Accountancy & Business Insights

Keep your finger on the pulse with our accountancy & business insights.

Luxury Car Tax Refund Primary producers and tourism operators are eligible for a refund of up to $10,000 of luxury car tax on one eligible car purchased or leased in a financial year. Primary producers can claim a refund for only one el

Anthony Pratt 18/4/24 Anthony Pratt 18/4/24

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Instant Asset Write Off to $30,000 Bill proposing increased threshold for instant asset write off passes Senate A bill proposing to increase the instant asset write off threshold in Div 328 of ITAA 1997 from $1,000 to $20,000 has been i

Anthony Pratt 17/4/24 Anthony Pratt 17/4/24

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Changes in annual reporting requirements for not-for-profits From 2023-24 income year onwards, an NFP that has an active Australian business number (ABN) is required to lodge an NFP self-review return to access the income tax exemption.

Anthony Pratt 17/4/24 Anthony Pratt 17/4/24

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Get insight into recent tax developments, measures and announcements, and more. Insights Magazine | April 2024 As changes occur, we’ll keep you posted through prattpartners social media accounts. 🖇 Partner with a firm that ta

Anthony Pratt 15/4/24 Anthony Pratt 15/4/24

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Federal Budget 2024-25 The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to ele

Anthony Pratt 15/4/24 Anthony Pratt 15/4/24

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How much is my business worth? For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value busi

Anthony Pratt 15/4/24 Anthony Pratt 15/4/24

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Modernising individual tax residency framework - ATO's new guidance The ATO has released a tax ruling intended to provide guidance as to how the Commissioner will apply the residency tests (s 6(1) ITAA 1936) for individuals under a moder

Anthony Pratt 13/4/24 Anthony Pratt 13/4/24

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Keeping your employees and customers safe Are you keeping your staff and customers safe? We’ve got three top tips for getting on top of your health & safety procedures as a business owner. Worldwide, there are around 340 million oc

Anthony Pratt 10/4/24 Anthony Pratt 10/4/24

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Are you hiring the best talent for your business culture? Are you hiring the best talent for your business culture? We’ve summarised 5 ways to make sure your next hire is a perfect fit for the business. Your people are a vital asset, so

Anthony Pratt 4/4/24 Anthony Pratt 4/4/24

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Your guide to claiming working from home expenses for 2024 income year Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calcu

Anthony Pratt 3/4/24 Anthony Pratt 3/4/24

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Skills & Training 120% Tax Deductions Small businesses get a bonus tax deduction on top of the allowable deduction for training their employees. Set to expire on 30 June 2024 Ensure to take advantage of the incentive before 30 Ju

Anthony Pratt 27/3/24 Anthony Pratt 27/3/24

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Are you considering an SMSF? Here’s what you need to know. Is a self-managed super fund something you’re thinking about? Learn about the responsibilities that come with being a trustee. It’s always a good idea to think about your reti

Anthony Pratt 25/3/24 Anthony Pratt 25/3/24

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How much should you pay yourself? As a business owner, how much should you pay yourself? It depends on how much your business can afford, market pay rates, and whether reinvestment could pay dividends. Being the boss means you get to m

Anthony Pratt 20/3/24 Anthony Pratt 20/3/24

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How to maximise bookkeeping in today’s digital times Good bookkeeping is vital for your financial management? We recap top 5 tips for maximising your bookkeeping. In today's digital times, you should have unrivalled access to your fina

Anthony Pratt 18/3/24 Anthony Pratt 18/3/24

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Can an AI assistant streamline your business? Does your company need an AI assistant? Our guide to business AI assistants shows you five ways that artificial intelligence (AI) can boost your business efficiency. A business AI assistant

Anthony Pratt 16/3/24 Anthony Pratt 16/3/24

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FBT record-keeping simplification - upcoming changes As per amended legislation, the Commissioner will allow utilising adequate alternative records holding all the prescribed information, instead of statutory evidentiary documents for FB

Anthony Pratt 16/3/24 Anthony Pratt 16/3/24

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