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…
Bookkeeping Essentials for Business Success
By Hayley Kalms – Director: Bookkeeping Resources As the Director of Bookkeeping Resources, I’ve had countless conversations with new clients who share a common struggle: not having enough time to…
Understanding the new $3m super tax
The much-debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the implications. Although it is not yet…
Navigating FBT and your obligations
Businesses looking to attract and retain staff often provide employee benefits, on top of salary, as a way to sweeten the deal. Many of these benefits (but not all) can…