Accountants play an important role in assisting business owners with navigating complex processes. One such aspect demanding careful attention pertains to claiming deductions for depreciating assets. Let’s delve into the strategic timing for claiming deductions, the various types of depreciating assets, and the significance of maintaining precise records to optimise tax benefits. Strategic timing
The days of deciding on a tax strategy at the start of the financial year and then forgetting about it are gone, tax planning is an important part of managing your finances and requires careful consideration and strategic decision-making. As a tax payer you must be flexible, aware and ready to pivot at the right
Key instant asset write-off changes The instant asset write-off incentive is a tax-saving initiative introduced by the Australian Government. It allows eligible businesses to deduct the full cost of certain assets in the year they are purchased, rather than claiming the cost over a number of years. Recently, the Government has announced that it will
Selling your rental property is a great opportunity to unlock some personal equity. But don’t forget the taxman wants a slice of the cake. Capital gains tax (CGT) is liable for the profits on the sale of property, however the capital gains tax 6 year rule provides some exemptions which can be utilised to optimise
Tax planning is an essential aspect of financial management that requires careful consideration and strategic decision-making. One effective way to ensure optimal tax management is by engaging in regular tax planning meetings with your accountant at Walshs. These meetings provide a valuable opportunity to collaborate, analyse, and develop personalised strategies to navigate the complexities of
New legislation allows exemptions from paying Fringe benefits tax (FBT) on private use of electric vehicles which meet certain conditions. This article will help you make an informed decision on your next vehicle purchase, exploring the pros and cons and providing any necessary information. What is accepted…and the conditions: The first barrier to the exemption,
If you are an employer, then you will no doubt be aware of Single Touch Payroll (STP) and your obligations to be compliant to the STP2 changes that all employers must complete before 31st March 2023. The Government announced in the 2019-20 Budget, that Single Touch Payroll (STP) would be expanded to include additional information.
As a newly self-employed doctor, there are a significant number of considerations that need to be worked through, for example; registering for GST, managing practice obligations, managing tax liabilities and finding new patients. Often, growing wealth at this time can be difficult or become a low priority. When moving into private practice, you become self-employed
Balancing the books is a crucial part of running a successful business and an important part of this is ensuring you meet ATO deadlines for compliance lodgements. The Australian Taxation Office (ATO) provides ‘Key Dates’ for all of the compliance lodgements. However, these deadlines can easily be overlooked by busy business owners which can create
Further to our article published a few weeks ago, ‘Queensland Land Tax Changes – Are you Affected?’, there has been some recent developments in this area. During the recent Prime Ministers National Cabinet Meeting in Canberra, it is reported that the Premier learned that the other states were not going to provide assistance as
