Posted in Financial Year

Making Sure Your Deductions Don't Get Personal It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area. The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or deliberately overclaiming expenses in their tax returns. If business assets are used for a mix of business and pr...

Pre-Election Australian Federal Budget 2022-23 The Treasurer, Josh Frydenberg, has handed down Australia’s pre-election Federal Budget for 2022-23, his 4th Budget.  The Budget pushes cash hand-outs into the wallets of Australians through temporary measures such as one-off payments and petrol excise cuts. With many measures tailing off in July-September 2022, it is clearly geared as an Election Budget, with the nation waiting for the Election date to be called.  Here is our br...

Counting Down to 30 June It has been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings. So gather up any paperwork you need to prepare your personal tax return. This may include bank and superannuation statements, records related to share or property investments, receipts for charitable donations and work-related expenses. With s...