The cents per kilometre method is a simple way to work out how much you can deduct for car-related work or business expenses. . Only individuals, including sole traders, or partnerships (where at least one partner is an individual) can use th...

Did you know that your clients aged between 35-44 are the most likely to pay money to a scammer? . Scams are becoming increasingly harder for the community to identify. The 2022–23 scam data results are now available and they reflect a shift ...

The ATO has extended its motor vehicles data matching program for 2022–2023 to 2024–2025 financial years. . For each financial year, the ATO will acquire information from all eight of the state and territory motor registries regarding where a...

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Repelling attacks is just the start – businesses must demonstrate an ability to respond or the board will be held accountable, the regulator says. . Directors are duty-bound to ensure their company has “adequate” cyber security and the abilit...

Accounting firm William Buck warns most owners are “flying blind” when it comes to maximising the value of their business at the point of sale. . Small business owners are planning to sell up without having exit strategies in place, leaving t...

As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with sel...

The amendment will hold off the threshold reverting to $1,000 until June 30 next year.   . Small businesses will be able to claim an immediate deduction for assets less than $20,000 under amendments to the Income Tax (Transitional Provisio...

The general and shortfall rates for late tax payments rise for the eighth quarter in a row.     . The ATO has raised its general interest charge (GIC) rate and shortfall interest charge (SIC) rates for the eighth quarter in a row with b...

Imagine you think up a fantastic name for your business and are ready to start operating. You have set up your website and begin advertising online using the business name and logo you have designed. . Everything is going great until you rece...