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Federal Budget 2022-23 – What it’s have in store for you?

Posted by Team AVS on 30 Mar, 2022  0 Comments

The 2022/23 Budget was handed down last night by the government.

While there was some targeted, boutique assistance for small business, the Budget was very much focused on addressing cost of living pressures faced by individuals and families. In a departure from recent years, the Budget was relatively silent on the superannuation front.

Business  

The headline measures included:

20% Additional Deduction for Skills Training and Digi

Varying Payg instalments: What you need to know

Posted by Team AVS on 23 Mar, 2022  0 Comments

Pay as you go (PAYG) instalments allow you to make regular prepayments throughout the year towards the expected tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

You can vary your PAYG instalments if you think your current payments will result in you paying too much or too little tax for the income year. You must make variations on

Claimimg a tax loss for your business

Posted by Team AVS on 9 Mar, 2022  0 Comments

Before you claim a tax loss, make sure you have correctly claimed expenses that you are entitled to. Overclaiming expenses can put your business in an incorrect tax loss situation.
 
It’s also important to remember to apportion your expenses correctly, so that only the business portion of the expense is claimed, and not any personal component of the expense.
 
Keeping accurate and complete records will help you keep track of your tax loss

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