News and Events
What’s New at MKG Partners
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...
Downsizer Contributions: Maximise Your Superannuation
You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. This allows eligible property owners to make a one-off post-tax contribution to their...
Xero Invoice Reminders
As a business owner, you will know all too well how precious your time is and often you can find that there are never enough hours in the day to achieve all you have crammed into your work calendar. There are plenty of features available in your Xero accounting...
Motor Vehicle Expenses: How to Claim
Many business owners understand the importance of claiming motor vehicle expenses as a tax deduction when a vehicle is used for generating income. However, there’s often confusion, with some small business owners not fully aware of the best claiming method for their...
