Preparing for Tax Time
By Emma Baird and Saumya Biskudanaruppage, Accountants
Tax time is coming! As the end of the financial year approaches, every income earner is reminded of the essential tasks of collecting and submitting all tax related documents to enable the preparation of your tax return.
Australian Federal Budget 2021-22
by Mike Sweeney, Director
The Australian Federal Budget was handed down on 11th May 2021 and it included a number of new reforms as well as extension of existing tax concessions. The highlights we have extracted from the budget papers are below.
Should I open a separate bank account for my business?
by Vanessa Sweeney, Practice Manager
If you are operating a company, partnership or Trust, you must have a separate bank account for tax purposes. If you’re a sole trader or setting up your own business, opening new bank accounts for it may seem like one more headache that you don’t need. But separating your business and personal finances from the start can save you time and money later, here’s 3 reasons why.
How to Navigate Wage Subsidies
by Vanessa Sweeney, Practice Manager
There are a range of wage subsidies available to business to assist with the cost of hiring new employees. With many businesses looking to hire new staff but still feeling the effects of the COVID-19 pandemic, any reduction in employment expenses can be helpful. Some subsidies may only apply to certain employers and employees and all have strict criteria that must be met to ensure existing employees are not displaced or disadvantaged. We can assist you to determine eligibility for these subsidies and in some cases apply on your behalf, please contact us if you have any queries or would like information specific to your business or circumstances.
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