tax Archives - AdviceCo.

Federal Budget Wrap 2023-24

Wed, 10 May 2023 11:06:52 +0000

Treasurer, Jim Chalmers, delivered the 2023-24 Federal Budget last night, where the Government has outlined a raft of measures which aim to strike a “considered, methodical balance” between fiscal restraint and supporting Australians through the current difficult times. The Government has announced a small surplus of $4.2 billion this financial year, the first in 15…

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The $3M Superannuation Balance Tax – What does it mean?

Fri, 28 Apr 2023 04:01:12 +0000

There would be very few people who haven’t heard about the governments proposed increase in tax on balances in superannuation in excess of $3m.

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ATO targets small business on late and upaid tax

Thu, 08 Dec 2022 02:47:50 +0000

Small businesses are one of the biggest contributors to the national tax debt, according to the ATO, and now they’re cracking down to recoup the $11.9 billion owed. Regular tax collection and penalties for late payment are ramping up from January 1, 2023. So what do you need to do to stay on the right…

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Federal Budget – the biz and finance wrap

Sat, 12 Nov 2022 00:41:33 +0000

By now, we’re all familiar with the political rhetoric around ‘tightening our belts’ to recover the $36.9 billion Federal Budget deficit and survive higher cost of living. The recently announced budget suggests that resource prices, taxes and low-unemployment are crucial to economic recovery. Read on to discovery how those budget themes will impact SME’s. A…

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Overwhelming: Taxes about to increase as cost of living gets tighter

Mon, 10 Oct 2022 09:52:18 +0000

Federal Treasurer, Jim Chalmers has indicated that some tax and revenue measures may need to be adjusted (aka increased) in the next annual Federal Budget in May 2023, or as soon as 25 October when a mini budget is scheduled to be presented to Parliament. With interest rates and everyday expenses also rising, it’s important…

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Urgent message to business owners: ATO unrelenting in tax debt recovery – DPNs on the rise

Tue, 20 Sep 2022 03:57:00 +0000

The ATO is on a mission to recover unpaid taxes and directors are being held personally liable. The stakes are high, and business owners MUST seek the help of their accountant to navigate this murky water. Tens of thousands of warning letters are issued by the ATO each month to directors of companies with outstanding…

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Top pressures on business cash flow and how to get ahead of it

Mon, 19 Sep 2022 07:19:20 +0000

The top (although not only) pressures on cash flow for small businesses are overdue invoices, inventory bloating, professional development to address the skills shortage and business technology. Various institutions, including Xero, the Australian Tax Office and Treasury have made announcements that relate to these themes with the intention of relieving cash flow pressure. Read on…

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Income tax cuts are coming

Mon, 19 Sep 2022 07:14:00 +0000

Labor is sticking to its Stage 3 income tax cut plans. Here’s what it means for your income… The plan, which passed into law in 2019 with Labor’s support, will remove the bracket taxing 37 cents of each dollar of earnings between $120,001 and $180,000. The $180,000 top bracket limit will expand to $200,000. It…

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Healthy habits for SME’s this new Financial Year to save time and tax

Fri, 15 Jul 2022 01:59:41 +0000

One of our favourite sayings is: when the going gets tough, the tough get going. Never has it been more relevant for business owners everywhere. To get you going this new financial year, there are some simple things you can do to boost your business health, and save time and tax. Year-round advice Many business…

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ATO crackdown on Family Trusts

Tue, 15 Mar 2022 05:33:01 +0000

In an effort to crack down on Family Trusts, the Australian Tax Office (ATO) released a draft ruling and accompanying guidance in February. The draft ruling suggests that they intend to target ‘reimbursement arrangements’, generally referred to as Section 100A. There is much detail trustees and beneficiaries need to get their heads around, but for…

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