Avoiding penalties on presents and parties
Christmas can be a tricky time when it comes to tax and there are lots of ways your business might land an unexpected tax bill. The staff Christmas party isn’t…
Tax update December 2024
GST focus remains, while community tip-offs increase Fraudulent claims for GST refunds continue to be a major focus for the ATO, with several new pilot programs announced to help small…
Selling your investment property? Watch out for tax
If you are considering disposing of a property, it’s important to understand the implications so that there are no surprises when your tax bill arrives. As with most investment assets,…
Tax Update September 2024
New deductions and employer obligations Employers need to check that payroll systems reflect recent legislative changes, and the ATO is highlighting deduction opportunities available to some small businesses. Here’s your…
Steer clear of these red flags on your return
The Australian Taxation Office has provided a heads-up about the areas it will be focussing on when reviewing tax returns this year. The ATO says there are three common errors…
What’s ahead for 2024-25
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public…
Success Story: Bright Spark Electrical’s Journey with Navwealth
Mark is the founder and CEO of Bright Spark Electrical, a small electrical company. He first approached Navwealth in 2019 when he was starting up his business. Mark needed help…
Preparing your family trust for EOFY
With less than a month to go before the end of the financial year (EOFY) rolls around, some important tasks need to be completed for family trusts. Discretionary trusts (often…
Tax Update June 2024
Tax cuts ease the message of greater ATO oversight Every taxpayer can look forward to a tax cut from 1 July thanks to the centrepiece of the Federal Budget delivered…
Mastering EOFY: Essential Tips for Small Business Owners Working with Bookkeepers
By Hayley Kalms As the Navwealth Director of Bookkeeping Resources, I understand the significance of the approaching end of the financial year for small business owners like you. It’s a…