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.
Doctors and medical practitioners often have more complex tax obligations. It is essential that they are clear on what factors they need to report, what they need to pay, and what they can claim.
Maintaining accurate and organised financial records is vital for the success of any business. It will not only ensure you are compliant with legal requirements but will also help to monitor the financial health of your business, make informed decisions, and streamline your tax.
This time of year can often be stressful as the complexities and ever-changing regulations of lodging your tax can make the process seem overwhelming. In an effort to save time and money some people, particularly those who are at a younger age, may choose to take on the task of preparing their tax returns themselves. However, what might seem like a simple task can actually cause you quite a bit of trouble if executed incorrectly.