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#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 |
#EveryoneNeedsAPlan: ATO Lodgement Penalty Amnesty Ending 31 December, 2023
Posted by G. Dean McKinnon
on 8 December 2023
The May 2023 federal government budget included a penalty amnesty for Late Lodgement of tax obligations.
Individuals and small businesses (annual turnover <$10m) can lodge overdue Tax Returns, BAS and FBT returns without incurring the a Late Lodgement penalty
The amnesty applies to lodgements that were due between 1 December, 2019 and 28 February, 2022
The amnesty ends 31 December 2023
Contact your Accountant or Tax Agent if you need help with your Late Lodgements or contact us for ...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsAPlan: Employee Christmas Parties are Not Tax Deductible
Posted by Dean McKinnon
on 5 December 2023
Employee Christmas parties and gifts are subject to Fringe Benefits Tax ('FBT') and if exempt the cost is not tax deductible.
The cost of the party may be exempt from FBT if only for your employees and held on the work premises during a working day
If cost of the party may be also exempt from FBT if:
the party is held off the work premises
the party is not held on a working day
the party guests may include your employees' partners
the per-person cost of the part...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsAPlan: Employer Super Contributions to be Paid on Same Day as Pay Received
Posted by G. Dean McKinnon
on 24 November 2023
The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid:
The present requirement is for the employer to pay their employee super contributions each financial year quarter (September | December | March | June)
The proposal is currently with Treasury department for consultation, but if adopted the new requirements would commence from 1 July, 2026
Business cashflow will be key to me...
| Posted in:Business PlanningSuperannuationFinancial PlanningBookkeeping | 0 Comments |
