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If you work from home you can claim a tax deduction of 52 cents per hour you use the office for work purposes (45 cents per hour for the years prior to 30 June 2018) to cover the cost of electricity, cleaning, lighting etc. Simply estimate the number of hours worked per week multiply by […]
Single Touch Payroll or also known as STP or one touch payroll will be mandatory for all businesses in Australia from 1 July 2019. Small businesses only employing family members have a 12 month extension until 1 July 2020. Otherwise all other businesses in Australia will need to be ready by 1 July […]
The following details have been provided by the ATO: The rules for claiming deductions for payments to workers are changing. From 1 July 2019, you can only claim deductions for payments made to your workers where you have met the pay as you go (PAYG) withholding obligation for that payment. Where the PAYG withholding rules require […]
The next biggest compliance change for small business since GST is now law. From 1 July 2019, Single Touch Payroll (STP) will be compulsory for all employers in Australia. STP requires employers to report to the ATO their employees’ tax and super information within 24 hours of payment. This will give greater transparency to the […]
The Queensland Government are offering matched funding grants of up to $5,000 to Small Business. The funding is to engage the services of a consultant, advisor or business coach for up to 3 months to help establish or develop the business. To be eligible, the business must: have a business name registered within the last 4 years have […]
A common question we are often asked is, is entertainment tax deductible? The short answer is no except if provided to staff and Fringe Benefits Tax is paid on the entertainment. Entertainment provided to clients is never tax deductible. The next question is, what is entertainment? Entertainment is food, drink, recreation and travel and accommodation […]
There are three pillars to good health – nutrition, sleep and exercise. As a business owner juggling family life, I am guilty of neglecting some or all three at various times. I usually drop exercise first, then sleep and lastly nutrition. As crazy as life can be, we need to remember to look after […]
The ATO has increased the rate for work-related car expenses from 1 July 2018. The new rate is 68 cents per kilometre. It you are paying an employee over this rate, you need to withhold tax on the amount you pay over 68 cents.
The ATO are offering free webinars for people who are starting a business, thinking about starting a new business or want to update their knowledge. There are 13 topics running from October 2018 to March 2019. Topics are: Planning your regular financial commitments An introduction to tax basics Income tax deductions Home-based business Motor vehicle […]