News/Blog
Stay up to date with all our latest news, guidance and regulatory information here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
LATEST ARTICLES
Christmas and New Year opening hours
We will be closed from 5pm Monday 21st December and will reopen 9am Monday 4th January 2021 We would like to wish you and your families a Merry Christmas and a Happy New Year. Thank you for all your support this year and we look forward to working with you in 2021. Contact us
Reset your finances ready for 2021
As we near the festive period and the end of 2020, we are all reflecting on the year we have just had! Nobody could have predicted the scale of the pandemic, which has impacted everyone both emotionally and financially. If you have some time off over Christmas, reviewing your finances might help press the reset button and give you a strong foundation to make informed choices about your money in 2021. Interest rates remain the lowest they have ever been, and there are still Government schemes in place to help support cashflow into the new year. Over the course of the year, we have written a number of advisory articles to help you understand the Covid-19 Government stimulus and relief packages for individuals and businesses, and also offer our expert guidance on tax, GST, mortgages and financial planning. Click here to view them all! If you would like to chat through any financial issues you may have, please don't hesitate to get in touch with the Taxpro team on 08 9240 7629 or email us at admin@taxproaustralia.com.au. We are here to help! Contact us
Empowering entrepreneurs – new business set up
We are experts in tax and compliance, but did you know we can also help get your new businesses off the ground and running? We work with entrepreneurs, tradies, and freelancers to help guide them on the best way to structure a business for performance and compliance from the outset. Choosing the right setup can actually save you tax in the long run. It is an exciting time, but it also can be challenging in that each business is different and there’s no one size fits all approach. There are four main business structures commonly used by small businesses in Australia. We’ll guide you through the options based specifically on your business, to find out what works best for you. There are four different types of legal structure: Sole trader – the simplest form of business structure. It is also relatively easy and inexpensive to start and maintain. Pty Ltd Company – a separate legal entity from its owners and needs to be registered with the Australian Securities and Investment Commission. Set up costs are higher and the company must lodge its own return, [...]
Working from home tax deduction extension ends soon
If you are currently working from home, you can continue to claim 80 cents per hour tax deduction by keeping a record of the number of hours you have worked at home until 31st December 2020. This is instead of calculating all the specific expenses you normally claim from working from home. You just need to keep a timesheet of hours worked (from the date you started to work from home) as evidence of your claim in your tax return. This simplified way of making the tax deduction was implemented to help those who were not used to working from home. Now, there is only a month left of these temporary arrangements, so if you are planning to work from home into the New Year, you will need to choose another method for claiming working from home deductions. Calculation methods You can either continue to account for the hours you work at home at the previous fixed rate of 52 cents per hour, or calculate your actual running expenses which includes: Heating Cooling Lighting Cleaning Decline of value of furniture used for business Phone [...]
Keeping on top of your BAS
BAS due dates just creep up on us, don’t they? We try to support our clients with ways to make their ‘financial’ life at least a little bit easier. BAS and GST can be confusing at the best of times. With the government financial assistance schemes helping to support job retention, cash flow and asset write-offs; potential incomes losses; and working from home instead of an office, your business activity statements might look very different to your usual statements. We are here to help and offer the tax expertise to make the process easier for you, so mistakes are avoided. Here are some of our top tips: Get organised This is without doubt the most important piece of advice we can give you. You need to account for all income and all expenses within the quarter (or month if you lodge monthly). This includes sales, running costs, equipment purchases, wages, interest, supplier costs etc… and you will need to be able to justify all transactions. While many receipts now come in a digital form that you can save on your computer, you will still [...]
Borrow and still claim the instant asset write off!
Need new equipment for your business? Many companies are taking advantage of the temporary full expensing, an extension of the instant asset write off scheme, that allows eligible businesses (any business up to $5 billion turnover) to claim an immediate deduction for the full cost of eligible depreciable assets, of any value, that will be first used or installed by 30 June 2022. These depreciating assets include new or second-hand (for companies with an aggregated turnover less than $50m) business vehicles, plant equipment, tools and office equipment to name a few. Some of these may be big ticket items that you don’t have the funds to pay for outright, or you don’t want to put a further strain on your cash flow. In which case, equipment finance might be the better option. The good news is that if you require finance to purchase your new asset, in most cases you will still be eligible to claim the immediate deduction as long as it was purchased after 6 October 2020. Having a broker negotiate equipment finance on your behalf is the smart way to go [...]
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