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Year End Planning Tips for Australian Taxpayers – A Comprehensive Guide

As the financial year draws to a close, it’s the perfect time to take control of your finances. Year-end planning goes beyond tax preparation—it’s about ensuring your overall financial well-being. Whether you’re an individual or a business owner, taking proactive steps now can set you up for success in the coming year. Why Year-End Planning… Continue reading Year End Planning Tips for Australian Taxpayers – A Comprehensive Guide

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Business News – November 2024

TaxWise What’s New? Depreciation for Small Businesses The Bill proposing to extend the $20,000 threshold for the small business instant asset write-off (IAWO) until 30 June 2025 is currently before the Senate. To be eligible for the IAWO, the business must have an aggregated annual turnover of less than $10 million, the asset must cost… Continue reading Business News – November 2024

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Individual News – September 2024

TaxWise What’s New? Income Tax Rates As we have previously mentioned in TaxWise, tax cuts for every taxpayer came into effect on 1 July 2024. To remind you, the new personal income tax rates are set out in the table below. Taxable income Tax payable $0 – $18,200 Nil $18,201 – $45,000 Nil + 16%… Continue reading Individual News – September 2024

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Business News – September 2024

TaxWise What’s New? Tax changes from 1 July 2024 A number of income tax measures relevant to businesses apply from 1 July 2024, including: Tip! If you think any of these measures may affect your business, talk to your tax adviser. Income Tax Rates As we have previously mentioned in TaxWise, tax cuts for every… Continue reading Business News – September 2024

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Business News – June 2024

TaxWise Year End Tax Tips How to Reduce Your Tax Bill We are getting near the end of the tax year (30 June), so you might want to consider ways to reduce your business’ tax bill. The two simplest ways to do this are to reduce assessable income or increase deductible expenditure. Either way, the… Continue reading Business News – June 2024

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Business News

TaxWise From the ATO Check your PAYG instalments Now is a good time to check that your business’ PAYG instalments still reflect the expected end-of-year tax liability. If your business’ circumstances have changed and you think you will pay too much (or too little) in instalments for the year, the instalments can be varied on… Continue reading Business News

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Individual News

TaxWise Stage 3 personal income tax cuts redesigned The changes to the Stage 3 personal income tax cuts — to take effect on 1 July 2024 — announced by the Government earlier this year are now law. Broadly the changes amend the previously legislated tax cuts to: The tax-free threshold of $18,200 is unchanged. The… Continue reading Individual News

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Successor Director Solution: Business as Usual

Caution: Having a Sole Director in a company without a backup plan is just not prudent. It leaves the company vulnerable to numerous threats.In Australia, there are approximately to 3 million corporations, many of which are used by small businesses for trading, and others which serve as trustees for discretionary family trusts or self-managed super… Continue reading Successor Director Solution: Business as Usual

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Future-Proofing Your Legacy: 10 Reasons Why?

Future-Proofing Your Legacy: 10 reasons Why?Let me ask you this question, “is it important for you to protect your family wealth for bloodline generations to come?”. If the answer is yes, you need to push through the reluctancy to think about the possibility of your death and start making plans in case if the unspeakable… Continue reading Future-Proofing Your Legacy: 10 Reasons Why?

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Received a business support grant?

Received a business support grant? You may have received a business support grant recently to help your business through tough times. If so, it is important to know whether you will have to pay tax on the grant. The basic principle is that business grants are treated as assessable income. However, some grants are not… Continue reading Received a business support grant?

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