News and Events
What’s New at MKG Partners
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...
Xero payroll can assist business owners with recent paid leave changes
Starting from February 1, 2023, eligible employees who are covered by a modern award will be able to take an additional five days of paid leave to deal with the impact of family and domestic violence. This means that eligible employees will be entitled to take up to...
Maximise Your Retirement Savings with Carry Forward Concessional Contributions
Carry Forward Concessional Contributions are an essential part of maximising retirement savings, and contributing to superannuation is one of the most effective ways to do so. The Australian government provides tax incentives for people to save for retirement by...
