Top 10 main challenges that many small businesses face

by C&N Accountants | Apr 18, 2023 | Cashflow, Small Business, Small Business, Tax & Accounting

Starting a small business and turning a passion or an idea into something bigger is a dream for many Australians. Being your own boss and building something from the ground up can be incredibly rewarding – but it’s not always smooth sailing. Being a small business...

What you need to know about STP and payroll tax

by C&N Accountants | Apr 18, 2023 | Small Business, STP (Single Touch Payroll), Tax & Accounting, Tax Planning

What is Single Touch Payroll (STP)? Small businesses and employers must now report superannuation contributions, income tax withholdings and other payment information via a Single Touch Payroll (STP) system. This system replaced the traditional paper-based reporting...

How to claim expenses when working from home

by C&N Accountants | Mar 24, 2023 | Small Business, Tax & Accounting, Tax Planning, Work From Home

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to...

Changes to Working From Home Expense Methods for 2022-23 Tax Year

by C&N Accountants | Dec 20, 2022 | Small Business, Tax & Accounting, Tax Planning, Work From Home

The ATO announced draft changes to the work from home expense claim methods. Note: The draft Practical compliance guideline (PCG) released, outlines a new method called the revised fixed rate method for claiming a deduction for working from home expenses in 2022-23,...

FBT and Xmas – How to ensure you can claim tax deductions

by C&N Accountants | Dec 9, 2022 | FBT (Fringe Benefits Tax), Small Business, Tax & Accounting

This article looks at some of the tax effective ways you can spend money at Xmas and claim tax deductions as a business owner. How to reward customers/ clients Should you entertain your client or send them a gift? If you entertain your clients in any way, it’s not tax...

120% deduction for skills training and technology costs

by C&N Accountants | Nov 25, 2022 | Government Support, Small Business, Tax & Accounting

The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business. The proposal was previously included in the last budget and the new Labor government has adopted this scheme. Eligibility Two schemes will be...