Are your bad debts costing you extra tax? Here’s what to do…
The starting and ending position of your stock is used as part of calculating the cost of goods sold, to determine your taxable profit. Unsold or obsolete inventory is an asset on your balance sheet and can be used as a reduction of your gross receipts. This means that inventory can decrease your ‘taxable income’ and, dependent on the status of the stock, can entitle your business to a tax deduction.
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Instant Asset Write-Off – Proposed Increase to $25k
Last week the Government announced a proposal to increase the threshold for the instant asset write-off to $25,000. “The $25,000 instant asset write-off will improve cash flow by bringing forward tax deductions, providing a boost to small business…
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Single Touch Payroll to Cover All Businesses
The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 has now passed both Houses. This was an important moment in the evolution of Single Touch Payroll (STP) as the amendment law included legislation that requires employers with 19…
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Semmens & Co New Services – Payroll Services for Business
With the recent introduction of STP for all businesses, the need for robust payroll practices has become paramount for business of all sizes. For this reason, Semmens & Co has now introduced Payroll Services to our suite. We…
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PAYG Withholding – New Legislation Removing Tax Deductions for Non-Complaint Businesses
Semmens & Co urges all our business clients to review your PAYG Withholding payments, as new legislation removing tax deductions for entities who fail to comply with their withholding obligations are set to kick in. As a payer, your…
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Staff Benefits – How to correctly apply the Minor Benefit Exemption
As the festive season has ceased, business who were in a giving mood to employees during this time should understand the various FBT exemptions that can help reduce this cost of additional tax. The minor benefit exemption broadly…
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Open banking is coming – what is it and how will it affect you?
Open banking is on the way, and it’s important to understand this international movement which could dramatically change the way your customer data is shared. The way that you manage your banking has long been all about, well,…
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Your Job Description as Director
Most business owners know that every member of their team needs a Job Description, which should include: Clearly outlined responsibilities and tasks Some specific and measurable KPIs (Key Performance Indicators) A set of clear expectations around core competencies…
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30% Limit On Interest-Only Residential Mortgage Lending Lifted
From 1 January 2019, APRA will remove its 30% limit on interest-only residential mortgage lending for banks and other lenders. The cap was put in place in March 2017, in a bid to improve lending practices, and has resulted…
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Semmens & Co partnering with Invoiceinterchange
InvoiceInterchange provides businesses with simple and flexible cash flow solutions. We understand that waiting for invoices to be paid puts a strain on cash flow and holds many great businesses back. InvoiceInterchange’s new way of invoice finance helps…
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Mark Semmens
Mark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.
Mark's blogs
Daniela Semmens
Daniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.
Daniela's blogsContact Us Today
For any enquiries into our team or our services please contact Semmens & Co. via email at [email protected] or call us on 03 8320 0320
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