AI – a smart move for small business There has been a lot of media coverage about recent breakthroughs in artificial intelligence (AI) and new applications suitable for small business, but how exactly can a small business utilise AI and reap the benefits? Artificial intelligence has come a long way from being the realm of…

ATO changes to working from home deductions The record keeping requirements and methods for calculating working from home deductions has changed for the 2022-23 income year onwards. From the 2022-23 income year, the methods available to calculate working from home deductions are the: revised fixed rate method actual cost method. While the actual cost method…

Small businesses and SMSFs: keep an eye on the rules As digital tools continually evolve, it is more important than ever to make sure you understand your tax obligations and comply with them. The Australian Taxation Office has been expanding and improving its data matching programs. Data matching compares data from a range of private…

Get your SMSF shipshape for EOFY If you have an SMSF, it’s essential to get your fund is in good shape and ready for June 30 and the annual audit. It’s particularly important this year, because the ATO is focussed on fixing a number of issues when it comes to SMSFs. These include high rates of non-lodgment…

Federal Budget 2023-24: Focus on tax Tax measures were less central to this year’s Federal Budget than they have been in recent years. While there were some new tax measures, the Budget this year was more about the first surplus in 15 years and various spending measures. After highlighting the gloomy outlook for the global…

5 essential investment property strategies Buying your first investment property can be a bold step towards a more prosperous and secure future. But it also poses risks. The Successful Investor’s Michael Sloan outlines five strategies to help you take the right path. My 5 essential investment property tips 1. Equity Most people use the equity…

Illegal early SMSF access on ATO’s radar Since the Albanese Government announced its intention to double the tax on investment earnings for super account balances over $3 million, there has been lots of talk about taking money out of self managed superannuation funds (SMSFs) to avoid the tax hikes. As SMSF trustees have more control…

Being wary of scams and sharing your personal information Key Points: Never use the same password or variations of the same password, utilise different numbers and letters with a mixture of capital and lower case letters Online quizzes may be fun but usually there is a catch, and that catch can be your personal data…

From 6th March, the Australian Government is offering Energy Efficient Grants for small to medium sized businesses ranging between $10,000 and $25,000 to cover up to 100% of eligible project expenditure. There is a total of $16 million available for this grant. Grants will be awarded to eligible applicants on a first come, first served…

Getting more money into superannuation is a proven way of building wealth to spend in retirement. Ongoing contributions from your employer over the course of your working life, and potentially extra contributions made by you, can make a huge difference to your super balance over the long term as your account balance continues to grow.…