Oct 4, 2024 | Bookkeeping, Business Growth, Small Business, Taxation
By Peter Woodford, Associate, TSP Accountants & Business Advisors Accountants vs Bookkeepers If you run a business in Newcastle or the surrounding areas, you know how important sound financial management is to your success. One of the cornerstones of financial...
Aug 23, 2024 | Capital Gains Tax, Rental Income, Taxation
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the...
May 17, 2024 | Federal Budget, Inflation, Taxation
The Federal Budget for 2024-25, the third handed down by Treasurer Jim Chalmers, delivered a back-to-back surplus for the first time in nearly 20 years built on high commodity prices and strong employment. Key features of this Budget include modified stage 3 tax cuts,...
May 2, 2024 | Taxation, Trust Accounts
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional...
Apr 12, 2024 | Fringe Benefit Tax, Taxation
The Fringe Benefits Tax year (FBT) ended on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to...
Nov 17, 2023 | 2023, Superannuation, Taxation
Wondering about the ATO agent nomination process? If you are an existing client, you may not need to do anything. If you are a new client we’ll send you information about the steps required to link to us. Because you are a new client, or your existing...
