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tax advice adelaide Tag

Christmas tax tips

It's that time of the year again - Christmas countdown has begun! Whilst parties might be off the agenda for some Australian businesses this year due to COVID-19, employers may want to give Christmas gifts to their employees, contractors and clients. An important part of...

Tax tips 2020–21

With the end of 2020 approaching quickly, here are some tax tips to assist with managing your business accounting. Varying your PAYG instalments You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for...

Tax losses

2019-20 was a difficult year for many businesses and you may have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for an income year. If your business...

It’s tax time again!

You have to lodge your income tax return for the 2019-20 tax year by 31 October 2020 – unless you use a registered tax agent (your tax agent will be allowed to lodge your return at a later date, even as late as May next...

Tax changes for 2019-20

Some of the 2019-20 tax changes for small businesses include: Instant asset write-off Accelerated depreciation PAYG withholding obligations Restructuring a small business Bushfire payments Single Touch Payroll Director penalties; and Closely held trusts   Instant asset write-off The IAWO has been extended by 6 months to 31 December...

Tax consequences of the Cash Flow Boosts

Temporary cash flow boosts will support small and medium businesses and not-for-profit organisations during the economic downturn associated with COVID-19. Overview Eligible businesses and not-for-profit (NFP) organisations who employ staff will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up...

Planning your budget

A budget allows you to plan for how you’ll spend and/or save your money each period and also keep track of your spending patterns. Though making a budget may not sound like the most exciting activity, it’s important for keeping your finances in order and...

Save Tax – Opportunities with Superannuation for 2020

When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working. But did you know, there are also some excellent tax benefits you can take advantage of right...

Updates from ATO – Boosting Cash Flow for Employers

Earlier this week, the ATO noted that entities that lodged their activity statement before 28 April would see their cash-flow boost amount used to offset tax debts from previous periods, while those who lodged on 28 April would not see those credits used to pay...

Super guarantee amnesty

The super guarantee (SG) amnesty is now official. Under the amnesty, employers have a 6-month window until 7 September this year to disclose, lodge and pay unpaid SG amounts for their employees. To be eligible for the amnesty, you must declare and pay your SG shortfalls...