The rise and rise of OnlyFans, YouTube, TikTok and other online platforms offer amazing opportunities for content creators to generate an income from their side hustle. As these opportunities increase alongside the sometimes-considerable income streams, the Australian Tax Office (ATO) has issued warning to the rising industry. How are content creators taxed? An update released by […]
When is a side hustle a business? Read More »
As the end of the financial year (EOFY) approaches, it is important for businesses to prepare themselves accordingly. This is the time when businesses must reconcile their accounts, file their tax returns and make necessary adjustments to their financial strategies. Proper preparation can help businesses maximise their returns and avoid costly mistakes. Here are some
Top Tips to get you through the End of Financial Year Read More »
It is tax planning time! In most instances, tax planning happens in the final quarter of the financial year between April and June. 30 June is fast approaching, so now is a great time to plan and forecast for the end of and new financial years to ensure you’re in the best possible tax position.
6 tax planning strategies to minimise your tax Read More »
The end of the financial year is fast approaching. Have you made a start on your trust distribution minute and/or intend to pay your beneficiaries a dividend? If you have a discretionary trust, then 30 June 2023 is an important date for you. The purpose of a trust is to separate the legal and beneficial
Trust Distribution Minutes and Dividend Statements: what you need to know before June 30 Read More »
On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and
New FBT exemption for electric vehicles Read More »
The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase
Fair Work Commission announces 5.2% national minimum wage increase Read More »
Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay
Two important changes to superannuation from 1 July 2022 Read More »
While the ATO put most overdue tax collection on hold during the COVID-19 pandemic, it has recently recommenced some debt collection activity. This includes the issuing of Director Penalty Notices (DPN). This article explores Director Penalty Notices and what happens if you receive one. Directors become personally liable for a penalty equal to the value
Director Penalty Notices: what are they and what happens if you receive one? Read More »
The Department of Employment, Small Business and Training administers grants and programs to help Queensland small business continue to recover, grow and thrive by committing grant funds for businesses to increase key capabilities, embrace innovation and assist high-growth businesses to capitalise on opportunities. Round 3 of the small business basics grants program opens on Wednesday 4
Queensland Government round 3 small business grants – updated Read More »
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