Ace in the Hole’ Budget 2023-24 The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. … Read more
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there is … Read more
It’s hard to believe that it’s been 10 years since Clayton took over the business from Graham Fuller in 2013. Over the years, we’ve experienced our fair share of ups and downs, but through it all, we’ve remained dedicated to our vision and goals of helping small businesses succeed. We couldn’t have achieved this milestone … Read more
As a small business owner, you know that success doesn’t always come easily. You need to work hard, make smart decisions, and constantly adapt to changes in the market. But there’s another factor that’s just as important as all of these things: being in the right place at the right time. When you’re in the … Read more
It’s that time of year again – what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax-effective Christmas season: Tax & Christmas – For your business For GST registered businesses (not tax exempt) that … Read more
I got a text the other day “Hi Mum, I have broken my phone and I am using this number.” The “Hi Mum” scam has exploded with more than 1,150 Australians falling victim to the ploy in the first seven months of 2022, with total reported losses of $2.6 million. Once the scammer establishes contact, … Read more
There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity driven $54.4 billion improvement in tax receipts has largely been banked, … Read more
Tax audit insurance is a term that gets thrown around, but what does it actually refer to? Are there different types? What should one look for in a policy? 1. What is tax audit insurance Tax audit insurance is a type of insurance specifically designed to manage the potential costs – namely professional fees – … Read more
What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas. The introduction of the Director Identification Number (DIN) is part of the Government’s Modernisation of … Read more
In September, amid a climate of startling interest rates, UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate that applies to those earning more than £150,000 from 45% to 40%. Just ten days later, following market turmoil that saw the British Pound drop at … Read more
