Digital and Skills Tax Boost for Small Businesses

Support for small businesses going digital and upskilling their employees

The Government is delivering $1.6 billion in tax relief

As part of the plan for a strong economy and a stronger future, the Technology Investment Boost will increase digital uptake while the Skills and Training Boost will help small business attract, retain and upskill staff.

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FBT, COVID-19 tests and the otherwise deductible rule

Be aware of the rules and exemptions regarding COVID-19 testing

Whilst FBT obligations do exist, there are exemptions and deductions that can be granted when providing COVID-19 tests to employees

You may have to pay Fringe benefits tax (FBT) if you:

provide your employees or their family members with COVID-19 tests such as a rapid antigen test, […]

Salisbury Accountants named Australian Accounting Awards finalist

Australian Accounting Awards 2022 Finalists announced

Salisbury Accountants & Business Advisors have been shortlisted as finalist in the Regional/Suburban Firm of the Year category in this year’s Australian Accounting Awards.

Salisburys Director Ben Gay said, “We are really excited to have been selected as a finalist in the Australian Accounting Awards Regional / Suburban […]

COVID-19 test expenses

From 1 July 2021, if you pay for a COVID-19 test for a work-related purpose, you can claim a deduction.

This only applies if you’re an employee, sole trader or contractor.

When you can claim COVID-19 testing

From 1 July 2021, to claim a deduction for the cost you incur to pay for a COVID-19 test, […]

Directors must now apply for their Director ID prior to being appointed

Be aware of new regulations surrounding your Director ID

As of 5 April 2022, new directors must apply for their director ID before they’re appointed.

The Australian Business Registry Services (ABRS) is reaching out to directors who haven’t applied on time to encourage them to do […]

7 Best Practices in Digital Transformation of a Business

The ‘digital revolution’ is not exactly new…

But we still see businesses battling with basic things.

Financial reporting is an example… where leaders may need multiple reports from different systems to see their bank balance, accounts receivable, invoicing status, payroll, sales performance, timesheets, and so on.

Not surprisingly, businesses continue to invest in digital, data, and analytics to […]

2022/23 Federal Budget

1. Personal income tax changes

1.1 Increase to low and middle income tax offset (‘LMITO’)

The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]

Strengthening Your Brand

What is Involved and Why Does it Matter?

Most business leaders agree that branding is important in business.

Given the opportunity, they’d like to strengthen their brand to generate more leads, grow sales and increase customer loyalty.

How do you ‘strengthen a brand’? It can get murky at this point… so let’s take a closer look.

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Resources to navigate fringe benefits at tax time

Get ready for fringe benefits tax time

The 2022 fringe benefits tax (FBT) year ends on 31 March 2022, so it’s a good time to start considering what you need to do to lodge and pay your FBT.

Employers will need to work out if you have an FBT liability for fringe benefits you’ve provided to […]

Business sustainability

Is sustainability good for business?

According to a study commissioned by Xero, 68% of small businesses want to improve their sustainability practices.

But, the question is: How is sustainability specifically good for business?

What does sustainability in business mean?

Harvard Business Review defines sustainable business practises as those that:

at a minimum, do […]