. Each business structure has its own benefits and risks as well as criteria and regulatory requirements, which should be considered before adopting a business structure
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