News

Australian Financial Review news articles – July 2021

High-income tax cuts to stay The federal Labor Party is set to go to the next election vowing to leave untouched the stage-three income tax cuts if it forms government, heading off a Coalition campaign to portray it as high taxing and anti-aspirational . Following…

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Government support during lockdown – July 2021

What follows are the just-announced stimulus measures from the NSW Government as well as a few others that have been around for a little bit that you might not be aware of. This support is now statewide and will, importantly, ensure regional NSW is looked…

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End of Financial Year Tips

Over the past couple of months PrincipleFocus has completed tax planning for many of our clients – a process of determining an approximate net income position and then helping our clients with strategies to optimise their tax position and develop a plan to achieve this…

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Land returns diverge as beef trumps grapes

Despite a bumper harvest, record commodity prices and rising rural land values , annual returns generated from prime farmland fell for the fourth consecutive quarter in the three months to March as the strongly performing cropping and grazing sector was offset by weak returns from…

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What’s the difference between financial accounting and management accounting?

You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company?…

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TaxWise Business News – June 2021

Our latest TaxWise Business newsletter is now available. Topics include; • Incentives to help businesses recover • Business tax time errors • How PAYG instalments work • Simplified trading stock rules • Electronic invoicing • FBT rates and thresholds • Year-end tax tips • Online services…

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The rules for super are changing

Recent changes to super are coming into effect, which will impact your business and employees. Super Guarantee Contributions From 1 July 2021, the amount of Superannuation Guarantee Contributions (SGC) that employers have to pay on their employees' wages is increasing from 9.5% to 10%. As…

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Tax Tips for Property Investors

If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2021 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records…

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Budget Summary 2021

This budget seems to be 'more of the same' from our government, nothing massively surprising here, nothing game-changing however there were a couple of hidden gems for individuals, specifically around superannuation. Here we'll take a look at the proposals that are likely to be most…

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Tax tips for small businesses

Common Tax Deductions for Small Business There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are entitled…

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