Tax Time 2020 – Covid and Other Challenges
The time to prepare for the end of the financial year is BEFORE 30 June. Seems simple when you say it – but many businesses do find it challenging – which is why reaching out for help from professional advisers like your tax accountant can be important. Reviewing your business performance and maximising your tax […]
Understanding the ATO Instant Asset Write-Off
The ATO’s instant asset write-off is another form of financial relief the ATO and the Federal Government has included and expanded on in the COVID-19 relief schemes. First developed in 2015 as a way of enabling small businesses to claim the depreciation amount of a work-related purchase like a car or a computer in one hit, rather […]
JobKeeper Explained: What is it and Who is Eligible?
JobKeeper was introduced in April 2020 and is an effort being made by the Federal Government to support eligible businesses effected by COVID-19 to cover the costs of their employee’s wages, on condition that the business has experienced a loss of a predetermined portion of their turnover. Around $130 billion will be paid to hundreds […]
Common Tax Scams
Common Tax Scams Common tax scams hit hundreds of Australians every year around tax time. In fact, according to Scamwatch, scammers cost Australians $489 million in 2018! Tax scams are a major problem for individuals and businesses around Australia, with many people falling victim to fraudulent emails, phone calls and text messages, identity theft and […]
Tax Season Starts With Big Bang
The much-talked-about 2019 tax cuts are now legislation and it certainly seems to have sparked taxpayers into action in relation to lodging their 2019 tax returns. So much so – that the ATO computer and phone systems already have gone into meltdown and been offline on quite a few occasions. I suppose it’s only […]
Add Value at Tax Planning Time
The months of May and June are always busy times in the world of tax and accounting. Not only are we finishing the last of our tax returns for the 2018 financial year, but we are tax planning with clients for the 2019 tax year.
Taxing times as voters weigh up election options
On Saturday, May 18, Australians will vote to choose the our next Federal Government. At every Federal poll there are many different candidates with many different policies – but ultimately all policies need to be paid for – and the vast majority of that money comes from taxes collected by the ATO. This election contains […]
What Should You Be Doing To Get Ahead While Interest Rates Are Low?
In the last blog in this series, we looked at the difference you can make to the cost of your mortgage by ensuring that you’re not paying over the odds on rate, as well as some of the complexities around rate that need to be considered when refinancing. Here I’m looking at how you can […]
Instant Asset Tax Write Off Increased to $30, 000 — Effective Now
Tax planning opportunity via asset write-off increase The biggest potential tax bonus for small business in the 2019 Federal Budget was the announcement that the instant asset write-off had been increased and offered to more businesses. The instant asset write-off threshold for small businesses (with an aggregated turnover of less than $10m) will be increased […]
Affinitas Hails A New Service Champion
At Affinitas, it has never been our goal for clients to be merely satisfied with our service. We want them to be AMAZED with what we offer, BLOWN AWAY with how we offer it and RAVING FANS of the overall experience of being an Affinitas client. To underline our commitment to this ethos, Affinitas has […]
