Tax Planning
Prepare For Stocktake – Conducting A Stocktake
You might need to do a stocktake for tax purposes if your business acquires or sells stock. Learn how to do a stocktake and how it might benefit your company. Your business must do a stocktake by June 30, 2023, as the fiscal year comes to a close, in order to fulfil its tax obligations.
Taxation Changes for Business Owners – What’s New This 2023?
The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost-of-living relief and modernizing the economy. What does this mean for you? Here is a brief summary of the business tax updates and the two important things that could have an impact on business owners.
ATO Announces Enforcement of CGT, Rental Properties and Work Claims
Recent media reports have confirmed that the ATO's priority targets now include CGT, rental property deductions and work-related expenses. The ATO has declared that it will concentrate on capital gains tax, work-related costs, and rental property deductions in FY2024 in an effort to crack down on questionable payments as the end of the FY2023 financial year draws near.
Federal Budget 2023 – Winners and Losers Revealed!
The government promised a budget that would build “stronger foundations for a better future”. Look at the breakdown of the 2023 federal budget winners and losers. And if you’d like to know how this can impact, contact us today!
ATO Supercharges Its Campaign to Crackdown Incorrect Rental Property Report
The ATO boosts its campaign against rental property owners who incorrectly submit their income and expenses report. Based on previous data, there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses and the government has launched a more serious campaign against inaccurate tax report.
Using a “Bucket Company” Strategy to Reduce Tax
Set up a bucket company to access the 25% or 30% capped tax rate. Your accountants at Success Accounting Group are very aware of the tax laws and can make this easy for you. Contact us today! The sooner we get started; the sooner we can help you save tax using a “Bucket Company” - well before 30 June 2023 for enough time to implement tax saving strategies.
How To Minimise Your Business Tax in 2023
Imagine what you could do with tax saved? You could: • Reduce your home loan • Top up your super • Save for a holiday (when we can travel again!) • Deposit for an Investment Property • Pay for your children’s education • Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax.
How To Reduce Your Personal Tax in 2023
Now's the time to review what strategies you can use to minimise your tax before 30 June 2023. The most important thing to remember is that there is no point in spending money to get a tax deduction unless it’s going to result in something useful for you.
How The 2022-23 Federal Budget Affects Your Business
Get better understanding about the 2022-23 Federal Budget from our tax experts! Here’s the breakdown of the key elements discussed in the announcement and see what this means for you and your business.
2022 YEAR END TAX TIPS AND REMINDERS
Make sure you keep up to date with everything tax related that affects you. Here's the 2022 End of Financial Year Reminders and Action Items. Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit.