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ATO Hot Spots for 2023 – What Business Owners Need to Know

In this article, we’ll explore the ATO’s agenda items for 2023, highlighting the three hotspots subject to increased scrutiny: rental property.

Trust Resolutions and Why They Are Important

With the end of the tax year just around the corner, it’s time for those with a family or discretionary trust to start thinking about their trust resolutions.

Want to know what your tax position will look like this year?

We are about to enter that time of year that we work with many clients to get a handle on their tax position for the financial year that will come to an end this June.

The true cost of Fringe Benefits Tax on a small business

The area of tax law that addresses the tax impact of providing benefits is the Fringe Benefits Tax (FBT) regime.

What’s the Difference Between Tax Offset and Tax Deduction? The Distinction is Important!

We’ve all heard the terms “tax offset” and “tax deductions.”  While many use these terms interchangeably, the reality is that they have two different meanings. As such, they have varying impacts on your tax result when it comes to completing your return! It’s true that both tax offsets and tax deductions can help you reduce […]

Is Your Business Ready for STP Phase 2? We’ve Got your Back!

Single Touch Payroll Phase 2 was designed to require businesses to report additional information to the ATO each time payrun is filed. Therefore, every business in Australia with staff members are required to comply with STP reporting requirements. Notably, the government has provided businesses utilising Xero payroll an extension to 31 March 2023 to report […]

Do you know your tax position for the 2022 financial year?

We have entered the time of year that we work with many clients to get a handle on their tax position for the 2022 financial year. Commonly referred to as tax planning, these strategy sessions allow us to estimate your tax position to help you make decisions, that could minimise your tax outcome before June […]

Can I claim it? Christmas Parties and Client Gifts

It’s beginning to look a lot like the silly season! Our offices are soon to be laden with tinsel, holiday cards and way too many sweets, we hope yours are too. If you’re buying your staff and clients a gift this year or throwing a party, it’s helpful to understand what’s deductible, what’s not and […]

The Empire VS ATO – why we’re way better than myTax

Now the ATO may be claiming that their online lodgement program myTax is the best thing they’ve discovered since fire. But I’m here to set the record straight! Needless to say, the ATO’s primary function is to collect tax; not to help you save yours. So is it any wonder that they promote their own […]

Improve Your Cashflow With Xero

Xero recently released some small business insights highlighting the seasonal cashflow problems that small business in Australia can face. In January 2018 only 49.4% of Australian Small Businesses were cashflow positive and there was an average of 38.8 days for invoices with 30-day terms to be paid. These stats are important to explore as they […]

$25,000 small business asset write-off

Update 4 February 2019: “Prime Minister Scott Morrison has pledged to increase the small business instant asset write-off to $25,000 from $20,000.”  Available until 30 June 2020. More information on the increase here. — Here’s our take on how to get the most value out of this incentive for your small business. Who gets this? […]

Reasons Why You Can Count On Us

Accountants aren’t usually considered the most colourful of folk. The wallflower of the finance world, it’s easy to think we’re all number crunchers and spreadsheet lovers who let their hair down but once a year, sometime past June; who spend too much time face-to-face with your money and your paper work and not enough face-to-face […]

Tax Planning for Business before June 30

Over here at The Empire we are massive believers in plans. Tax plans, business plans, marketing plans, you name it, we love a plan. The week we strategically planned for the writing of the tax planning blog also happened to fall into the same week of the 2014 tax lodgement deadlines… Coincidence? I think not! […]