Australian tax planning software company TaxFitness now brings professional tax planning reports to Xero accountants in Australia. TaxFitness has today announced an integration with global small business platform, Xero. Accountants can securely sync Xero with TaxFitness and utilise over 200 up-to-date tax planning strategies to produce professional tax planning reports for their clients. Compliance fees…
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A bonus 20% deduction applies to eligible external training for employees of a business. The eligibility criteria includes: The expenditure must be charged by a registered training provider and be within the scope of the provider's registration. The registered training provider must not be the entity claiming the additional deduction or an associate of the…
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Small businesses can receive a bonus 20% deduction on eligible expenditure supporting digital adoption. Eligible expenditure includes: digital enabling items, such as hardware, software, systems and services that form and facilitate the use of computer networks. digital media and marketing. e-commerce. The tax incentives apply to expenditure incurred from 29 March 2022 until 30 June 2023…
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Wikipedia defines a cryptocurrency (also known as crypto-currency, or crypto) as a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Bitcoin was created in 2009 by Satoshi Nakamoto as the…
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Xero integration is coming to TaxFitness! Soon you will be able to import data from Xero directly into the TaxFitness software.
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The Treasury Laws Amendment (Electric Car Discount) Bill 2022 proposes to remove Fringe Benefits Tax (FBT) on eligible cars provided by employers to current employees for private use. The exemption applies under the following circumstances: To eligible electric vehicles first held and used after 1st July 2022. To cars with a purchase price below $84,916…
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For the unemployment rate to drop for healthy sustainable reasons, employment must increase faster than the working-age population. This way, growth in employment accounts for the increase in the working-age population and migrant workers coming to Australia. So to maintain job growth, we are forced to hire from the unemployed rather than bringing in workers…
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Non Fungible Tokens (NFT’s) are digital assets (commonly but not restricted to images such as PNG’s or JPEG’s) that are minted on the blockchain. In other words, they are stamped as the original digital asset. Anyone can copy an image, but the NFT will always be the original and can therefore be assigned value. The…
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Subscription-based services have become the financial model of the decade for a reason. Why give ownership to a customer for a one-time fee when the same customer can pay you every month for life on a subscription. How much are you spending on subscriptions each year? If you don’t know the answer to this…
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Division 7A is an ATO integrity measure to ensure that private companies don't make tax free distributions of profits to shareholders or shareholders' associates in the form of payments, loans and debts forgiven. These rules only apply where the companies have retained profits. Under Division 7A shareholders or associates who receive payments or loans from…
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