Budget 24-25 + End of Financial Year Reminders
With End of Financial Year just around the corner, and following last night’s 24/25 Federal Budget update, we’d like to bring some important reminders to your attention.In this post: Federal Budget Summary An update on the Instant Asset Write Off Cashflow...
A boost for small businesses for technology and training
The technology investment boost and the skills and training boost for small businesses were both legislated on Friday 23 June 2023. These boosts allow eligible businesses to claim a ‘bonus’ tax deduction equal to 20 per cent of qualifying expenditure. Find out more...
Working from home? Changes to claiming Work From Home (WFH) deductions effective 1 March 2023.
In recent years, there have been three ways you can claim deductions for expenses incurred while working from home – The Actual Method: You claim the actual amount of expenses by keeping records and written evidence to determine the work-related proportion of actual...
Personal Services Income – what is it and how could it impact your business?
If you run your professional affairs through a company, trust, or partnership and more than 50% of your income comes from your personal skills or efforts, then you are earning Personal Services Income (PSI). This impacts the types of deductions you can claim, and the...