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Small Business

Immediate Deductions Extended

Legislation passed by Parliament last month extends the Temporary Full Expensing rules to cover assets that are first used or installed ready for use by 30 June 2023.

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ATO attack on trusts
Small Business

The ATO’s Attack on Trusts and Trust Distributions

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

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Financial Updates

Federal Budget 2022-23

The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget.

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Taxation

Understanding Your Profit & Loss and Balance Sheet Statements

As a business owner it’s crucial that you keep track of your finances. You don’t need to be an expert on all the reporting if you have a bookkeeper who assists you, but you do need to keep an eye on two key reports to know that you have control of your company’s financial health.

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5 Accounting mistakes made by Australian startups costing thousands

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