Sunshine Coast and Brisbane Accountants - Clarke McEwan Accountants and Business Advisorrs
Sunshine Coast and Brisbane Accountants - Clarke McEwan Accountants and Business Advisorrs

CM Articles

The Fringe Benefit Tax traps
By Clarke McEwan 10 Mar, 2024
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
The ATO Debt Dilemma
By Clarke McEwan 10 Mar, 2024
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take adva
By Clarke McEwan 10 Mar, 2024
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
By Clarke McEwan 10 Mar, 2024
Revised stage 3 tax cuts confirmed for 1 July The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individuals Tax rate 2023-24 2024-25 0% $0 – $18,200 $0 – $18,200 16% $18,201–$45,000 19% $18,201–$45,000 30% $45,001–$135,000 32.5% $45,001–$120,000 37% $120,001–$180,000 $135,001–$190,000 45% >$180,000 >$190,000 Non-resident individuals Tax rate 2023-24 2024-25 30% $0 – $135,000 32.5% $0–$120,000 37% $120,001–$180,000 $135,001–$190,000 45% >$180,000 >$190,000 Working holiday markers Tax rate 2023-24 2024-25 15% $0 – $45,000 $0 – $45,000 30% $45,001- $135,000 32.5% $45,001– $120,000 37% $120,001–$180,000 $135,001-$190,000 45% >$180,000 >$190,000
Getting back what you put in:  Loans to get a business started
By Clarke McEwan 10 Mar, 2024
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
Electric vehicles home charging expenses — guidance finalised
By Clarke McEwan 26 Feb, 2024
The ATO has finalised the practical compliance guideline PCG 2024/2 to assist in separately identifying home charging costs for electric vehicles from the total electricity consumption of a residential premises.
8 ways to save time (and money) in your business
By Clarke McEwan 25 Feb, 2024
Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work
Your upcoming tax calendar for February and March
By Clarke McEwan 15 Feb, 2024
Welcome to 2024! To help you understand your tax obligations as you get back into the swing of things, here is a list of key tax dates for February and March 2024.
Tax planning helps you do more with your money
By Clarke McEwan 13 Feb, 2024
Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions and tax-saving strategies that will help to optimise your company’s overall tax position. How does tax planning affect your business? The primary goal of tax planning is to reduce the amount of taxes your business owes. But it’s also about making sure you stay compliant with all the tax laws and regulations applicable to your business. But what are the main advantages? Let’s take a look at five of the big benefits of careful, strategic tax planning. By planning your tax across the year, you can: - Maximise your profits – strategic tax planning helps your company find the best available tax incentives, deductions and credits. This reduces your overall tax liability, cuts your annual tax costs and increases your overall profitability as a business. - Boost your cashflow – tax planning is a great way to open up more liquid cash and achieve a better cashflow position for the business. When you cut down the company’s tax payments, that frees up cash and helps you achieve a positive cashflow position. - Stay compliant and mitigate your risk – being proactive with your tax planning keeps the company compliant with the relevant tax laws and regulations. It’s a sensible way to tick the compliance boxes and reduce the risk of costly penalties and legal issues. - Drive your strategic growth – smart use of tax planning helps you reduce your tax costs and reassign those funds to your strategic business goals. It’s a golden opportunity to invest in areas that promote long-term growth and competitiveness. - Give your business a competitive edge – if managed well, efficient tax planning leads to lower operational costs for the business. This gives you a competitive edge when it comes to pricing, innovation, sales and revenue generation. How can our firm help you with tax planning? Getting strategic with your tax planning has many advantages for your financial stability as a business. But to maximise your planning, it’s important to work with an experienced adviser. As your tax adviser, we’ll help you look ahead across the whole financial year, looking for the opportunities to reduce your tax liability and find the best tax deductions and incentives. If you’d like to know more about the impact of tax planning, we’ll be happy to explain. Get in touch to talk about tax planning.
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