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Maximising Cashflow

Posted by Team AVS on 18 Jul, 2023  0 Comments

The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of the biggest difficulties faced by business.

To recap, from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. Currently, SG is payable quarterly – allowing

Time for a restructure?

Posted by Team AVS on 11 Jul, 2023  0 Comments

The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimizing tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding of each structure etc.

Most small businesses operate as a sole trader, company, trus

Small Business Lodgement Amnesty

Posted by Team AVS on 4 Jul, 2023  0 Comments

Since Budget night, the ATO has released more information around the small business lodgment  amnesty…which can now  be taken advantage of from 1 June 2023!

The amnesty was announced in the recent Budget. It applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December 2023.

To be eligible for the amnesty, the small business must be an entity with an aggregated

The tax consequences of land subdivision

Posted by Team AVS on 27 Jun, 2023  0 Comments

It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can  have capital gains tax (CGT) and GST implications.

Capital gains tax

If you subdivide a block of land, each resulting block is registered with a separate title. For capital gains tax (CGT) purposes, the original land parcel is divided into two or more separate assets.

The profit from selling subd

Temporary Full Expensing: get in quick!

Posted by Team AVS on 20 Jun, 2023  0 Comments

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July!!

To recap, TFE encourages and supports businesses by allowing an immediate deduction for the business portion of the cost of a depreciating asset. There is no cost threshold– the whole cost of the asset can be written off in the relevant year. However, cars can only be depreciated up to the car limit which is

New work from home record keeping requirements

Posted by Team AVS on 13 Jun, 2023  0 Comments

Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply.

For this financial year and moving forward, there are now only two methods to calculate your work from home claim:

Revised fixed rate method (with new rules applying)
Actual costs method (unchanged).

The actual costs method has never been all that popular because you need to keep records of every expense

ATO focus on rental property income and deductions

Posted by Team AVS on 2 Aug, 2022  0 Comments

Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time.

INCLUDE ALL RENTAL INCOME

The ATO receives rental income data from a range of sources including sharing economy platforms, rental bond authorities, property management software providers, and state and territory revenue and land title authorities. The amount of data the ATO accesses grows each year, making it easier and f

STP year-end finalisations… due soon!

Posted by Team AVS on 9 Jul, 2022  0 Comments

Employers need to make STP finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process.

If you have 20 or more employees, you should be reporting closely-held (related) payees each pay day along with arms-length employees. The finalisation due date for closely-held payees is 30 September each year.

A ”closely-held (related) payee” is an individual directly related to th

Get ready for super changes from 1 July

Posted by Team AVS on 24 Jun, 2022  0 Comments

As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay.

From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week.

An employee’s eligibility for SG i

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