Insights

Understanding Your Business Income, Use of Funds, and Losses: Key Insights from the ATO

Do you know what business income is? On 12 September 2024, the ATO released a guide about the different types of business income. Broadly, business income is income earned from selling goods or services through physical stores, websites, apps or even personal advertisements. However, individuals who earn extra income, have...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Grant opportunity — Export Market Development Grants (EMDG) round four: What you need to know.

Round four of the Export Market Development Grants (EMDG) will open for applications from 12 November 2024 at 9:00AM AEST for Tier 1-3 applications. The EMDG provides grants to Australian small and medium enterprises to support them in globally marketing and promoting their goods and services and in receiving export...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Understanding Main Residence Exemption Basics

The Main Residence Exemption (MRE) is one of the most significant tax concessions available to Australian residents but also one of the most misunderstood. Our unofficial statistics rank it the most frequently misquoted at summer barbeques every year. The basic premise is simple but the law itself is complex, loaded...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Industry Growth Program Grant Opportunities for SMEs

The Australian Government is set to launch the Industry Growth Program, an initiative aimed at supporting startups and small and medium enterprises (SMEs) in their innovative commercialisation and growth endeavours. This program is aligned with the priority areas outlined in the Australian Government’s National Reconstruction Fund (NRF) and aims to...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Secure Your Financial Future Before the End of the 2024 Financial Year

As we approach the end of the 2024 financial year, it is sensible to take proactive steps to ensure that your tax and financial affairs are in order. With 30 June 2024 almost upon us, now is the perfect time to review your tax planning strategies and make any necessary...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Urgent Reminder: 2024 Lodgement Deadline Approaching

As the 2024 lodgement deadline approaches, we remind you of the importance of submitting your tax returns on time. Failure to meet this deadline may result in penalties and interest charges being applied to your account. In many instances the ATO was lenient on lodgement penalties during the pandemic period...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

ATO increases focus on personal use of company funds

The Australian Taxation Office (ATO) is intensifying its efforts to curb instances where business proprietors divert funds or utilise company assets for personal benefit. It's a common occurrence for business owners to blur the lines between their personal and professional lives, often intertwining their personal expenses with those of the...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Getting ready for the Land Tax year of 2024

To gear up for the Land Tax year of 2024, we’ve put together key information that might prove helpful. The Land Tax rate and thresholds for 2024 are subject to change annually. Previously, the Land Tax thresholds were officially announced on 15 October each year, however, recent legislative amendments have...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Handling unforeseen tax debts: A guide for small business owners

Late last year, a wave of unexpected news swept through the Australian business community as thousands of taxpayers and their representatives received notifications from the Australian Taxation Office (ATO) regarding outstanding historical tax debts. What made this revelation particularly startling was that many recipients had no prior knowledge of these...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Navigating tax implications: Learning by example

Entrepreneurs often invest their personal finances into their businesses to kickstart operations and sustain them until they become self-sufficient. However, a recent case underscores the importance of understanding the tax implications associated with withdrawing funds from a company. Before the Administrative Appeals Tribunal (AAT), a taxpayer faced repercussions for blurring...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Industry Growth Program welcoming applications from inventive SMEs

Is your small or medium-sized business thinking about taking the next big step in growth or innovation? If so, you could be eligible for valuable support through the Federal Government's Industry Growth Program. Even though the grants are slated to open over the course of 2024, SMEs with projects aligned...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Recent Taxation Development- ATO Shift

ATO shifting to firmer debt collection activity The ATO has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so. It warns business taxpayers not to treat tax...

Nicholas Falzon

Director

Sydney, Newcastle

2023 Water Polo Australia PD Sponsorship

Insights

PKF Proudly Sponsors Water Polo Australia’s Professional Development Scholarship Program

PKF Sydney and Newcastle is thrilled to announce our second consecutive year of supporting the Professional Development (PD) Scholarship program. This program is aimed at benefiting current senior squad and National Age Group Program members, as well as senior squad members from the past two years. Water Polo Australia (WPA)...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Self-education expenses — The ATO’s latest target

The Australian Taxation Office (ATO) has just released its latest draft ruling, TR 2023/D1, focused on the intriguing world of deductions for self-education expenses. This ruling takes the stage, replacing the seasoned TR 92/8 and TR 98/9, which have gracefully retired. So, what else have they announced? The ATO has...

Nicholas Falzon

Director

Sydney, Newcastle

Press Releases

PKF advises respiratory protection innovator, CleanSpace on “beyond expectations” IPO

PKF has advised long-term client CleanSpace on their recent Initial Public Offering (IPO) which outperformed all expectations in record time. CleanSpace’s IPO raised a total of $131.4 million, and its shares have risen by more than 50% since listing resulting in a market capitalisation in excess of $500 million. PKF’s...

Director

Sydney, Newcastle

Insights

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