Welcome to our November monthly newsletter!

The wet season has started and major floods have already affected parts of Victoria, Tasmania, Queensland and NSW. The ATO have support options available for flood-affected taxpayers. Tax would certainly be the last thing to focus on if you have been affected, so please reach out to ensure lodgement and payment deadlines can be postponed.



Head on over to our website



Monthly tax tip:

If your business holds trading stock then the closing value at the end of the year must be recorded as an asset which does reduce the amount than can be claimed as a tax deduction. E.g. a new business buys $10,000 worth of stock throughout the year and holds a value of $2000 on the 30th of June which means the business will claim a total of $8,000 in stock deductions for that financial year. Trading stock can be valued at cost, replacement or selling price. The cost price valuation usually provides the highest tax deduction, so it is the most popular valuing method. However, for some, the other methods can be the best calculation for their situation. Trading stock deductions should also be reduced by private use. Some business owners may use their own stock for private use e.g. a café owner eating café food items each day whilst working or a cattle farmer that kills a beast for their own personal meat. The stock deductions should be reduced by the cost price of these items used personally. The ATO have provided set rates for hospitality business owners who use their own food for private use, to reduce paperwork (listed below). Please ensure you contact us about your stock deductions if you are unsure what is unable to be claimed at tax time.

Type of business Amount (excluding gst) for adult/child over 16 years Amount (excluding gst) for child 4 to 16 years old
Bakery $1,360 $680
Butcher $990 $495
Restaurant/café (licensed) $4,830 $1,950
Restaurant/café (unlicensed) $3,900 $1,950
Caterer $4,120 $2,060
Delicatessen $3,900 $1,950
Fruiterer/greengrocer $1,010 $505
Takeaway food shop $4,030 $2,015
Mixed business (includes milk bar, general store and convenience store) $4,870 $2,435

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.


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Important Dates!

21 November:

  •       Lodge and pay October 2022 monthly business/instalment activity statement

25 November:

  • Lodge and pay quarter ending 30 September 2022 activity statement

28 November:

  • Lodge and pay quarter ending 30 September 2022 superannuation guarantee charge statement if the contributions were not paid on time*


*Superannuation guarantee charge is not tax deductible


Click to email us about the above





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