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$20k Tax Deduction in 2024 for Going Green With The Small Business Energy Incentive
Want to pay less in taxes this year? This new energy incentive can help you reduce your taxable income by $20,000. What Is The Incentive The Small Business Energy Incentive is about to be passed in Parliament. Who it’s for It’s a tax credit aimed at helping small and medium businesses move towards more efficient…
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How to spot a shady invoice
Invoice fraud or false billing happens when an outstanding invoice redirects payment to a fraudulent bank account. This can be done via fake invoices, employee/supplier impersonations or invoice manipulation from an email hacker. Anyone can be a victim to invoice fraud. Australian businesses lost $277 million to payment redirect scams in 2021, according to the…
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Lower Your Taxes With The July 1 2024 Super Contributions Cap Increase
If you feel you might be paying too much tax, then you probably are. And if that’s you, you’ll love this new announcement from the ATO about the super contribution cap 2025. Starting from July 1, 2024, you’ll be able to contribute more to your super. Here’s how you can take full advantage of this…
Changing accountants – How to change accountants
As in all exercises of substance, the first step is to plan your actions. In this concise article we outline what needs to be done to identify a top line adviser. The ten most common reasons for wanting to change accountants are: Phone calls not returned promptly or not at all. Poor value proposition. Deadlines…
![Self-education Tax Deduction: What can you claim?](https://www.magnusgroup.com.au/wp-content/uploads/2023/12/Picture1.jpg)
Self-education Tax Deduction: What can you claim?
Taking classes, courses or enrolled in a training program? The ATO has recently announced an update to self education tax deduction rules. What’s new The new draft reinforces what types of education qualifies for Self Education Tax Deduction. What qualifies for self education tax deduction To qualify for tax deduction, the course must For example……
![Changes to Working from Home deductions](https://www.magnusgroup.com.au/wp-content/uploads/2023/03/Tax-Deduction-768x512.jpg)
Changes to Working from Home deductions
If you include Working From Home deductions in your annual tax returns you may want to read further as the rate has changed and also the requirement to keep detailed records. The Australian Taxation Office (ATO) has made some revisions to the working-from-home deductions which implement stricter record-keeping requirements and a new rate per hour….