What Is Peppol?Peppol stands for Pan-European Public Procurement Online. It’s a global system that aims to help businesses securely exchange eInvoices and other documents with their trading partners. By using a standardised format, Peppol makes it easier for suppliers and buyers to communicate, both locally and internationally. In Australia, the ATO became the official authority …
The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility. The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a …
The Fair Work Commission has determined that a Philippines based “independent contractor” was an employee unfairly dismissed by her Australian employer. Like us, you are probably curious how a foreign national living in the Philippines, who had an ‘independent contractors’ agreement with an Australian company, could be classified as an Australian employee by the Fair Work …
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need …
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation, and food services at the top of the list. Restructuring appointments grew by over 200% in 2023-24. Small business restructuring allows eligible companies – those whose liabilities do not exceed …
As 2024-25 approaches, questions arise about whether the year will bring continued volatility or a return to stability. Key changes include the introduction of personal income tax cuts and an increase in the superannuation guarantee rate. Employers must update payroll systems to reflect these changes and remain vigilant about super guarantee obligations. Wage growth shows signs of evening out, while interest rates remain a tool for controlling inflation. Business confidence has dipped, but strong labour market conditions persist. Migration trends highlight the ongoing impact on Australia’s economy, with a focus on skilled migration. Businesses must strategically manage cash flow, costs, and pricing to thrive in this evolving landscape.
Legislation raising the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year has passed Parliament. Small businesses can now write off the full cost of depreciable assets under $20,000 purchased between 1 July 2023 and 30 June 2024 in the year of purchase, providing a significant cash flow advantage. Assets must be used or installed by the end of June 2024 to qualify. The threshold applies per asset, allowing multiple deductions. A proposal to extend this threshold increase to 30 June 2025 is under consideration.
Prepare for the end of the financial year with our essential guide. Learn how to maximize deductions, make strategic superannuation contributions, navigate work from home expenses, and understand the ATO’s areas of scrutiny. Ensure your tax returns are accurate and beneficial.
Generational succession – handing your business across to your kids or family – sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business …
Do your kids really want to take over your business? Read More »
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 business apart? Every business owner is naturally curious about just how much their business is worth. However, for every …
