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The End of Financial Year (EOFY) can be a stressful time for businesses. However, with the right tools and guidance, you can navigate this period smoothly and efficiently. At Business Edge Advisors, we’ve created a comprehensive guide and video to help you through the EOFY process, particularly focusing on STP finalisation and using Xero. In … Read more
As tax season approaches, it’s essential for businesses and individuals to be aware of the Australian Taxation Office’s (ATO) key focus areas. Understanding these hot spots can help you stay compliant and avoid potential audits. This comprehensive guide will provide you with detailed insights into the ATO’s primary areas of scrutiny for 2024 and how … Read more
Fringe Benefits Tax (FBT) is a tax employers pay on certain benefits they provide to their employees (or their employees’ associates) in addition to salary or wages. Entertainment benefits are a common type of fringe benefit that includes business lunches, social functions, and events. This guide aims to provide small business owners with a comprehensive … Read more
Fringe Benefits Tax (FBT) is a tax employers pay on certain benefits they provide to their employees (or their employees’ associates) in addition to salary or wages. One of the most common types of fringe benefits provided by employers is the use of vehicles. This guide aims to provide small business owners with a comprehensive … Read more
The Australian Taxation Office (ATO) is actively targeting trusts and how trusts distribute income to beneficiaries. A number of clients have requested a review of their structures to ensure that they are in the best possible position in the future. We want to help you achieve the best result. Distributing trust income Managing trust distributions … Read more
When trading in an old car to purchase a new one, it’s crucial to understand the tax implications. Here’s a comprehensive guide for small business owners considering non-fuel efficient, fuel-efficient, and electric vehicles, including options like utes with specific towing capacities. Tax Implications Overview Below is a table summarizing the key differences in tax implications … Read more
The Federal Budget 2024-25 has introduced several key initiatives aimed at alleviating financial pressures and promoting economic resilience. Here’s a detailed overview tailored for small business owners, highlighting the most relevant budget measures and what they mean for you. Inflation and Economic Outlook The Treasurer has projected that inflation will decline by 0.75% due to … Read more
Running a small business is like having another child – it demands a lot of your time and attention. Sometimes, the lines between your personal life and your business can get blurry. But when it comes to company finances, the Australian Taxation Office (ATO) expects clear distinctions. Why the ATO is Cracking Down on Personal … Read more
As the Fringe Benefits Tax (FBT) year wraps up on March 31st, it’s crucial for small business owners to stay informed about potential areas of scrutiny from the Australian Taxation Office (ATO). Let’s delve into some of the key FBT considerations that could impact your business. Electric Vehicles: A Spark of Change The government’s recent … Read more
In the intricate dance of tax compliance, the alignment between what taxpayers declare and the evidence at hand can often tip the scales between smooth sailing and rough waters with the Australian Taxation Office (ATO). A recent decision by the Administrative Appeals Tribunal (AAT) brings this issue into sharp relief, offering valuable lessons for small … Read more
