Welcome About Services The Bookkeeping Studio Virtual CFO Taxation & Compliance Business Advisory & Consulting Xero Set-up & Conversions Entertainment & Producer Tax Offsets Blog Let’s Talk X FREE CONSULT MARCH 2024 NEWSLETTER The March 2024 newsletter delves into critical subjects including The Fringe Benefit Tax Traps associated with electric vehicles, navigating The ATO Debt Dilemma, seizing opportunities from How to Take Advantage of the 1 July Super Cap Increase, and Getting Back What You Put In: Loans for Starting a Business to safeguard your initial invest ..read more

The holiday season is all about giving and celebrating, but no one wants to give extra to the Australian Tax Office! If you’re looking for some tax deductions this Christmas, here are some easy tips to keep in mind. 1. Keep Team Gifts Under $300 When buying gifts for your team, if these gifts are under $300 per person then this will be an allowable tax deduction. Tip: Choose gifts that your team members will really appreciate. A personal touch often means more than the gift itself! 2. The Smart Way to Host a Christmas Party Having your work Christmas party in the office on a workday would be t ..read more

Hey there, taxpayers!  You’ve got that date circled in red on your calendar, right? Yep, we’re talking about the October 31 Tax Lodgement deadline. But worry not – we’ve got your back. Let’s explore this date together and see why it’s worth the highlight. Why October 31st is a Big Deal? So, October 31 isn’t just about Halloween in Australia. It’s the date the ATO (Australian Taxation Office) eagerly waits for us to file our taxes if we’re going solo without a tax agent. What Happens When You’re Late Waiting Game: Eyeing that tax refund? Late filings might make you wait a bit longer. Unwa ..read more

Introduction Hey there! Ever wondered about fringe benefits? They’re like extra cool things that come with a job, more than a paycheck. Let’s dive into this world and find out what they are, why they’re important, and how they affect both workers and bosses. We’re the experts here, ready to share useful info that will help you get what fringe benefits are all about and make smart choices for your job or career. Key Takeaways: Fringe benefits are like extra goodies that come with a job, beyond just a paycheck. They can be health plans, flexible work options, or learning programs that make work ..read more

Hey there! If you’re your own boss and want to make sure you’ve got enough money when you’re done working, you’re in the right place. We’re here at The Pen Accounting, and we’re all about helping folks like you improve your savings for retirement. Let’s dive in and see how you can get a comfy retirement while beating the other guys in the search results. Why Do You Need Retirement Savings? So, saving up for retirement is a big deal. It’s not just for people who work regular jobs – if you’re working for yourself, you need to think about it too. It’s like making sure you have money for when you ..read more

Welcome to the world of business! Today, we’re diving into something called a “sole trader.” It might sound fancy, but it’s actually quite simple. Imagine having your very own business where you’re in charge of everything. That’s what being a sole trader is all about. Let’s take a closer look at what this means and why it matters. What is a Sole Trader? A sole trader is a type of business where one person is in charge. Yep, that’s right – one person! This person owns the business and runs it. They make all the decisions and take care of everything that needs to be done. What Makes Sole Traders ..read more

Have you noticed that your expected tax refund isn’t as big as you thought it would be? You’re not alone – many Australians are in the same boat. Let’s break down the reasons behind this and make sense of it all. The Psychology of Tax Refunds Taxes play a huge role in Australia’s finances. The country relies on income tax, with personal income tax and capital gains taxes making up 40% of the total revenue. Given how much we contribute, it’s natural to expect a reward in return. This reward comes from tax deductions and offsets. Tax deductions lower your income that’s subject to tax, while tax ..read more

What it Takes to Hand Your Business to the Next Generation? In the world of business, when one generation gives their company to the next, it’s called generational succession. This means the business keeps growing with the new generation. Whether you want to keep a family tradition alive or protect the history of your business, making this transition work is really important. This article talks about the important parts of generational succession, why it matters, and gives advice for navigating this tricky process. Understanding Generational Succession Succession of the Business and Ownership ..read more

In the dynamic landscape of the creative industry, the digital games and interactive entertainment sector reigns supreme as the largest and fastest-growing sector worldwide.  With a global value of approximately $250 billion, this industry plays a vital role in economies across the globe. In Australia alone, the sector experienced remarkable growth, expanding by 22% between 2020 and 2021, generating an impressive income of $226.5 million and providing employment opportunities for over 1,300 full-time workers. Recognising the significance of this industry, the Australian Government has int ..read more

After a considerable wait, the Parliament has officially passed the legislation that enables small and medium businesses (SMEs) to benefit from a 120% tax deduction for their technology costs, as well as skills and training expenses. In this article, we will guide you on how to maximize your deductions and take full advantage of this exciting opportunity. Understanding the Timing and Requirements To maximize the  small business technology investment boost, you need to consider certain timing and requirements. In order to utilise the deduction, you must have purchased the technology and in ..read more