If you’ve made a major investment in the last financial year, any income made from it will need to be included on your tax return. Any income earned from investments... read more →
There are no more shortcuts when it comes to claiming your work-related expenses this financial year! The popular ‘shortcut’ method is no longer available to be used for the 2022-23... read more →
As a taxpayer, you may likely have come across the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments,... read more →
Your tax file number (TFN) is a critical piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN... read more →
With a new norm surrounding how Australians work (hybrid, remote or office-based), there has been a change in how work-related expenses will be claimed this year during tax season.Where once... read more →
Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from... read more →
These days, your tax return is almost like an honesty test. From Centrelink payments to health insurance, child support to bank interest, the ATO sees all and seemingly knows all.... read more →
Just like how individuals and businesses have to complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) that should be... read more →
Property is a solid investment opportunity for those looking to increase their financial security. If you are a landlord, you may be looking for ways to reduce your tax liability... read more →
Your Work-Related Tax Deduction Checklist For This Year’s Tax Return Made EasyThe end of the financial year is coming up (30 June), and you may be looking for ways in... read more →
The calculation of income tax for businesses becomes more complex as business activities and income streams grow. There are two primary considerations that arise when calculating income tax: assessable income... read more →
With there being so many changes to tax as presented in the Federal Budget, this is a concise summary of those that may have the biggest impact or relevance to... read more →
This time of year many clients take the opportunity to have a proactive tax and compliance planning strategy before the end of the financial year in order to maximise tax... read more →
Businesses should aim to move towards digitising their tax, super and employee related documents as per recommendation by the ATO. Digital record-keeping has many advantages: • Streamline accounting practices by... read more →
Knowing what type of legal expenses are tax-deductible is valuable information when it comes to budgeting and allocating funds for emergencies. Legal expenses that pay for business operations integral to... read more →
The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount,... read more →
The ATO has released a range of methods to make tax time easier for businesses and individuals under COVID-19 circumstances. Working from home The ATO has introduced a new ‘shortcut... read more →
Small businesses with low annual travel distances will benefit from the ATO’s new increased cents per kilometre rate for cars, from 68 cents to 72 cents. The new rate has... read more →
The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services or pay contractors to do so. The extension was approved on 1 July 2019. Road... read more →
The Government’s complete package of individual tax adjustments that were announced in the 2019-20 Federal Budget, have passed parliament and are now law. On 4 July 2019, the Treasury Laws... read more →