by MT Corp | Feb 9, 2024 | ATO Rules
How is Trust income treated? The net income of a trust is basically its taxable income. It’s calculated by subtracting allowable deductions from the trust’s assessable income for the year. This calculation assumes that the trustee is a resident, even if...
by MT Corp | Dec 14, 2023 | Business Tips
If you’re facing financial challenges, you might qualify for a payment arrangement with the ATO. If you get a tax bill, it’s important to pay it on time to avoid extra charges. But if you’re having money problems, you might be able to set up a...
by MT Corp | Nov 17, 2023 | Business Tips
Tips on how to assess the useful life of an asset, by assessing the duration it can generate income. On this article: Understanding the useful life of a depreciating assetEvaluating the effective life of an assetReassessing the effective life What constitutes the...
by MT Corp | Oct 12, 2023 | Business Tips
In the year 2021–22, cybercrime reports flooded the Australian Cyber Security Centre (ACSC), with one report every 7 minutes. As we observe Cyber Security Awareness Month (October), here are some basic tips to keep ‘cyber safe’. Follow these 4 quick steps...
by MT Corp | Sep 10, 2023 | Business Tips
Guidelines on when to issue a tax invoice, the required contents, and how to handle non-taxable sales and rounding. Determining the timing for issuing a tax invoiceTransactions involving amounts less than $1,000Transactions involving amounts of $1,000 or...
by MT Corp | Aug 15, 2023 | Business Tips
Understanding how Fringe Benefits work in tax (FBT): Learn about the application of FBT, your responsibilities as an employer, and the potential deductions you can claim. Covered Topics: Explaining Fringe Benefits TaxIdentifying Fringe BenefitsBeneficiaries of Fringe...
by MT Corp | Jul 12, 2023 | Business Tips
Record keeping requirements for your business, to help you meet your tax, superannuation and registration obligations. OverviewWhat is a record?Five rules for record keepingBenefits of keeping accurate and complete records Overview As you embark on the journey of...
by MT Corp | Jun 19, 2023 | ATO Updates
Navigating the complexities of electric vehicle management for clients can pose challenges. It entails assisting clients in comprehending the nuances of the new FBT exemption, including its limitations, and ensuring accurate deduction claims. This task becomes...
by MT Corp | May 20, 2023 | Business Tips
Many things need to happen between the end of financial year (EOFY) and tax time. Note the below dates and deadlines to keep in mind, when getting tax ready. Key dates in June 30 June is EOFY. All new transactions from 1 July go into your FY23 books. The next month of...
by MT Corp | Feb 11, 2023 | Business Tips, Uncategorized
In recent years, artificial intelligence (AI) has become an increasingly popular tool for small businesses in Australia, to streamline their tax return processes. With the ability to automate many of the manual tasks involved in tax preparation, AI has the potential...
