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.…
Read MoreHow 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,…
Read MoreWhy 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…
Read MoreCrypto 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…
Read MorePersonal Deductions Update
Leading up to the end of the financial year, there will be a number of new deductions for your personal tax return. Here are some of the ones that we recommend keeping an eye out for: RAT & PCR Tests: COVID-19 testing expenses will be tax deductible in the 2022 financial year onwards. The government…
Read MoreInstant 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 –…
Read MoreThe NSW Small Business Support Packages Have Updated!
The NSW Government has announced another round of support packages in relation to the current pandemic. As always, there are certain conditions that have to be met. These conditions are: You must have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and You must have…
Read MoreThe Biggest Traps With Capital Gains
Before you start investing, we highly recommend you understand the tax consequences of investing. Countless times will we see clients unexpectedly get tax bills because they were not aware of the consequences of their investments. Here are 3 key points to think about before you invest: Timing – this one is crucial for investment properties…
Read MoreWe’re on holidays!
Hi everyone, The team here are Isaacs and Cole are closing the doors on Thursday the 23rd of December and we’ll be back in action on Monday the 10th of January. Hope everyone has a wonderful holidays! Bring on 2022!
Read MoreDirector Identification Numbers – Why you should be prepared now rather than later
Director Identification Numbers (DIN’s) are a newly imposed law that requires directors of all companies to get a DIN. Here are the key dates: If you were a director at 31 October 2021, and are still a director of the same company, you need to get a DIN by 30 November 2022. If you have…
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