Blog

Small Business Technology Investment Boost

The ATO is here to support you with the Small Business Technology Investment Boost. This initiative allows eligible small businesses to claim an additional 20% tax deduction to enhance their digital operations.

Fringe Benefits Tax 2023

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees including work from home arrangements, electric cars and business assets used personally.

When is private use ‘minor, infrequent and irregular’ for a potentially FBT-exempt car?

If you drive a Ute for work, you may not need to worry about FBT if any private use meets the ATO criteria of being minor, infrequent and irregular. But what does this mean??

Working From Home Deduction Changes for 2022-23

The ATO have made some changes to how you can claim your costs from working from home for the 2023 financial year.
Its important that you start keeping compliant records now!

Get Your Business Records Ready for Your Tax Return 2022

Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book a your tax return appointment now and rest easy knowing it’s under control.

2022-23 Federal Budget Highlights

The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, home ownership and health.

Key Initiatives include fuel excise cuts, the living tax offset and increased deductions for training and digital adoption.

Understanding the Basics of Personal Income Tax

Do you understand your personal income tax, what you have to declare, and how much you can claim?

We can help get your taxable income correct, maximise allowable deductions and get the best tax return.

New Family Trust Tax Rules – Will the Changes Impact You?

The ATO’s new directives on the taxation of trust distributions mean it’s essential to review arrangements before the new rules start on 1 July 2022.
Book a planning session to ensure you’ve got the best beneficiary arrangement for your family.

Christmas Parties and Presents – and Tax!

Planning a Christmas party? Giving gifts to clients and suppliers? Paying a Christmas bonus? Talk to us to see if you can claim all or part of the cost as business expenses. Don’t get caught out by tricky entertainment rules!

Company Director? You’ll need a Director Identification Number

New laws mean company directors need to get a unique director ID number from November 2021

Talk to us if you have any questions about the new registration requirement.

2021 Year End Tax Tips for Individuals

Are you making the most of your allowable tax deductions? Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home. Book a time now to prepare for your 2020 tax and we’ll help maximise your return.

Key points in the Federal Budget 2021-2022

The Federal Budget 2021-22 is all about economic recovery, including tax cuts, business incentives and investment in training. Many changes in the budget can benefit individuals and business owners. Talk to us to find out how the changes impact you.

Tax Tips for small businesses

Need help with maximising your business deductions? This year it’s important to get your records and tax return correct because of the unusual business circumstances and JobKeeper. We can help make tax time easy.

New Property Investor Tips

As you start your property investing journey, you will find different opinions in every corner and an overwhelming amount of information. The secret to getting on the front foot is keeping it simple. With over twenty years of experience in the property industry, we share BMT Tax Depreciation’s top four tips for new investors. 1. 

Super Guarantee Rate is Set to Rise from July – Are You Prepared?

The super guarantee rate will rise in July this year to 10%. Have you calculated the extra cost to your business? This rate increase will impact employer expenses and may affect salary packages. Talk to us now so you don’t get caught out.

Have you taken an Odometer Reading for FBT?

Remember to take an odometer reading for the fringe benefit tax period ending March 31st.

#FringeBenefitsTax

Motor Vehicle Logbooks: What are these and what are the rules?

Whether you lease your vehicle, have a loan for it or own it, if you are using your vehicle for work or in your business you will want to claim these costs at tax time! Yes the ATO will allow you to claim expenses without a logbook if you are an individual but these are

Job Maker Hiring Credit

JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs (not if you are merely replacing someone who left). The hiring credit is available for jobs created from 7 October 2020 until 6 October 2021 and provides:  $200 per week for new employees between 16 to 29 years of age;

The End of Financial Year (aka Tax Time) is Coming!!

The End of Financial Year (aka Tax Time) is Coming!! Plan Now – 1 July is too late! The end of financial year is rapidly approaching so if you are a business that has been considering changing accounting systems, has outstanding returns, is wondering whether they should be taking advantage of the small business $20k

COVID-19: TAX UPDATE

A COVID-19: Tax Update The Australian Government and banking institutions have united to assist small businesses weather economic uncertainty. This live document will monitor track of all the grants, tax breaks and assistance packages available to Australian Small Business. The objective is to centralise all of the concessions available to ensure every small businesses can

COVID-19 Business Update and Resources

Business Update and Resources Everyone is doing it tough right now. Okay, there are some businesses that are thriving but in general, things are very hard. This year may require you to pivot your business into other areas, or change the way it operates.  Continue to look for the opportunities to shift your business and keep moving

Australian Governments Coronavirus Tax Stimulus Measures

Government CashFlow Assistance Update – Coronavirus Save real tax money right now to take advantage of the Australian Government’s response to support small business in the wake of Co-Vid 19.  The Coronavirus Tax Stimulus measures are being passed thorugh government very shortly. The government have recently announced some small business stimulus measures to assist small

The ATO will now see more information from your tax return!

Granular Data – What IS THAT?? You may have heard that the ATO are requesting granular data to be submitted with 2019 Income Tax Return lodgements. What even is that I hear you ask? Currently when claiming expenses the ATO only receive the total amount of expenses claimed in each area of your return. i.e.

Single Touch Payroll – what it means for employees

Single Touch Payroll – what it means for employees How does single touch payroll effect my tax return? There has been a lot of talk about Single Touch Payroll (STP) for Employers but leading into the end of the financial year, it’s important that employees also understand the changes that are happening. Firstly – what

Tips to help you budget for new financial year

Tips to help you budget for the new financial year One of the most important parts of planning for the new financial year is planning where you want your business to go in the year ahead.  This means strategically and operationally as well as financially. For small businesses, often one of the biggest challenges that

Starting a Business – 10 Steps To Get You Up And Running!

Starting A Business10 Steps to Get You Up and Running Starting a new business is a very exciting time but can also be somewhat daunting, especially if you’ve never been in business before.  When you have come up with a great business idea or product, it can be very easy to get caught up in

Book Now