MD Trimmer & Co Blog
As a business owner, one of the perks is the ability to claim tax deductions for expenses related to motor vehicles used in your business operations. This includes cars and certain other vehicles that play a role in running your business smoothly. The good news is that claiming motor vehicle expenses can help reduce your […] Read More
Could your small business claim a 20% bonus deduction on technology expenditure that supports their digital operations or the digitisation of their operations? The small business technology investment boost is a broad measure and is intended to cover a wide range of business expenses and assets; however, questions may arise when you go to claim. Can […] Read More
An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT […] Read More
Feel like your business is stuck in a rut? Unable to solve a problem that you know is going to cost you in the long run? Struggling to navigate your way through a difficult time? It might not be financially tanking, and it might not be that your revenue stream is down; however, if you’re […] Read More
At the worst time of your life, the last thing you want to think about is tax. However, when a loved one dies, their affairs must be dealt with at some stage. This includes their tax obligations. You must lodge a date of death tax return if any of the following applied to the deceased […] Read More
One of the most important decisions you have to make before you start is in what structure your business will be operating under. This will be reflected in all facets of your business, so you should spend time understanding the implications of each structure before making a decision. Sole Proprietorship A business structure of […] Read More
Tax Planning For The EOFY As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023. At the end of every financial year, business owners should be reviewing and measuring their performance in comparison to the previous year. By […] Read More
In some circumstances, superannuation contributions can be claimed on your tax return if they are made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions that are paid by your employers directly to your superfund from your before-income tax cannot be […] Read More
There’s been a lot of buzz around superannuation since the 2023-24 Federal Budget was announced. One such buzz involves the concept of ‘payday super’. The government has introduced payday super to avoid the discrepancies that those in lower-paid, casual and insecure work often encounter with their superannuation compared to others in more secure positions due to […] Read More
Managing a business involves a lot of decision-making, especially when it comes to financial matters. Understanding cost vs benefit, break-even analysis and interest rates is essential to making informed decisions that will benefit your business in the long run. Did you know that the Instant Tax Write Off Scheme is due to end THIS COMING […] Read More