by Swot Accoountants | May 1, 2022 | Business News, Business Training, Fringe Benefit Tax (FBT), Tax & Compliance, Tax Offset
On 29 March 2022, the Treasurer handed down the 2022/23 Budget with changes to tax and superannuation laws. Here is a summary of some of the measures that may impact businesses and individuals. Small Business Technology Investment Boost and Small Business Skills and...
by Swot Accoountants | Apr 1, 2022 | Business News, Super, Tax & Compliance
Determining the nature of the engagement – is the worker an employee or contractor? This is important from the tax and super point of view because employees will have tax withheld from their wages and super paid by the employer. In contrast, contractors may be treated...
by Swot Accoountants | Mar 1, 2022 | Business News, Companies & Trusts, Tax & Compliance
The ATO has released public advice and guidance (PAG) products relating to the tax treatment of trust entitlements arising out of reimbursement agreements and unpaid present entitlements (UPEs) of trust beneficiaries. The following draft products have been released...
by Swot Accoountants | Feb 2, 2022 | Tax & Compliance
If you have more than one job, you will usually get taxed a lower amount of tax on your first job and a higher amount on the additional jobs you have. This is because you are claiming the tax-free threshold from your first job which does not apply to your second...
by Swot Accoountants | Dec 1, 2021 | Business News, Capital Gains Tax (CGT), Tax & Compliance
THE THINGS YOU CAN CLAIM STRAIGHT AWAY Expenses for which you may be entitled to an immediate deduction in the income year you incur the expense: Advertising for tenants Bank charges Body corporate fees and charges* Cleaning Council rates Electricity and gas (while...
by Swot Accoountants | Sep 1, 2021 | Business News, Business Training, Companies & Trusts, Tax & Compliance
When starting a small business, you need to choose which type of business structure to use. It is very important to understand the responsibilities of each structure, as it will affect the set-up and running costs, the tax obligations, asset protection, and potential...
