Welcome to our October monthly newsletter!

Just like that, the first quarter of the year is over. It’s now a great time for small business entities to have their tax completed. Small business entities usually are not the recipients of tax refunds, which can make some put off lodging. However, we can assist and discuss options with you to pay any tax debts that suit your cash-flow needs. Please contact our office should you require a list of information/documents to give us to complete your tax.

 

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Monthly tax tip:

The skills and technology boost was announced in the federal budget earlier this year but is definitely not a tax incentive to forget about. The boost allows small business entities to claim an extra 20% tax deduction on skills and training expenditure for employees and technology expenditure. E.g. a business pays $1,000 for an employee to complete a course for skills used in their job so they are able to claim a total tax deduction of $1,200 under this incentive.

This incentive became active from 29 March 2022 (budget release date), however cannot be claimed until the 2023 tax return is prepared. This means that business owners (with the help of their accountants) will need to keep track of these expenses to ensure that they are not forgotten about. As usual, there are many rules, exclusions and caps that will be applied to these incentives so please contact our office before getting too excited about it so we can let you know exactly how this will affect your tax claims.

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 October:

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

28 October:

  • Lodge and pay quarter ending 30 September 2022 activity statement if lodging by paper
  • Make super guarantee contributions for quarter ending 30 September 2022 to funds by this date
  • Pay quarter ending 30 September 2022 instalment notice. Lodge the notice only if you vary the instalment amount

31 October:

  • Final date to sign up with a tax agent to receive the lodgement concession for the 2022 tax return
  • Lodge 2022 tax return if lodging without a tax agent by this date

 

Click to email us about the above

 

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