Earlier this month, we hosted another of our lunch and learn events. Tax 101, was entirely conceptualised and hosted by five of our accountants who are all in the early stages of their careers.
The federal government detailed new legislation in July 2023 for small businesses seeking energy efficiency upgrades. The Small Business Energy Incentive offers a 20% tax deduction on these upgrades, valued at up to $100,000.
The federal government detailed new legislation in July 2023 for small businesses seeking energy efficiency upgrades. The Small Business Energy Incentive offers a 20% tax deduction on these upgrades, valued at up to $100,000.
A reminder to all business owners, the next super guarantee payment is due 28 October. This payment is for superannuation accrued by employees in the July – September quarter.
The Technology Investment Boost, initially announced in the last federal budget in March and enacted into law just before the 30 June expenditure deadline, grants small businesses with a turnover of less than $50 million a 20 percent bonus deduction on technology-related expenses that support their digital operations and digitisation efforts.
Nearly 40% of Australians believe they will not have enough funds to retire comfortably. With pressures due to cost of living increases, it is likely we will see this number continue to grow.
Australians continue to rank poorly in financial literacy, with just over a quarter of people struggling to answer a set of simple questions on the basics, such as interest rates, inflation and investment risks and returns.
The ATO has obtained extensive data on residential investment properties. The data is obtained from property managers, landlord insurance providers and financial institutions providing loans for residential investment properties, as well as income protection policy information. This data will be used to identify taxpayers with incorrect information in their tax returns and educate them. The ATO plans to pre-fill more information in future years.
In today’s business landscape, the transformative potential of artificial intelligence (AI) is hard to ignore. AI’s ability to automate, analyse, and optimise processes has proven to be an effective tool for business owners. Whilst AI has provided many opportunities, business owners should be cautious of resting their entire business in the hands of AI.
The ATO is encouraging small businesses to take advantage of certain measures when lodging their tax returns for the 22-23 year.