Accountancy & Business Insights

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

Closing a Company - Streamlined Approach 6 Options to Close an Australian Company Closing a company in Australia involves careful planning and adherence to legal requirements. This article outlines six methods for closing a company,

Anthony Pratt 3/8/24 Anthony Pratt 3/8/24

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Tax and compliance changes in effect from 1 July 2024 A summary of all the enacted legislation that comes into effect from 1 July 2024. These changes apply to individuals, businesses and welfare recipients. Stage 3 tax cuts After be

Anthony Pratt 3/8/24 Anthony Pratt 3/8/24

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Motor Vehicle Expenses Motor vehicle expenses: which method should my business use? If your business owns or leases a vehicle that is used for business purposes, it’s essential to keep proper records to ensure you are entitled to the ma

Anthony Pratt 30/7/24 Anthony Pratt 30/7/24

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Your profit improvement potential There is always scope to improve your business profitability. Analyse your profit improvement potential and plan your campaign. In every industry, whatever of the state of the economy, there are some

Anthony Pratt 29/7/24 Anthony Pratt 29/7/24

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New Migration Regulations New Migration Amendment Regs 2024 are shaking up the immigration landscape. Important for small business owners as they impact both employers and the so-called ‘golden handcuffs’ that previously tied sponsored

Anthony Pratt 27/7/24 Anthony Pratt 27/7/24

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Understanding Your Breakeven Point Breakeven with your pricing - An Inflation Series Article Do you know your business breakeven point? Knowing how much income you must generate to cover all fixed and variable costs means you can

Anthony Pratt 23/7/24 Anthony Pratt 23/7/24

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How to use forecasts and scenario-planning If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult to plan, run

Anthony Pratt 22/7/24 Anthony Pratt 22/7/24

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Get insight into recent tax developments, measures and announcements, and more. Insights Magazine | July 2024 As changes occur, we’ll keep you posted through prattpartners social media accounts. 🖇 Partner with a firm that t

Anthony Pratt 16/7/24 Anthony Pratt 16/7/24

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Managing family trust elections Many practitioners would be aware that family trust elections can be an effective tool when used correctly. Some of key reasons for making a family trust election include: Making it simpler to pass

Anthony Pratt 16/7/24 Anthony Pratt 16/7/24

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Checks to comply with superannuation guarantee obligations  The ATO has set out some simple checks for practitioners to undertake to ensure their employer clients are meeting their superannuation guarantee (SG) obligations. First,

Anthony Pratt 16/7/24 Anthony Pratt 16/7/24

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Is your family home really tax free? The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerri

Anthony Pratt 16/7/24 Anthony Pratt 16/7/24

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The instant asset write-off The instant asset write-off threshold increased from $1,000 to $20,000 for 2023-24. Here’s what it means: The increase to the instant asset write-off threshold provides a major cashflow advantage by enabl

Anthony Pratt 15/7/24 Anthony Pratt 15/7/24

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Why productivity matters Productivity is a term associated with strong economies, robust businesses and efficiency gains of clever staff. If businesses were efficient then fewer would fail, generate more employment and better incomes f

Anthony Pratt 14/7/24 Anthony Pratt 14/7/24

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ATO engages largest private groups Top 500 and Next 5,000 program The ATO has set out some tips for the largest private groups that it engages through its Top 500 and Next 5,000 program. The ATO's observation through its review of taxp

Anthony Pratt 5/7/24 Anthony Pratt 5/7/24

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Changes that every individual needs to be aware With the start of the financial year upon us, here is a list of some important changes for individuals to be aware of. Changes to car expenses For the 2024 income year the cents per kil

Anthony Pratt 1/7/24 Anthony Pratt 1/7/24

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Changes for your business to be aware With the start of the financial year upon us, here is a list of new rules that you need to be aware of for your business. Division 7A rate The Division 7A ATO benchmark interest rate for 2023-24 i

Anthony Pratt 30/6/24 Anthony Pratt 30/6/24

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