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#EveryoneNeedsaPlan: Small Business Have Consumer Rights Regarding Refunds and Returns
Posted by Dean McKinnon
on 25 January 2024
Just because your business is the purchaser of goods or services does not necessarily mean it does not have legal rights as a 'consumer'
The Australian Consumer Laws protect small business purchases of goods or services if any one of the following conditions are met
the cost of the product or service is under $100,000
the product or service commonly bought for personal, domestic or household use
it is a vehicle or trailer eligible to be used on public roads
The follow...
| Posted in:Legal | 0 Comments |
#EveryoneNeedsAPlan: Comfortable Retirement Standard
Posted by Dean McKinnon
on 19 January 2024
How much superannuation savings you need for a 'comfortable retirement' depends on how much you want to spend, but if you're not sure the Association of Superannuation Funds of Australia ('AFSA') produce regular reports that provide basic data regarding retirement expenditure.
AFSA also provide an indication of how much super savings you'll need to meet the expenses of a 'comfortable retirement'.
A 'comfortable retirement' is subjective and it is...
| Posted in:Retirement | 0 Comments |
#EveryoneNeedsAPlan: Gift Cards and Consumer Rights
Posted by Dean McKinnon
on 18 January 2024
Received a Gift Card for Christmas? You should know your legal rights under Australia Consumer Law ('ACL'):
Gift Card must be valid for for 3 years from date of purchase (some exemptions to this rule)
Replacement Card or refund must be given if the card doesn't work or can't be activated
Gift Card can't be offered by supplier in lieu of replacing faulty goods
Supplier can't charge fees associated with the Gift Card (e.g., card activation fee)
You can read the A...
| Posted in:Legal | 0 Comments |
#EveryoneNeedsAPlan: Small Business Energy Incentives for 2024 FY
Posted by Dean McKinnon
on 22 December 2023
Your business may be eligible to claim a tax deduction of up to $20,000 in the 2024 FY for expenditure related to electrification or efficient energy use.
The deduction is limited to 20% of the expenditure, for expenditure up to a maximum of $100,000
A business purchasing or upgrading solar systems (e.g., panels or batteries) is a good example
If you're unsure if your business is eligible to claim the Energy Incentive, contact your Account or Tax Agent, or Conta...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsAPlan: Business Instant Asset Write-off $20,000 for 2024 FY
Posted by Dean McKinnon
on 15 December 2023
The Instant Asset Write-off for the 2024 Financial Year has decreased to $20,000 per asset, down from $150,000 in the 2023 FY.
The Instant Asset Write-off allows the immediate tax deduction for the purchase of eligible assets
The $20,000 applies to each asset
The $20,000 does not include GST
The asset has to be purchased and ready for use in the 2024 FY (1 July, 2023 to 30 June, 2024)
If you would like to know how to apply this tax planning strategy to your own circumstances, contact ...
| Posted in:Tax | 0 Comments |
