HomeBuidler: What is it and How do you access it?

Contractor or employee?

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that an independent contracting relationship exists. The…
Tax Increase

Stage 3 personal income tax cuts redesigned

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. Relative to the current…
Succession Planning

Succession: What does it take to and your business to the next generation?

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to generational succession of a family business, there are a few important aspects: Succession of the…
Business Owner Checking Business Status

Navigating The Complexities Of Small Business Accounting

Accurate financial records are important for a business’s success, but navigating the complexities of accounting can be challenging. That’s where a professional accountant steps in to streamline the process. This guide will provide you with insights into the intricacies of small business accounting. Decoding the Basics: The Importance of Small Business Accounting First, let’s understand the…

Backing a winner: Digital games tax

Backing a winner: Digital games tax The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide. The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021 generating $226.5 million in income and employing…

The 120% technology and skills ‘boost’ deduction

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their…
A Tax Return

How To Avoid Penalties On Late Tax Returns?

Understanding tax return deadlines and ensuring timely submissions is an important aspect of managing personal and business finances. Whether you’re an individual or a small business, navigating tax returns can be tricky and while it may be tempting to put off your tax return, don’t! It can result in costly penalties and a bad reputation.…
How Does Tax Apply to Electric Cars?

How Does Tax Apply to Electric Cars?

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there is…
Picture1 - work from home

What’s the Deal with Working from Home?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67…
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