As we look ahead to 2024-25, the business environment is likely to be shaped by several key factors, from tax changes to economic forecasts. Here’s what you need to know to stay ahead: Personal Tax and Superannuation Changes Tax Cuts: From 1 July 2024, personal income tax cuts came into effect, impacting individual take-home pay. … Read more
The Instant Asset Write-Off threshold has been increased to $20,000 for the 2023-24 financial year, offering significant cash flow benefits for small businesses. Here’s how you can make the most of it: Key Benefits The increase allows your business to claim an immediate tax deduction for assets costing less than $20,000 in the year of … Read more
With the rise of remote work, many individuals are looking to claim home office deductions on their tax returns. The ATO has provided clarity on how to approach these claims, focusing on two primary methods: the Revised Fixed Rate Method and the Actual Cost Method. Here’s what you need to know. Understanding the Revised Fixed … Read more
