It has been a busy month for us at Box AS and it is just going to get busier all the way to Christmas! It’s important that I continue to share with you some of the learnings and insights that have benefited me. In turn, I hope you find some of this valuable to apply in your own businesses.

Tip of the Month – True Cost of Employees

In addition to our growing resources library on our website, we’ve recently released a brand new tool to help businesses understand the true cost of their employees. This factors in costs that are often forgotten such as annual leave, sick leave, insurance, superannuation and a host of other benefits that employees are eligible for under modern awards. Hiring employees are not easy and it helps if you know how much the employee will cost you at the end of the day. If you want to see the true cost of your employee, click here to find out in less than 30 seconds.

Property Investing and Taxes

Property investment has been a major discussion lately as interest rates are at all-time lows while property prices are on the rise again (supposedly). I thought it would be a good idea to explain the different types of taxes that you need to know when dealing with property investment. There are two main taxes you need to understand:

1. Capital Gains Tax (CGT) on the purchase and sale of a property
2. Income Tax on rental income and expenses of the property

Follow this link to read more about property and taxes.

Main Residence CGT Tax Exemption for Property

If you haven’t purchased an investment property yet, you are probably on your way to the Australian dream (owning your own home). Normally, your home is tax-exempt as it is your main residence. So, this is either going to or will be applicable to you in the future to avoid a big fat capital gains tax (CGT) tax bill when you sell your property. There are generally 7 likely scenarios that can affect you being eligible for the tax exemption so make sure you read our guide in case you may be affected. For those not bothered to read, we’ve got you covered in a video as well.

Mates Rates v Full Price

I used to ask my friends for mates rates until I started running my own business. As an accountant, I learn how much cash flow could fluctuate for small businesses. As a business owner, I learnt how hard it could be to keep a business running. And as a friend, I realised how important it is to show my support. I made a video and shared it with my LinkedIn Community on what people’s stance was when it came to paying either mates rates or to support your mates by paying full price for their business service or product. It was really interesting to see responses that cover the full spectrum of this debate.

Important Upcoming Dates

31 October: Tax Return for individuals and trusts that are not lodged via Tax Agent or not lodged on time last year
21 November: October Monthly BAS Due
28 November: September Quarter SG Charge Statement Due
28 November: September Quarterly BAS  Due (lodged via Tax Agent or BAS Agent)

What’s Happening at Box AS

As I mentioned last month, a reminder that you can also benefit from referring us to someone who may be suited to our services. Find out more about our referral program here.

As always, forever grateful for your support! Until next time..

Kind Regards,
Davie Mach CA, B. Comm (Accg & Tax)
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