News and Events
What’s New at MKG Partners
2023 End Of Financial Year Tax Tips
Here we are at the end of another busy financial year and it is time to start getting everything in order for the 2023 End Of Financial Year. These are some considerations that you can do over the coming weeks to finish up last year and prepare for the year...
Boost Your Efficiency with Xero’s New Invoicing Features
In a recent article, we introduced the concept of e-invoicing and its remarkable advantages for streamlining invoicing processes. Now, we're thrilled to take it a step further by showcasing the recent enhancements made to Xero's e-invoicing functionality. These...
Buying Vacant Land With Intention To Build And Rent
Buying Vacant Land With Intention To Build And RentMany clients that have constructed investment properties in the past (or know people that have) might be familiar with rules that previously allowed clients with an intention to rent the completed dwelling to claim...
What You Need to Know About the New Instant Asset Write-Off Threshold
$20,000 instant asset write-off On Tuesday 9th May the Federal Government delivered it's budget for 2023-2024. The big change that most accountants were expecting was the official end to the $150,000 instant asset write off & temporary full expensing methods. The...
Trust Distribution Resolutions: What you need to know before June 30 2023
For clients that use a trust within their business and investment structures it is a requirement of the ATO that a trust resolution is prepared before 30 June each year. Trust resolutions are usually documented in writing and are a form of trustee minute of a meeting....
Navigating EOFY with ease using Xero Payroll
The end of the financial year (EOFY) is just around the corner, and it's time to get organized. One crucial aspect of EOFY is finalizing your payroll, especially this year with the introduction of Single Touch Payroll (STP) Phase 2 reporting in Xero Payroll. To help...
A Quick Guide to Fringe Benefits Tax
If you're an employer in Australia, you may have heard of Fringe Benefits Tax. FBT is a tax on non-cash benefits that you provide to your employees or their associates. In this quick guide, we'll go over the basics of FBT and what you need to know to comply with the...
Boost Your Budget Planning with Xero’s Cash Flow Management
We know that managing your business cash flow can be a challenge, but with Xero, it doesn't have to be! Keeping your cash flow up to date can help you plan your budget, predict future income, and make informed decisions about your spending and investments. Here are...
Rise in income thresholds for Medicare Levy Surcharge increase after 8 year freeze
The Medicare Levy Surcharge (MLS) is a tax imposed on Australian taxpayers who do not have private health insurance and earn above a certain income threshold. Its purpose is to encourage individuals to take out private hospital cover and to use the private health...
Logbook Requirements for Fringe Benefits Tax
If you provide a car to your employees for their private use, you may be subject to Fringe Benefits Tax (FBT). FBT is a tax paid on certain non-cash benefits provided to employees or their associates in respect of their employment. One of the most common types of FBT...
