Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at lower rates. Once you go over these caps, you may be required to pay additional tax. The cap and extra tax amount will…
The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records to keep (for the period the individual owns the property for and up to five years after it is sold), include: – Rental…
The name you choose to give your small business is an important, yet challenging decision. These few words must represent the branding image you wish to present to the public and in particular, your target market. To help you make the best decision, here are four things to avoid when choosing your business’ name: 1.…
Launching a new business for the first time is an exciting phase for every entrepreneur. However, it is important to increase your chances for success by being aware of and avoiding common mistakes that can occur when beginning a business. Take a look at these five common errors. Being unprepared Starting a business is incredibly…
When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting you and offering to help you access your super early. They usually target individuals under significant financial pressure or those who are not…
As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card statements as proof of claim Debunked: When making a claim, individuals must be able to show they spent the money, what the money…
The Tax Office has released further findings that reveal cash-only businesses could be missing out on a significant chunk of revenue simply by not offering customers the option of electronic payment. An ‘inconvenience’ was the most popular word consumers surveyed in the study used to describe when a business does not provide the option to…
Employers are being reminded by the Australian Tax Office (ATO) not to forget that along with permanent residents; temporary residents are also entitled to super guarantee (SG). In most cases, an employer will be required to pay SG on top of their employee’s wages (temporary residents included) if they pay them $450.00 or more before…
The Tax Office has confirmed the rate for work-related car expenses will rise to 68 cents per kilometre for the income year beginning 1 July 2018. The new rate will affect those eligible individuals who elect the cents per kilometre method when calculating the income tax deductions for their work-related car expenses for the 2018-19…
The key to success is remembering that everything is negotiable, and that to get a deal you must ask for one. Many people stop right there because negotiating makes them uncomfortable. They view the process as a contest of wills in which power determines outcome, each party seeks to best the other, and the little…