You may be able to claim a tax deduction for capital expenditure on a landcare operation in Australia in the year it is incurred. Providing you are a primary producer, a rural land irrigation water provider who incurred the expenditure on or after 1 July 2004, or a business using rural land for taxable uses…
Creating a workplace environment that fosters inclusivity and belonging for all is important for the longevity of your business. When people feel safe and a sense of community, they are bound to feel happier and thus enjoy being connected to your business. There a number of ways to create this for your workplace: Appropriate training…
Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at lower rates. Once you go over these caps, you may be required to pay additional tax. The cap and extra tax amount will…
The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records to keep (for the period the individual owns the property for and up to five years after it is sold), include: – Rental…
The name you choose to give your small business is an important, yet challenging decision. These few words must represent the branding image you wish to present to the public and in particular, your target market. To help you make the best decision, here are four things to avoid when choosing your business’ name: 1.…
Launching a new business for the first time is an exciting phase for every entrepreneur. However, it is important to increase your chances for success by being aware of and avoiding common mistakes that can occur when beginning a business. Take a look at these five common errors. Being unprepared Starting a business is incredibly…
When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting you and offering to help you access your super early. They usually target individuals under significant financial pressure or those who are not…
As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card statements as proof of claim Debunked: When making a claim, individuals must be able to show they spent the money, what the money…
