MD Trimmer & Co Blog
How Do Partnerships Operate? Starting a partnership may be a high-yielding decision whether you are in the business game or setting your sights on a new business venture. A partnership business structure is an incorporated business with 2-20 owners. The individual owners work together to achieve the business’s goals, sharing responsibility and profits. In […] Read More
New Work From Home Rules For Claiming Tax Deductions With a new norm surrounding how Australians work (hybrid, remote or office-based), there has been a change in how work-related expenses will be claimed this year during tax season. Where once the expenses and claims that needed to be made during tax return season could be […] Read More
Setting the right salary level for your employees is essential to finding the right people to help you run your business. However, it can be difficult to determine the most appropriate level based on your business and what it can afford while also being attractive to prospective employees. When setting pay levels, particularly for advertising […] Read More
Starting A New Business In The New Year? The coming new year of 2023 may bring you a fresh start regarding your business adventures. You may even be looking to start your next adventure on your terms. Why not make the coming year your year to start a business? Understandably, you may have concerns and […] Read More
Advantages & Disadvantages Of Property Downsizing For Retirees Downsizing during retirement can help you reduce costs and put some more money in your pocket so that you feel more secure about your finances during retirement. Downsizing by selling your property has advantages and disadvantages, which you should evaluate before making this decision. Advantages Increased cash […] Read More
FBT, The Holiday Season & Your Employees At the end of the year, you may be looking for extrinsic ways to thank your hardworking employees or faithful customers/clients. A work Christmas/end-of-year party may be a method employed by many businesses to demonstrate their gratitude towards staff, but the expense can be a deciding […] Read More
FBT Liability During Natural Disasters & Emergencies 2022 Australians can experience a range of natural disasters, such as floods, bushfires, tropical cyclones, severe storms and even earthquakes. These events can cause devastation to communities and financial hardship for individuals and businesses. While FBT may not be at the forefront of your mind when helping your […] Read More
Superannuation Guarantee Payments 2022 – What Your Employees Need To Know Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super.Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings […] Read More
Superannuation Changes to Affect Pensioners (And What You May Still Need to Consider from Last Year’s Budget) The Federal Budget was released Tuesday 29th March 2022, announcing key changes to taxation and business. For superannuation, the minimum pension drawdown amount was in the spotlight. The reduction in the minimum pension drawdown amount for superannuation pension […] Read More
ATO Warns Against GST Fraud Attempts Registering for an ABN and applying for GST refunds when you don’t own a business or are not eligible is fraud. The Australian Taxation Office (ATO) has identified a significant number of GST refund fraud attempts, totalling an estimated $850 million to around 40,000 individuals. This fraud predominantly involves […] Read More