The 2024-25 Federal Budget, unveiled on Tuesday, May 14, 2024, brings notable changes impacting individuals, businesses, and superannuation. Among the highlights are the eagerly anticipated Stage 3 Tax Cuts, reducing tax rates and raising income thresholds for higher tax brackets starting July 1, 2024. For businesses, the Instant Asset Write-Off is extended, providing small businesses
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
We are delighted to share the news that the Walshs team has experienced great success throughout the year, securing #60 in the Australian Financial Review Top 100 Accounting Firms and as finalists within several categories at the Australian Accounting Awards 2023 and the IFA Excellence Awards 2023. These awards recognise outstanding contributions within the financial
Investing in property as an asset class is an excellent method to create meaningful long-term wealth through leveraged returns and passive income. There are generally two types of investment property rental options, short-term or long-term rental agreements. Each have their own pros and cons which we’ve outlined below. Long-term rental investments Long-term rental investments involve leasing
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.
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