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latest news, articles and tips
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For the latest news, articles and tips read on.
The End of JobKeeper – What Now…
The 31 of March saw the final period for which JobKeeper could be claimed. This will mean that many businesses will need to find additional cash flow to support the continuing employment of their current employees. The good news is that you may now be eligible...
Bookkeepers – do I need one?
In Australia you don’t actually have to have a formal qualification to call yourself a bookkeeper however you do have to have a qualification and be registered with the Tax Practitioner Board to work as BAS agent. Since 2010 a change in legislation meant that if a...
Temporary Full Expensing of Depreciating Assets
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year it is first used or installed ready for use for a taxable purpose. You may be eligible for temporary full expensing if you are one of the...
Christmas parties and gifts and FBT 2022
It is that time of year again that employers are organising the annual Christmas party for their employees and thinking about that perfect gift! There is no such thing as a Christmas Party Fringe Benefits Tax (FBT) category and depending on circumstances of the...
CHANGES TO CLAIMING WORKING FROM HOME EXPENSES – effective from 1 July 2022
A revision to claiming working from home related expenses is currently being drafted by the ATO to come into effect from the 2022-23 income year onwards. From 1 July 2022 the shortcut method is no longer available (brought in as a COVID-19 working from home...
2022/23 BUDGET SNAPSHOT
Low and Middle Income Tax Offset (LMITO) – has not been extended. The maximum tax offset of $1,500 is only applicable for the 2022 financial year and has not been extended for the 2023 financial year. SMSF Audits every 3 years Abandoned – the 2019 Budget proposed...
Home Office Claim changes
The way to claim home office has changed from 1st July 2022 From 1st July 2022, the “Shortcut Method” is not longer an eligible method to claim your home office expenses. How to record and make Home office claims from 1st July 2022 Fixed Rate Method You can claim a...
Changes to Queensland Land Tax
Changes for Queensland land tax will commence from 30 June 2023 and will differ if you only hold land in Queensland or if you hold land in Queensland and other Australian states. ONLY QUEENSLAND LANDHOLDINGS There will be no changes if you only hold land in...
Tax tips for property owners and investors
Do you own an investment property? Maybe two or three? When you are getting ready to lodge your individual tax return, you will probably want to know how to declare the investment and the income, and how to maximise your efforts? If you are playing the investment game, let’s make sure you win.
Work related Travel – ATO’s new ‘rule of thumb’
The ATO advises that it will generally accept that an employee is travelling (overnight) on work, where all of the following circumstances apply: The employer pays an allowance to the employee or pays or reimburses accommodation and meals expenses for the employee...
Sole trader tax return – what you need to know
Are you self-employed as a sole trader? Then we’ve written this blog for you. Knowing what you can – and can’t – claim is a crucial part of maximising your tax return as a sole trader. That is why we are here.
How a local accountant can help you achieve your financial goals
What are the key factors you think about when looking for an accountant to work with? Trust factor, location, and cost are probably up there as high priorities?
Good news – the MMA online tax shop has launched!
Good news – the MMA online tax shop has launched! Introducing the fast and easy way to complete your tax return within minutes You can now get your 2022 lodged by a local accountant to maximise your tax return and get peace of mind knowing you're compliant with the...
Benefits of lodging your tax return through an accountant
Benefits of lodging your tax return through an accountant Make sure you maximise your tax refund by using an accountant who specialises in personal tax returns.It’s time for individuals to lodge their tax return, and everyone wants to save money. The best way to...
Avoid these common mistakes on your tax return
AVOID THESE COMMON MISTAKES ON YOUR TAX RETURN How to avoid getting audited by the ATOHow to avoid being audited by the ATO No one wants to be red-flagged by the ATO. So let’s look at some common mistakes that you can now look out for to avoid being audited by the...
Top tips for maximising your tax refund
TOP TIPS FOR MAXIMISING YOUR TAX REFUND Our best 6 tax time tipsWe all know July 1 signals the start of a new financial year – and it also brings the realisation that we all need to file our individual tax returns again In 2022, with inflation running hot and cost...
FBT (Fringe Benefits Tax) Motor Vehicle – Employee Declarations
A FBT motor vehicle employee declaration is a statement written by the employee outlining the fringe benefits they have received, and the percentage of business use and applicable reduction allowed, under the otherwise deductible rule. A car fringe benefit only...
Looking for Tax Time Relief?
This year has just flown, here at the MMA office we can't believe that June 30 has already been-and-gone. This year has been challenging for all of us in one way or another, and it’s likely your pocket has felt the impact. We understand you’re probably hoping for a...
Small Business Northern Flood Grant
The NSW Government is offering a one-off $10, 000 small business northern flood grant to small businesses or not-for-profit organisation's impacted by floods and storms in February and March 2022. Applications are now open and will close on 31 July 2022. Your not-...
Mental Health and Self Care- Yoga Edition
Mental Health Self Care These are difficult times It is easy to feel overwhelmed and anxious, leading to negative feelings and thoughts, stress and depression. With a mental health crisis in Australia, getting an appointment with a mental health professional is...
2022 Superannuation Fund Update
Changes to Super Guarantee As of 1st July 2022, the Super Guarantee increases from 10% to 10.5%. This rate is set up increase by 0.5% each July until it reaches 12% in 2025. Furthermore to this, it has now been legislated for the removal of the $450 per month...
