Tax

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 several days of conversations , Labor’s hierarchy has decided against…

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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 outcome.  This can include a mixture of utilising the Primary…

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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 for sole traders • The black economy • myGov email…

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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 an employer, you will need to ensure that your payroll…

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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 for each property separate to make the tax return more…

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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 to? Operating expenses include accounting, administration, advertising and marketing, office…

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TaxWise Individual News – April 2021

Our latest TaxWise Individual newsletter is now available. COVID-19 measures: How you might be affected, Stimulus vouchers: How to report this in your tax, Investment incentives: What’s changed? Do you use trading stock for private purposes, vehicle registrations: data-matching, the fight against tax crime, PAYG instalments Download your copy now. PrincipleFocus-TaxWise®-News-Individual-April-2021-1-1Download

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TaxWise Business News – April 2021

Our latest TaxWise Business newsletter is now available. Topics COVID-19 measures: How you might be affected, Keeper, JobMaker, Use of trading stock for private purposes, working from home or running a business from home? Knowing what you can deduct, ATO updates, small business tax offset, insolvency reforms & key tax dates. Download your copy now.…

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Can your business claim the loss carry back tax offset?

As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities that previously had an income tax liability in a relevant year, and…

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NSW Budget 2020-21

The NSW budget champions a business-led recovery, supporting businesses to grow, invest and create jobs in their local communities.  Highlights for Business Payroll tax thresholds and cuts:  The payroll tax threshold will be increased to $1.2 million with the rate of payroll tax lowered from 5.45 to 4.85 per cent for the next two years.…

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