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Tax Planning
In this blog, we take a closer look at why all businesses should have a tax planning session with their accountant every year. What is Tax Planning? Tax planning can have some great benefits for any business, large or small. It involves evaluating the business’s...
eInvoicing
Electronic Invoicing (eInvoicing) Electronic invoicing (eInvoicing) is an Australian government initiative designed to make exchanging invoices and doing business more efficient. It is an important step in the digitisation of businesses across the nation, making the...
10 Ways To Protect Your Business From Online Threats 10 Ways To Protect Your Business From Online Threats
10 Ways To Protect Your Business From Online Threats Practice Protect Security Blog Supplied by Bizink Businesses of all sizes are under constant threat from cybercriminals and malicious software, with even some of the world's largest and apparently...
Director Identification Numbers
Director Identification Number (Director ID) A director identification number (Director ID) is a mandatory requirement for all company directors. From 5 April 2022, a first-time director will need to apply for a Director ID before their official appointment (that is,...
Single Touch Payroll (STP)
Single Touch Payroll (“STP”) Single Touch Payroll (“STP”) is a reporting framework that streamlines employers’ reporting obligations to the Australian Taxation Office (“ATO”) and other government agencies. In this blog, we take a closer look at this mandatory...
2021 Victorian COVID Support
The Victorian Government has announced a $400 million package, jointly funded by the Commonwealth Government, that will provide automatic payments to almost 100,000 eligible businesses in Victoria, including sole traders. Further hardship funds will be made available...
2021 NSW COVID Support Package
The purpose of this blog post is to provide you with a basic understanding of the current NSW 2021 COVID-19 support package as well as to assist you in determining your eligibility for financial support. We note that the rules have been moving so this is a guide only....
Individual Deductions – Car Expenses
Individual taxpayers using their own car (including a car that is leased or hired) to perform work-related duties, as an “employee”, may be able to claim a deduction in their annual income tax return for Car Expenses. In this blog, we take a closer look at the rules...
Explainer: What is the Medicare Levy, Medicare Levy Surcharge and the Private Health Insurance Rebate
Medicare Levy Did you know that most taxpayers pay an additional 2% levy on their tax return? This is the Medicare Levy. The Medicare Levy was introduced to help cover to the costs of the public health services provided by Medicare. As all Australian citizens are able...
Tax Deductions for Office Workers
All employees are able to claim deductions for work related expenses. However, the reality for many office workers is that either there aren’t any expenses related to their work or their employer covers the cost of these expense. The key elements for claiming work...
Instant Asset Write-offs, General Small Business Pool and Temporary Full Expensing
Instant Asset Write-offs With the 30 June 2021 year-end fast approaching, we thought we would take a closer look at this topic of interest for small business. The “instant asset write-off” is an outright deduction available for the business portion of the cost of a...
Fringe Benefits Tax (FBT) – Are you ready?
Yes, it is that time of year again… time to refresh ourselves on the topic of Fringe Benefits Tax (“FBT”)… and prepare for the upcoming tax compliance season! With the new FBT year starting on 1 April, now is the time to consider opportunities to effectively structure...