Avance Chartered Accountants | Businesses

Avance Chartered Accountants

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20.01.2022 A quick reminder your October monthly BAS is due on the 21st of November.

20.01.2022 It is safe to say 2020 has been a year of the unexpected. So, what can your business do to get back on its feet fast? Here are our top three tips: - Take a look at your expenses. Pick up a pen and write down all of your expenses. More often than not, you will find places you can make changes to reduce spending.... - Create new sales channels. For example, if your business doesn’t have an online presence yet, consider which platforms might work best for your product or service. - Diversifying where you sell your product or service is a way of strengthening your business and increasing your revenue streams. - Apply for Government grants. The Australian Government is currently offering a number of grants to support Australian businesses through this tough time. Take a look to see if you are eligible for any. Need a bit of help getting your business up and running again? Get in touch today!

19.01.2022 Did you know: Government payments and non-cash benefits (including local government payments and benefits) made directly as a result of bushfires in Australia in 2019-20 are not taxable (they are what is called non-assessable non-exempt income). Follow us on socials for more fun facts and tax tips.

15.01.2022 Are you working from home? If you’re an employee who works from home, you may be able to claim a deduction for expenses you incur relating to that work. So, what can you claim?... - Additional running expenses like electricity - The depreciation of equipment or furniture - Phone and internet expenses Get in touch today to find out what you can claim back!

13.01.2022 Here’s your 2020-21 Federal Budget overview. Key initiatives include: - Personal income tax cuts from 1st July 2020 - A $4 billion ‘JobMaker’ hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old... $110 billion in infrastructure investment over 10 years - Immediate deductions for business investment in capital assets - Changes to how companies can manage losses - Access to generous tax concessions for a wider range of businesses. Head on over to our website to find a full breakdown of the budget. http://avance.com.au//the-2020-21-federal-budget-our-road/

12.01.2022 The instant asset write-off (IAWO) for depreciating assets has been expanded. The IAWO has been extended by 6 months to 31st December 2020. The size of your business will impact the cap (assets must cost less than) as will the date the asset was first used or installed ready for use. To find out more about instant asset write-offs, take a look at our blog article titled Instant Asset Write-off For Businesses on our website. ... http://avance.com.au//instant-asset-write-off-for-busines/

05.01.2022 A quick reminder that your October JobKeeper monthly business declaration is due on the 14th of November.

02.01.2022 This has been a difficult year, and your business may have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for an income year. If your business makes a tax loss, you may be able to:... Offset the loss in the same income year against other assessable income; or Carry forward the loss and claim it as a business deduction in a later year. For more information, visit our website and check out our blog article titled Tax Losses.