Registrations are open for the JobMaker Hiring Credit scheme. The Australian government scheme is to provide eligible employers an incentive to employ additional employees aged between 16 – 35 years old. It is available to eligible employers for each new job created between 7 October 2020 and 6 October 2021 for which they employ an … More JobMaker Hiring Credit scheme
As we approach the tail end of what has been an unprecedented and disruptive 2020 year with the Covid-19 pandemic, this article is for you to ensure your emotional mindset as a business owner is doing good more than harm. Often what holds us back is whether you have an abundant mindset or poverty mindset. … More Manifesting an Abundant Mindset
Tune in to what Meng from MyC Accountants had to say about the recent Australian Federal Budget 2020-2021. Click here to view the budget highlights video.
Nowadays, networking plays an important role among the business. Today we are going to introduce five tips for the networking. Have a plan A successful networking needs a good plan in advance. Before join in the networking, you should ask yourself a few questions: what result you want to achieve? What value you can … More 5 Tips to help in networking
ATO when assessing tax payers’ activities use a set of guidelines which are generally in the form of questionnaire worksheets. There are two types of worksheets: a short answer one and a detailed one. The questions are related to the living expenses of the household. The uses of the worksheets include: Review the accuracy and … More 4 uses of ATO worksheets
Gifts provided to employees or associates will be subject to FBT as it constitutes a property fringe benefit. Gifts provided to clients can be deductible under s8-1 ITAA97 as long as its not capital in nature. If a gift is given to a client for personal reasons or is of private or domestic Deduction would … More Four ways gifts can have different tax outcomes
Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI).If your client claims less than $10,000 in fuel tax credits each year, you can use any of the following simplified methods that best suit their needs. Use the rate that applies at the end … More Fuel Tax Credit Increase
Business Structure Sole trader You can only claim motor vehicle expenses that are part of the everyday running of your business. If the vehicle is used for both private and business purposes, you must exclude any private use. Cents per km method logbook method For all other vehicles, you can’t use the cents per kilometre … More Motor Vehicle claims
An eligible R&D entity must undertake at least one core activity. Excluded activities include market research, exploring for minerals or petroleum, management studies and research in social sciences and humanities, among other things. The benefit received for incurring eligible expenditure on R&D activities depends on the aggregated turnover of the R&D entity. Entities with an … More R & D Tax Incentives
The ATO says that taxpayers will need to consider certain tax consequences if they have personally received compensation from a financial institution because they: received advice from the institution that was found to be inappropriate, or paid for advice that they did not receive. The tax treatment of the compensation depends on what the compensation … More Compensation by financial institution and tax
