Tax refunds have become smaller for many Australians, leaving taxpayers wondering why. As a nation heavily reliant on personal and corporate income tax, Australians expect rewards for the amount they pay. However, if you've noticed that your tax refund isn't as sizeable as it used to be, you're not alone. There's a reason behind this change, and we're here to explain it.
As we move further into the 2023 financial year, employers and businesses across Australia must be aware of the significant changes that have come into effect from 1 July 2023. These alterations primarily concern superannuation guarantees and wage increases, and failing to adhere to these new standards can result in serious consequences.
In today's digital age, platforms like OnlyFans, YouTube, and TikTok have opened exciting opportunities for content creators to monetise their audience reach. However, with the rapid growth of this industry, the Australian Taxation Office (ATO) has taken notice and issued guidelines to ensure content creators understand their tax obligations. As a trusted partner for businesses and individuals, LEAD Advisory Group is here to shed light on the taxation aspects content creators need to consider.
The Australian Federal Budget for 2023-24 has been announced, including measures to support individuals, businesses, and institutions nationwide. Here are some of the key announcements and how they will impact Australians
With the end of the FBT year on 31 March 2023 fast approaching, the ATO has reminded taxpayers and their advisers that now is the time to start preparing FBT records and calculations. This includes ensuring that any arrangements for employee contributions to reduce the taxable value of fringe benefits are put in place and collecting employee declarations (if required).
Don't hesitate to reach out when you're ready to start the conversation; our financial planners, accountants and administrators are waiting and ready to help grow and protect your future. The next move is yours...
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