A 4-day workweek, where employees work the same number of hours but are condensed into four days instead of five, has gained popularity and is being experimented with by some companies and governments. There are several potential benefits associated with a 4-day workweek: Increased productivity: Employees may experience higher productivity and focus during their working…
Read More »According to a study by the Australian Securities and Investments Commission (ASIC), around 50% of Australian adults do not have a will. In Australia, if a person dies without a valid will, their estate is considered intestate. Intestacy laws then come into effect to determine how the deceased person's assets will be distributed. The specific…
Read More »Strong financial performance: Buyers are typically interested in businesses with consistent and healthy financial performance. Market opportunity: Buyers look for potential for future growth and expansion, so a business with a compelling value proposition and a well-defined target market is appealing. Competitive advantage: This could be in the form of proprietary technology, patents, exclusive contracts,…
Read More »The Digital Games Tax Offset (DGTO) provides eligible game developers a 30% refundable tax offset for qualifying Australian development expenditures from 1 July 2022. It will be available for completion, ongoing development, or porting of digital games, subject to the following: eligibility criteria set out in Division 378 of the Income Tax Assessment Act 1997, including certification by…
Read More »Here are the top 20 tax planning strategies used by our TaxFitness subscribing accounting practices for the 22/23 financial year! Concessional superannuation contributions. Computers, tools, equipment and other assets. Phone and internet. Self-education expenses. Union fees, licences, registrations and subscriptions. Pay the last quarter's super by June 30th. Home office occupancy expenses. Instant asset…
Read More »Tax scams are becoming more frequent and sophisticated year after year. Here are ten tax scams that target Australian taxpayers at tax time: Australian Taxation Office (ATO) Impersonation Scams: Scammers pretend to be ATO officials and contact individuals via phone, email, or text, demanding immediate payment or threatening legal action. They may request personal information…
Read More »On 28 April 2023, the Australian Government announced it would provide incentives to increase the supply of housing by: Reducing the withholding tax rate for eligible fund payments from managed investment trusts (MIT) attributable to residential build-to-rent projects from 30% to 15%. This measure will apply from 1 July 2024 for income attributable to newly…
Read More »We are very excited to let you know that you can now import your clients' financial data from Xero (Over 700,000 Australian small businesses use Xero). TaxFitness subscribers can: Sync Xero clients and client groups with TaxFitness. Import Xero client financials for group members. Tax planning is now easier than ever for our subscribers. Follow our step-by-step Financials…
Read More »On 30 April 2023, the Australian government announced it will provide businesses with an annual turnover of less than $50 million with an additional 20% deduction on spending that supports electrification and more efficient use of energy. Eligible assets or upgrades must be first used or installed and ready for use between 1 July 2023…
Read More »In 2011 Romania started taxing witches, astrologers and fortune-tellers. Previously these obscure professions were not listed in the Romanian labour code, so people working in these jobs paid no tax. Known as the ‘witches tax’, under the new law, these three professionals now pay 16…
Read More »"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2