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When tax season is around the corner, you need to look after numerous things, especially if you are running a company, irrespective of whether it’s a small or large organisation. To avoid juggling between accounts, you should prepare everything before the last minute....

In this guide, you will come to know which contributions are after-tax or before-tax and how tax and super rules apply to them.  Tax and restrictions on contributions Your super is taxed at a lower rate than most investments and income. However, if your contributions...

To claim deductions in your tax return for expenses incurred for business purposes, you need to have accurate records to substantiate your claims. Your records need to show how you worked out the business-use proportion of relevant expenses. Have a closer look the...

ATO’s primary focus is on businesses that over-claim expenses and GST credits. They see small businesses claiming GST credits and expenses that they are not entitled to and that don’t meet the deductibility rules. To claim a business deduction, an expense should:...

What are transport expenses? Transport expenses or work-related travel expenses include the following: Car or motor vehicle expenses Ride-share, taxi, and ride-sourcing expenses Public transport fares, including train, bus, and ferry fares Fares for flights.  What are...

In this blog post, we’ll shed light on car leasing and FBT. Let’s start: How does FBT apply to leased cars? If you lease a car for your employee’s personal use, FBT applies. Car leasing is usually done via a novated lease in a salary sacrifice arrangement. The FBT...

In this guide, you will learn when your sales are taxable and when to include GST in the price.  Overview of taxable sales If you are a GST-registered business, you must charge GST on things you sell in Australia - unless that specific sale is GST-free or input-taxed....

In this guide, we will discuss how you can claim deductions for home-based business expenses if you run some or all of your business from home.  What is a home-based business in Australia? As the name indicates, a home-based business is where you set up a business in...

How to lodge an NFP? If your NFP has an active ABN and is self-assessing as income tax exempt, you need to file an NFP self-review return by 31 October each year. If you don’t have access to online services for business, you can use the automated self-help phone...

In this guide, we’ll discuss common STP reporting issues and ways to fix them.  General Reporting Issues Reporting Issue What you need to do You missed sending an STP report. Your employees will not see the right year-to-date amounts in ATO online services. You will...

In this blog, we’ll discuss capital gains tax on primary residence and the 6-year rule that applies when you move out, and how to add it to your tax return.  CGT 6-year rule: How does it work? Generally, your main residence is exempt from capital gains tax (CGT). A...

You might be wondering: why do I owe tax? Well, there are many reasons why you may receive a tax bill. In this guide, we’ll discuss the reasons for receiving a tax bill and common actions that you need to take. Understanding Your Tax Assessment  The statement issued...

What are the eligibility requirements to claim mobile phone calls and mobile internet? You are required to meet certain requirements to claim a deduction for mobile phone calls and mobile internet. Here are some conditions: Cost incurred while making phone calls or...

Can you claim parking on tax? You are eligible to claim a deduction for parking fees and tolls incurred when using your car or other vehicle for work-related purposes. You are not allowed to claim a deduction for parking at or near a regular place of work....

In this blog post, we’ll discuss how you can calculate and record GST on sales and purchases of second-hand goods. Here, the term ‘second-hand’ means ‘not new’ or ‘previously used’.  Here are some goods that don’t come under the category of second-hand goods: Precious...

What does PSI stand for? PSI stands for Personal Services Income. This is income generated primarily by your skills or efforts as an individual.  What is personal services income? You receive personal services income, or another entity connected with you, which is...