Welcome to Isaacs & Cole, your professional, approachable accountant that gets results

What you need to know about Cyber Security

📢At Isaacs & Cole, we know how important cyber security is to our clients. The Australian Cyber Security Centre (ACSC) stated that since the pandemic began in 2020, cyber threats have grown rampant. Australian organisations saw an increase in the number of advanced cyber threats such as extortion, espionage and fraud at large.   You…

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What you need to know about the revised work from home expense claims guidance.

  Effective from 1 July 2022-revisions to the work-from-home rules reduce the short cut  or fixed-rate allowance from 80c an hour to 67c but allow additional claims for equipment and other expenses. The shortcut method now involves a 67c an hour claim that includes energy, internet and mobile expenses as well as costs incurred for…

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Everything you need to know about the Queensland Land tax update!

  The Queensland government has scrapped a proposal to alter land tax arrangements for interstate property investors. The proposal- which met fierce resistance from the real estate sector and other states, would have seen interstate property holdings taken into account when determining whether an investor meets the threshold for land tax concessions. Queensland’s premier, Annastacia…

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What your business needs to know about the skills and technology boost

https://www.accountantsdaily.com.au/tax-compliance/17524-what-business-needs-to-know-about-the-skills-and-technology-boost   The Proposed skills boost will provide small businesses that have an aggregated annual turnover of less than $50 million, with a bonus 20% deduction for eligible expenditure on external training provided to their employees. To be eligible for bonus deductions, the expenditure must be: incurred on external training delivered to employees of the…

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Fuel Price Rises and How They Can be a Tax Benefit

The increase in fuel prices have definitely had a negative reaction from most people. Taking the positives from everything, this could be a chance to increase your motor vehicle expenses to reduce your taxable income. Here’s how: From 1 July 2022, the cents per kilometre rate increases to 75c per kilometre of work related travel.…

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How not to get caught out at tax time!

The ATO has provided updated guidance on the deductions they are targeting and the requirements to claim deductions. Here are some handy tips to remain compliant while claiming deductions: Make sure it makes sense – Make sure your deductions relate to your work, and that the deductions make sense to your work conditions. For example,…

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Why accounting software’s benefit your business!

Accounting softwares are daunting to begin with, but can prove to be very useful for simplifying the admin of your business. While they are not for everyone, here are a few reasons why your business should move onto an online accounting software: STP is compulsory for all employers – as Single Touch Payroll (STP) is…

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Crypto and NFT’s – Don’t Get Caught at Tax Time

Crypto and NFT’s have become extremely popular in recent times. Due to this, the ATO has taken action to ensure that crypto and NFT transactions are recorded properly. You may not realise that you are creating capital gains events in the course of your crypto and NFT trading. Here’s a few transactions that will cause…

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Instant Asset Write Off Extended

The recent budget lead to the extension of the instant asset write off (also known as temporary full expensing) until 30th of June 2023. Here are some things you should be aware of when thinking about purchasing a new asset: There are limits for the amount you can claim when you purchase a car –…

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