ATO Taxation Statistics
Have you ever wondered how your super balance compares to people in your age bracket or which occupations are the highest paying? A little known fact is that the ATO compiles data and releases it for public information at the completion of a tax lodgement cycle, while this information is generally not released until a couple of years after the relevant tax year has been finalised, it always highlights some interesting trends. This article includes some graphs and a brief summary of the 4 areas we found most intriguing.
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Getting Ready to Visit your Accountant / Tax return Preparation
As we bring on a new financial year, it's time to start thinking about compiling your FY23 tax information for your accountant. To help you, we have compiled a list of essential steps to prepare yourself.
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Tax Penalty Amnesty Scheme
The Australian Taxation Office is encouraging small businesses which have fallen behind on their tax debts to take advantage of its new penalty amnesty scheme
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Mid-Year Financial Check-In and Review of Goals: Assessing Progress and Charting the Path Forward
As we reach the midway point of the year, it's an opportune time to conduct a comprehensive financial check-in and review the goals you set at the beginning of the year. This mid-year assessment allows you to gauge your progress, identify areas of improvement, and make necessary adjustments to ensure you stay on track to achieve your financial objectives
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Leveraging Benchmarking to Evaluate Financial Performance Against Competitors
In today's highly competitive business landscape, organizations must constantly assess and improve their financial performance to gain a competitive edge. One effective method for evaluating financial performance is benchmarking, a process that involves comparing an organization's financial metrics against those of its competitors. By benchmarking financial performance, companies can identify areas of strength and weakness, set realistic goals, and make informed decisions to enhance their financial position. This article explores the concept of benchmarking and highlights its significance in evaluating financial performance against competitors.
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Last chance to make the most of tax-deductible contributions into superannuation
As the end of the financial year approaches, it's time to consider taking advantage of the numerous benefits of making deductible contributions into your superannuation account. Superannuation is a powerful tool for building long-term wealth and securing a comfortable retirement. By making contributions before June 30, you can not only reduce your taxable income but also boost your retirement savings.
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10 Ways to Reduce Your Business Tax
Here’s a guide to 10 strategies you can use to minimise your business tax.
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Tax Deductibility of Personal Insurance
Personal insurance is an important aspect of financial planning, providing protection and security for you and your family in case of unexpected events such as accidents, illnesses, or death. However, personal insurance can also be costly, and many people are unaware of the tax deductibility of personal insurance premiums.
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10 Ways to Reduce Your Personal Tax
Now's the time to review what strategies you can use to minimise your tax before 30 June 2023.
Here are 10 tax strategies to take into consideration:
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