Traction Financial | Tax preparation service

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Traction Financial

Phone: +61 8 6102 8000

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21.01.2022 Last night was #2019federalbudget night! And nothing breaks down a federal budget than a classic infographic. How will you and/or your small business benefit the most from the proposed tax cuts? Our Traction Advisors have summarised them for you below: Tax offsets up to $1,080 per person available on lodgement of your upcoming 2019 FY return... Individual income tax rates to reduce from 2024-25 Instant asset write-off threshold to increase to $30,000 for $50m turnover businesses Company tax rate reduced to 25% for $50m turnover businesses by FY 2021/22 $8,000 incentive (doubled!) to employers for hiring apprentices Voluntary superannuation contributions for people aged 65 and 66 without having to meet the work test Big spending planned for infrastructure, subsidies for aged care, MBS and additional funding to education, mental health services & domestic violence support services What are your thoughts? We'd love to hear from you

04.01.2022 | B U S I N E S S . A S S E T S | The proposed changes to the instant asset write off deduction have now been legislated, which sees welcomed changes to the threshold and the eligibility! The threshold has now increased to $30,000, meaning eligible business assets acquired after 2 April 2019 and costing less than $30,000 can be immediately written off and claimed as an outright tax deduction. ... The new legislation also sees a change to the level of businesses with access to this awesome tax incentive. Previously only available for small businesses (aggregated annual turnover of <$10m), the new legislation opens up the instant asset write off to medium businesses (aggregated annual turnover >$10m but < $50m) too! So for small businesses Previously - $20,000 instant asset write off deduction for assets acquired between 12 May 2015 and 28 January 2019 $25,000 instant asset write off deduction for assets acquired between 29 January 2019 and 2 April 2019 (7.30pm AEDT) Currently - $30,000 instant asset write off deduction for assets acquired between from 2 April 2019 (7.30pm AEDT) to 30 June 2020 And for medium businesses Previously no access to the instant asset write off deduction Currently - $30,000 instant asset write off deduction for assets acquired between from 2 April 2019 (7.30pm AEDT) to 30 June 2020 Tag all those business owners you know below, let them know about this incredible tax incentive!

03.01.2022 | B O O K K E E P I N G | The first of our post series sharing insight into the services we offer here at Traction. Bookkeeping... the first step in understanding your business' performance and financial position. So you'd say it's a pretty important part of your business. It can also be quite a time consuming and tedious requirement of your business. ... Do you find yourself bogged down trying to keep up with the books of your business instead of just running the business? Or are you wasting quality weekend time processing invoices instead of enjoying family or downtime? We offer our clients bookkeeping services to help automate the process of bookkeeping to take over and manage the books on your behalf, meaning you can re-focus your time on what matters most! Want more info, or think we can help, check out our website here https://tractionfinancial.com.au/services/bookkeeping

03.01.2022 | C A S H F L O W , B U D G E T I N G & F O R E C A S T I N G | Clarity and piece-of-mind comes from being in control of business cashflow, as it is the ability to pay debts / staff / the ATO that often dictates the ultimate longevity and success of any business. By predicting and monitoring cash inflows and outflows of our clients, challenges can often be identified before they even occur and corrective action can be decided on and taken early where required.... We exist to create more business certainty and ultimately help our clients sleep better at night by knowing their trajectory! Create clarity and steady the ship to success with a Traction budget and forecast. If you would like to know more about the process, or would like to have a chat regarding your business cashflow, jump over to our website https://tractionfinancial.com.au/ser/cashflow_and_budgeting

01.01.2022 Happy new financial year! Another year down and the start of the 2019 FY marks the launch of Traction's Facebook page! A big year ahead working with our clients to make 2019 the most successful yet!

01.01.2022 | B U S I N E S S . A D V I S O R Y | We love supporting our clients through all aspects of their business' lifespan. From helping clients launch new products or services, to general ongoing advisory support on business performance, to selling the business or even succession planning to pass the business to future generations. Our Traction Advisors are on hand to support you and your business no matter how big or small the next step in your business life is.... To connect with our Advisors or for more info check out our website here https://tractionfinancial.com.au/services/growth_support

Traction Financial | Tax preparation service