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Advisory Corp Accountants

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21.01.2022 2021 Financial Year is upon us... here’s everything you need to know so far. The 2021 company tax rate is down to 26% from 27.5% in 2020. Better yet, the government have said that the company tax rate would be going down again in 2022 to 25%. Great news for small business’. Nothing grows an economy like low tax rates. ... When you buy a car for work, you can only depreciate the amount up to the cost limit. This prevents people from buying Ferrari’s and getting a tax write off. The depreciation limit has gone up to $59,136 in 2021 from 57,581 in 2020. This means more depreciation and thus a lower taxable income. Great for small business! If you use your car and travel up to 5,000 business kms, you can use the cents per km rate to calculate your tax deduction. In 2021 that rate has increased to 72c, up from 68c. This leads to a greater tax deduction for both individuals and business’. The small business instant asset write off remains at $150k up until 31 December. We’re expecting to hear more from the government about this in October. The NSW government has released a $3,000 small business grant (Check our last post for more details). If you need any further advice or looking at starting or growing a business, don't hesitate to get in touch!

11.01.2022 Looking at buying a new home as a first home buyer ?! GOOD NEWS THE STAMP DUTY THRESHOLD HAS BEEN INCREASED! First home buyers purchasing new homes will receive complete stamp duty exemptions and partial exemptions if the purchase price is under the following amounts:... $800k for a new home (tapering off at $1 Million) $400k for vacant land (Tapering off ay $500k) That means if you were to buy a new home as a first home buyer worth $800k, that’s a saving of $33,585. Prior to this mornings changes, the limits were 650k for a home and $350k for land. This is a welcome change for those first home buyers looking at achieving the great Australian dream of buying their first home. Are you a fan of this tax change? Let us know your thoughts!

09.01.2022 Guess who’s back.... back again... LOSS CARRY BACK. tell a friend..... Prior to the 20/21 Federal Budget you could only CARRY FORWARD losses. E.g If you make a loss in 2019, you can carry that loss forward and use it to reduce 2020 profits, thus reducing future tax bills. This makes sense since most business incur losses to start, then grow to turn a profit in future.... However, due to government restrictions, good profitable, tax paying business’, may now be making losses. Enter. Loss carry back rules. Loss carry back is literally the opposite of carry forward. If you make losses, you can now CARRY THEM BACK, to reduce previous years profits....But wait there’s more... since you’re reducing profits that you paid tax on, you will also get the the tax you paid back! For all the details on which years you can use the loss carry back for, I've left a link in the bio. Alternatively, shoot us a DM. P.S. Could you guess which celebrity inspired this post? Drop your favourite lyrics in the comments! P.P.S Enjoy having this song stuck in your head the rest of your night! . . . . . #sydneybusiness #accountantsofinstagram #taxes #accountants #businessstrategy #brisbanesmallbusiness #accountantsofinstagram #melbournesmallbusiness #melbournebusiness #taxreturn #newbusinessowner #australianbusiness #businesstip #taxtips #smallbusinessaustralia #ausbiz #taxagent #businessownerlife #businessownertips #tax #accountingfirm #smallbusinessowner #taxreturn #businessgoal #businesscoach #businessbuilding #startupaus #lovelocalcamden #brisbanebusiness

08.01.2022 Ever wondered what PROFIT really is and why it exists? Our logical accounting answer used to be; Profit = Revenue - Expenses..... which is true. But that doesnt explain what profit is, it just tells us how to deduce it. ... So WHAT is profit? Profit is more than just the leftover. Profit is your REWARD for taking on risk, solving a problem, creating jobs, refining the process, sacrificing your personal life, understanding your consumer more and more, getting consistent results, being creative, working 60 hour weeks, facing anxiety, executing a vision, achieving goals, crushing competitors, innovating and 1 million other sacrifices and characteristics that are REQUIRED to be a business owner. Next time you look at a profit and loss, take pride in that number at the bottom, look at it daily, obsess over it, its your duty to society as a business owner. P.s. This post may ruffle some feathers, but my generation need to know that profit is beautiful and should be praised, not looked down upon with tall poppy syndrome. P.P.S if you're a business owner and you don't know your numbers, it's time you implement solutions that help you understand them and someone who can educate you around them. Don't hesitate to reach out, it'd be our honour! #profit #money #business #accounting #tax #sydneybusiness #australia #melbournebusiness #perthbusiness #brisbanebusiness #smallbusiness #taxes #economy #profitfirst #australianbusiness #finances #financial #xero #accountinglife #sydneysmallbusiness #melbournesmallbusiness #brisbanesmallbusiness

06.01.2022 Jobkeeper 2.0 is here! Here is everything you need to know! P.s save this for later.... there’s a lot of words. The JobKeeper Payment, will now continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021. The original $1,500 per fortnight payment will be reduced via a tiered systems as follows: ... 28 September 2020 - 3 January 2021, the JobKeeper Payment rates will be: $1,200 per fortnight for all eligible employees and eligible business participants who, in the four weeks of pay periods before 1 March 2020, were working in the business or not-for-profit for 20 hours or more a week on average. $750 per fortnight for other eligible employees and business participants. From 4 January 2021 to 28 March 2021, the JobKeeper Payment rates will be: $1,000 per fortnight for all eligible employees and eligible business participants who, in the four weeks of pay periods before 1 March 2020, were working in the business or not-for-profit for 20 hours or more a week on average. $650 per fortnight for other eligible employees and business participants The other key feature is the eligibility test. The 30% loss in turnover test will remain, however business’ will need to satisfy the test multiple times to continue getting jobkeeper payments through to March 2021. Employers will need to demonstrate that they've met the relevant decline in turnover in both the June and September quarters to be eligible for the JobKeeeper payment in the December 2020 quarter. Employers will need to demonstrate that they have met the relevant decline in each of the previous three quarters ending on 31 December 2020 to remain eligible for the payment in the March quarter 2021. We have linked the treasury fact sheet in our bio for full details. Please don’t hesitate to get in touch if you require any assistance and tag your fellow business owners so that they know of the changes!