The Federal Budget was released last Tuesday, 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 recipients has been extended for another year by the Federal Government, as announced in the Budget for 2022-23. The…
People across different industries may have different items for work that they can claim a deduction on their tax returns for, but this season may see a few common occurrences across individual tax returns for 2022. On your individual tax return this year, you may notice a few expenses pertaining to COVID-19-related purchases, such as…
Succession planning for the family businesses has a number of factors that could impact the decision to pass the business onto the next generation. Namely, you’ll be looking for someone in the family who is willing to assume the responsibility. But if you intend to pass your business down the family tree there are also…
Most people will want to keep as much money in their superannuation account for as long as possible. One of the primary reasons behind this is that the longer the superannuation has a chance to stay within the account, the more returns may be seen (depending on how the investment assets are performing). Often, people…
GST is an area that commonly has mistakes made in it – mistakes that can be costly and require additional measures to correct it if they aren’t caught in time. Many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements. A vast majority of these…
When you are first setting up a business, understanding exactly what you are setting out to achieve can be a daunting task. But a business plan takes some of that stress away by helping to cement your business idea into achievable goals. It can be as simple as dot pointing your strategy on the back…
