Don’t let rising indexation on study and training loans catch you or your employees unaware. Earn that ‘World’s greatest boss’ mug by informing and advising your employees of the following key points. The compulsory repayment threshold for the 2022–23 financial year is $48,361. If you have employees with a study loan who earn more than…
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Many small businesses struggle with cash collections, and finding enough cash to operate each month can be a challenge. Speeding up cash collections, even by a day or two, can have a meaningful impact on your finances. If you could receive customer payments faster, how would your business improve? To understand your cash inflows and…
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Research conducted by AHURI has found that a large number of young homeowner hopefuls are expected to rely on the bank of mum and dad. The research entitled, Pathways to home ownership in an age of uncertainty, was undertaken by The Australian Housing and Urban Research Institute (AHURI) researchers from the University of Sydney and Curtin…
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If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns. Make sure you note the following in your calendars: While it’s important to lodge and pay on time, we understand there may be circumstances…
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If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties. If you registered your SMSF prior to the 2022 income year…
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Have you ever wanted to help deliver the tax system of the future for small business? If so, our Small Business Stewardship Group (SBSG) might be for you. The SBSG is a part of our commitment to consultation. We aim to co-design our administration of the tax and super systems in partnership with those across…
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If over half the income you’ve received from a contract is a reward for your personal efforts or skills (rather than from the use of assets, the sale of goods, or from a business structure), then your income is classified as personal services income (PSI). You can receive PSI in almost any industry, trade or…
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Good record keeping helps you manage your business and cash flow, and ensures you get the right outcome with your tax return. Check you’re setting yourself up for success with these top 4 tips: Remember, registered tax agents can help advise you on your record keeping requirements. Source: ATO
The ATO’s generous Instant Asset Write-Off comes to an end as at the 30th of June this year. So there may not be a better opportunity for those who are self-employed to buy vehicles or equipment for their business than there is right now. Accountplan has a large number of lenders on our Vehicle &…
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Following its 10th consecutive interest rate hike, the Reserve Bank of Australia has hinted that the end could be near. Speaking at the Australian Financial Review (AFR) Business Summit on Wednesday (8 March), Reserve Bank governor Philip Lowe reflected on this week’s 25-bp rate increase. “At our Board meeting yesterday, we discussed the lags in…
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