From 1 July 2023 until 30 June 2024, the Government will change the instant asset write-off threshold to $20,000.
Previously, 'small' businesses under a turnover of $500 million, could immediately deduct assets acquired from 6 October 2020…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/05/BlogIAWO_Small.jpg9881000adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-06-06 08:39:412023-06-01 13:44:39Instant Asset Write Offs (IAWO) capped to $20k again
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork.
A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related to…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/05/BlogFBT_Small.jpg9881000adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-03-16 12:15:282023-06-02 11:05:51FBT in 2023
Throughout June we will be sharing some tax tips for businesses this coming tax time.
These will be short and sweet and we hope you will learn something for this upcoming tax season.
1. Working from home
If you don’t have a dedicated…
How will the 2019 Federal Budget effect me and my business?
Treasurer Josh Frydenberg's main talking point was that this budget will bring us back to surplus.
Back in black, back on track.
Here are the most important bits:
PAYG Instalments, something that alot of our clients get confused about.
Pay as you go instalments (PAYG) get issued by the ATO, and you get sent a welcome or adjusted letter.
But do you understand it? Shaun Farrugia explains all you need…
https://www.optimisedaccounting.com.au/wp-content/uploads/2019/03/payg-feature.png555609adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2019-03-12 15:30:232023-08-21 13:04:48What are PAYG Instalments?
Single Touch Payroll or STP is a new system whereby all employers are required to submit payroll data to the ATO on the same day that they pay their employees.
https://www.optimisedaccounting.com.au/wp-content/uploads/2019/02/STP-square.png10001000adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2019-02-26 16:45:242021-12-22 11:34:17Have you heard of STP?
From 1 November 2018 the new Long Service Leave legislation will come in to effect in Victoria.
The fundamental that Long Service Leave starts accruing after 7 years of continuous service still remains, however much more flexibility has…
https://www.optimisedaccounting.com.au/wp-content/uploads/2018/10/LSL.jpg300367adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2018-10-29 12:58:262021-12-22 11:05:23Changes to Long Service Leave from 1 November 2018
This is a question that we get a lot – particularly around June when the insurance companies have lots of ads on TV telling everyone that they will be severely penalised if they don't!
But do you really need it?
No, not necessarily for…
https://www.optimisedaccounting.com.au/wp-content/uploads/2018/09/Screen-Shot-2018-10-08-at-10.28.17-am.png8681544adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2018-10-15 14:15:022021-12-22 11:05:32Do I need Private Health Insurance?
Shaun Farrugia recently created this video to explain a question that was on a few of our clients lips.
Watch below to hear the difference between an offset and a redraw account on your home loan. This is a question we do get very often,…
https://www.optimisedaccounting.com.au/wp-content/uploads/2018/10/Offset-vs-redraw-shaun.jpg540540adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2018-10-15 11:28:492023-08-21 13:26:50Offset vs Redraw
Tuesday night Scott Morrisson handed down what can be best described as an pre-election Budget and in our opinion a very tax centric budget.
No major announcements of increases or decreases in service spend and It is still expected that…
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