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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How to lodge an FBT return, the due date for lodging and paying, and what to do if you pay by quarterly instalments. Do you need to lodge a return? You must lodge a fringe benefits tax (FBT) return if, for the FBT year (1 April to 31 March), you either: If you paid FBT instalments and…
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There is $16 billion in lost and unclaimed super across Australia, new data from the Australian Taxation Office (ATO) reveals. This is an increase of $2.1 billion since last financial year and the ATO is urging Australians to check their account to see if some of the money is theirs. Deputy Commissioner Emma Rosenzweig said finding lost…
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The ATO should have postponed its revisions to the work-from-home claims regime until next financial year, says H&R Block. Most taxpayers will fail to notice the ATO publicity campaign about changes to work-from-home deductions and will learn about them when they do their tax return after July, says the director of tax communications at H&R…
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There is a staggering 800,000 Australian fixed rate home loans coming due during the 2023 year, that’s right 800,000. That means 800,000 mortgage holders having to make a decision whether to re-fix or allow their loan to convert to variable. Either way it is going to involve a significant increase in the cost of an…
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Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year. Paying the right PAYG instalments can help you maintain a healthy cash flow and avoid a large tax bill when you lodge your tax return. If you think your current PAYG instalments…
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Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year. Paying the right PAYG instalments can help you manage a healthy cash flow and avoid a large tax bill when you lodge your tax return. If you think your current PAYG instalments…
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We’re here to provide you with information to help you identify concessions you might be eligible for. There are many types of concessions available. The ones you can qualify for will depend on factors such as your company structure, the industry you’re in and your annual turnover. There’s lots to know about small business concessions; but…
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There are echoes of the past as rising inflation and interest rates threaten to push Australia and other developed economies into recession, but what is recession, exactly? How can inflation and interest rates interact to trigger a recession? Former Australian prime minister and treasurer Paul Keating infamously stated in 1990, following the release of data…
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