If you use your motor vehicle for work purposes, you can claim motor vehicle expenses as tax deductions in your income tax return. The ATO allows for the two following methods to be used when tracking work-related motor vehicle
If you are a director of a company and you have not yet applied for your director ID – the following information is important to you! All Directors must apply for a director identification number (director ID) by 30 November 2022.
The ATO have recently flagged some common mistakes they come across for sole traders. These include: not adjusting expense deduction claims for private use; omitting wages or other income earned outside the business; and incorrectly offsetting non-commercial losses against
Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions. Strategy lies at the heart of most successful businesses. To achieve
The ATO has recently released a reminder to tax payers on the tax deductibility of depreciation on second hand assets purchased for rental properties. Second-hand depreciating assets are depreciating assets that were already installed ready for use or used:
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your bottom line will all resume their importance when we’re back to “normal” (however that’s going