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
Streamline Your TPAR Lodgement with Xero Watch this video on YouTube As a small business owner or operator in industries such as building and construction, cleaning, courier, road freight IT, and security, lodging your Taxable Payments Annual Report (TPAR) is an essential annual task. Due by August 28th each year, the TPAR can seem daunting, … Read more
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
The Essential 30 June Guide For You Opportunities The end of the financial year is coming soon. Here are ways to get ready for the 1 July 2024 tax cuts: Prepay your deductible expenses for this year. Make any deductible super contributions. Plan any donations to take advantage of the higher tax rate. Boosting Super … Read more
