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How to develop a ‘financial picture’ for your business

The business planning process helps! Business Plans are like maps for tourists – you need a plan for where you intend to go, what you want to look at, where you are going to stay and, if you deviate off track, you need to be able...

4 investment tips for the new financial year

The start of each financial year serves as a good reminder for ensuring an investment property portfolio and strategy is performing to its full potential. Here are four key investment tips to starting fresh in the new financial year. 1. Set goals for the coming year Without sounding...

Tax News and Updates August 2021

To keep you up to date with the tax changes that might affect you, here are some latest news and updates from the ATO: Paying reasonable travel allowances to employees The ATO has issued Tax Determination TD 2021/6, which sets out the reasonable allowances for the 2021/22 year...

Don’t forget to keep records when working from home

If you're continuing to work from home during 2021-22 income year, this is a reminder for you to keep a record of the hours you work from home and keep receipts for all items purchased. Keeping appropriate records now will allow you to use the method...

When to lodge your 2021 tax return

Your employer has until 31 July 2021 to finalise your end of year Payment Summary. You can check your myGov account to see if your 2021 Payment Summary is available. Please note that if your tax return is lodged before your employer has finalised your Payment...

What home office expenses can you claim?

If you performed some of your work from your home office during the 2021 financial year, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related...

We’re helping to end homelessness

Hutt St Centre’s Walk a Mile in My Boots provides South Australians with the opportunity to step out and support people experiencing homelessness. Hutt St Centre has been supporting people experiencing homelessness for over 65 years, and without the help of people like you, could not...

What immediate deductions are available for investors?

Depreciation is the natural wear and tear of property and assets over time. It’s normally thought of as a high-value, slow-burn deduction as it takes up to forty years for an entire property to depreciate. But there is an immediate deduction available for depreciable assets. Savvy...

What can you claim to minimise 2021 tax?

It’s tax time again – what can you claim to minimise your tax? In this article, we’ll explain: Deductions you can claim The “tax trap” you need to avoid Links to more information about specific deductions   Deductions you can claim According to the Australian Taxation Office (ATO) website,...

EOFY tax tips and reminders

There are a number of key changes from 1 July 2021 that you need to be aware of, such as changes to increase the super guarantee to employees and changes to single touch payroll (STP). If you're a business owner, there are also many obligations that...