If you’ve ever worked overtime and grabbed a bite to eat while doino, you might be wondering – can you claim that meal as a tax deduction? This question is an often-asked one, and the answer is: possibly, but only under specific conditions. According to the ATO, you can claim a deduction for the cost…
As the end of the financial year (EOFY) approaches, now is the perfect time to check in with your accountant and make sure your finances are in good shape before 30 June. A proactive tax planning conversation can help reduce your tax liability, boost your business’s financial efficiency, and set you up for success in…
Trusts can be a smart way to manage and protect assets, reduce tax liabilities, and plan for the future. But if you’ve ever felt confused by the different types of trusts out there, you’re not alone. In Australia, there’s no one-size-fits-all regarding trusts, and understanding the key differences can help you choose the proper structure…
If you’re running a small business in Australia, you’ve probably heard the term “instant asset write-off” tossed around – especially come tax time, and more recently in the news. But what is it? And how can it benefit your business? What is the Instant Asset Write-Off? The instant asset write-off (IAWO) is a handy tax…
