The start of a new financial year is the perfect opportunity to reset your business goals and refocus your strategy. Just like personal resolutions, business resolutions can help drive clarity, accountability, and growth — but they work best when they’re specific, realistic, and aligned with your long-term vision.
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With the end of the financial year fast approaching, many people start looking for quick answers about deductions, income reporting, and how to get the best result on their tax return.
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With the 30th June fast approaching it is time to review your tax planning strategies for 2024. Here are a few general tips to consider.
Now that the Fringe Benefits Tax (FBT) year has just ended, it is important to make sure that issues regarding benefits provided to employees and associates are considered.
The ATO has finalised a practical compliance guideline to address the compliance challenges faced by taxpayers in relation to separately identifying home charging costs for electric vehicles (EVs) from the total electricity consumption of a household.
It sets out a method that calculates the cost of electricity when an EV is charged at an employee’s or an individual’s home. Taxpayers may choose to apply a rate of 4.20 cents per kilometre travelled in an FBT or income year.