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What’s New at MKG Partners
Eat The Frog Technique: The Secret to Conquering Daunting Tasks
Have you ever faced a task so daunting that it loomed over your entire day? Imagine conquering it first thing in the morning and how liberating that would feel. This is the essence of the "Eat The Frog" technique, a concept inspired by American writer Mark Twain's...
The ATO Wants to Clear Up Some FBT Myths
The Tax Office is targeting common areas of confusion related to fringe benefits tax, particularly concerning the personal use exemption. Speaking in a recent podcast, ATO Deputy Commissioner Ms. Rosenzweig explained that the tight labour market is prompting many...
Upcoming Changes to Marginal Tax Rates Starting 1 July 2024
With the next financial year on the horizon, there are important changes coming to the Australian tax system that warrant attention. Set to take effect from 1 July 2024, the Australian Taxation Office (ATO) has announced significant amendments to the marginal tax...
Effective Budget Management with Xero Budget Manager
Preparing a business budget is a crucial financial management tool that offers stability, control, and a clear path for achieving financial goals. A well-constructed business budget provides a roadmap for financial success and enables businesses to make informed...
The Hidden GST and BAS Pitfalls in Australia’s Shifting Property Landscape
Navigating the complexities of the Australian property market is challenging enough, and recent shifts are adding new layers of complexity, especially when it comes to tax obligations. If you have been keeping up with our blog, you might recall our detailed...
Business Activity Statement (BAS): From Basics to Best Practices
After our previous blog post on understanding the Goods and Services Tax (GST), it's time to turn our focus to another important tax compliance obligation: Business Activity Statements (BAS). Knowing how to manage your BAS is a critical aspect of running a small...
Goods and Services Tax: Does Your Business Need to Register for It?
If you're a small business owner grappling with tax complexities, you're not alone. A common question we often encounter is, "Do I need to register for Goods and Services Tax (GST)?" The answer depends on various factors, including your business size and the nature of...
How to spot Phishing Emails posing as ATO
Tax season is here, and with it, there's been a noticeable uptick in phishing emails. These scams, often pretending to be from the Australian Taxation Office (ATO), aim to get hold of your personal and financial information. At MKG Partners, your security is our...
The Small Business Lodgment Penalty Amnesty Program
Are you a small business owner with overdue tax returns or activity statements? Here's the silver lining you have been waiting for—the Australian Government has recently announced a timely initiative: the Small Business Lodgment Penalty Amnesty Program. This...
What is Taxable Payments Annual Report (TPAR) and Do You Need to Lodge It?
What is Taxable Payments Annual Report (TPAR) ?TPAR, or Taxable Payments Annual Report, is an Australian tax reporting requirement that applies to businesses in specific industries. The report details payments made to contractors for particular services during the...
