Latest Blogs
What Does a Small Business Accountant Need for a Tax Return?
The taxes you need to register for depend on the nature of your business. Some taxes apply to all businesses, while others may be mandatory based on factors like size, type, and revenue. There are also optional taxes that, while not required, can help streamline the...
Superannuation on Paid Parental Leave and Amended Tax Practitioner Code of Conduct
Legislation Super contributions on paid parental leave On 1 October 2024, the Paid Parental Leave Amendment Bill 2024 received Royal Assent. The Bill amends the Paid Parental Leave Act 2010 by adding superannuation contributions to paid parental leave under the...
Key Updates on Thin Capitalisation Rules, Investment Vehicles Regime, and GST
Restructures and the New Thin Capitalisation and Debt Deduction Rules The ATO has released a draft guideline (PCG 2024/D3) explaining how it will assess compliance and risk for business restructures under the new thin capitalisation and debt deduction rules. Starting...
New Tax Amendments from the Government and Regulators
From Government The End of the AAT The Administrative Review Tribunal (ART) started operations and replaced the Administrative Appeals Tribunal (AAT) on 14 October 2024. The new tribunal functions similarly to the AAT and reviews the same types of decisions. While...
Can I Claim Tax Accountant Fees on a Tax Return?
You might be thinking about seeking help from a tax accountant to prepare and lodge your tax. However, many business owners avoid seeking help from tax accountants because of extra expenses. Now the question arises: are tax return accountant fees tax deductible? Read...
How to Save Money with the Right Accountant?
Receiving high profits has become more important for business owners because of high competition. And if you want to receive a high return on investment, you must pay attention to the cash flow of your business. So, how can the best accountant in Melbourne help with...
What You Need to Know About the Tax Return Deadline?
Staying on top of tax return lodgment deadlines is essential for both tax return accountants and taxpayers. Missed deadlines can lead to penalties and stress. When should you lodge your tax return in Australia? The period covered by your tax return is from July 1 to...
A Tax Agent and An Accountant: What’s the Difference?
You might have heard about tax agents and accountants. Most often, these two terms are used interchangeably when discussing financial matters and ensuring you are meeting your tax duties. However, the duties and tasks of these two professionals differ. Business owners...
What is the difference between a Tax Agent and a BAS Agent?
As a business owner, you have to deal with numerous tasks related to business finances. In this world of finance, various professionals play a crucial role in managing a small business. The most common roles you will encounter are tax agents and BAS agents. These are...
Common Tax Filing Mistakes and How to Fix Them?
The ATO is an expert in identifying errors on tax returns, and with increasing tools and access each year, their job is becoming easier. So, if you are considering adding a few extra deductions or omitting income from your side gig, reconsider. Nowadays, the ATO...
Understanding Tax Implications for Beneficiaries
Apart from dividing your assets and knowing who should get what, it’s crucial to consider tax implications for how your assets will flow through to your beneficiaries. When assets shift from a deceased individual to a beneficiary of the estate, the impact of the tax...
The Ban on Genetic Test Insurance Discrimination
Under a new government proposal, there will be a total ban on genetic tests to prevent life insurers from discriminating based on adverse predictive genetic test results. Predictive genetic tests identify gene variants associated with hereditary disorders that may...
Understanding Payday Superannuation
From 1 July 2026, employers will be required to pay superannuation guarantees (SG) on behalf of their employees on the same day as wages and salaries, replacing the current quarterly payment schedule. This change aims to minimise the estimated $3.4 billion gap between...
Should I Use a Tax Return Accountant to Avoid Tax Errors?
Many business owners and individuals choose to get help from a professional tax return accountant when it’s tax season. With increased accuracy, maximum tax returns, and less stress, it’s easy to see why Australians prefer using tax accountants to lodge their tax...
Can a Tax Agent Help Increase Tax Returns in Australia?
You work hard to earn, so it’s crucial to get everything back that you are liable to. The best tax agent in Melbourne knows what potential tax deductions you can claim to help you get more money back. Do you find yourself comparing your tax refund with friends and...
Factors Influencing the Cost of Accountants in Melbourne
Managing business finances can be daunting, especially when you are concerned about your tax returns. Hiring the best accountants in Melbourne is not just beneficial, it's crucial. The cost of hiring a professional accountant can vary based on several factors. In this...
How Much Can You Earn on JobSeeker?
You may have heard about JobSeeker payment. But do you know, who can get it, how much you can earn on JobSeeker, and how much you can get? To answer all your questions, we have sorted everything to help you understand everything about JobSeeker payment. What is a...
Where Can I Find My ABN Number?
Where Can I Find My ABN Number? Your business’s primary identifier is your ABN, and you must have it on hand. There are times when you might be unable to find your ABN. If you want to run a business in Australia, it’s important to have an ABN, which stands for...
How to Speed Up Centrelink Claim?
Want to know how to speed up a Centrelink claim? This blog post aims to streamline the complex task of understanding the claiming process. This comprehensive guide is for Australians who get payments through Centrelink. How do you speed up a Centrelink claim? We...
Tax Evasion: Does the ATO Investigate Tax Evasion?
Some Australian taxpayers misuse the tax and superannuation systems to receive financial benefits. The ATO is committed to preventing, identifying and bringing the tax perpetrators and financial crime into consideration. Let’s know more about tax evasion. What is tax...
Is the RBA Responsible for the Economic State?
The politicians have expressed their opinions on the Reserve Bank of Australia's economic policy and their reticence to minimise interest rates in the face of community pressure. We will examine the actual data. Treasurer Jim Chalmers stated that global uncertainty...
ATO Data Matching for Investment Property and Lifestyle Assets
The ATO has started two data-matching programs that impact investment property owners and those who hold expensive lifestyle assets. Investment property What investment property owners declare and claim in their personal income tax returns is a constant focus for the...
What are Tax Fraud Scams and How Can You Spot Them?
After logging into your myGov account, you find that your activity statements have been amended for the past 12 months, and a GST credit of $100k has been issued. However, you did not receive this $100k refund in your bank account. What should you do now? myGov...
How to Choose the Best Accounting Firm in Australia?
When running a business successfully, finding and choosing the right accounting firm is vital. A reliable accounting partner gives you insight into your business, helps with tax planning, and ensures tax compliance. However, with various options available, choosing...
Legislative Changes: Abolishing the AAT and Superannuation on Paid Parental Leave
Abolishing the AAT The Administrative Review Tribunal (ART) is a federal administrative review body proposed in the Measures Bill 2024, introduced into Parliament on 21 August. The bill seeks to abolish the existing Administrative Appeals Tribunal (AAT) and amend...
Rulings, Determinations and Guidance: Personal Services Businesses and Part IVA
Personal services businesses and Part IVA The Australian Taxation Office (ATO) has released a draft practical compliance guideline outlining its approach to applying the general anti-avoidance rules in Part IVA to situations where personal services income (PSI) is...
From Regulators: Key Rules for Work Expenses, Withholding Tax, GST, and Debt Rules
Record-keeping for work-related expenses The ATO has issued a reminder to collect the retain appropriate records for work-related expenses this financial year – the primary area for the ATO. Records can be kept on paper, an electronic copy or a clear photo of an...
Additional Time for Code of Conduct Reform and Data-Matching Property Data
Additional time for Code of Conduct reform compliance The 8 new tax practitioner Code of Conduct obligations introduced by Tax Agent Services (Code of Professional Conduct) Determination 2024 were scheduled to start on 1 August. However, due to lobbying by...
How Long Does It Take for Tax Refund to Show in Bank Account Australia?
Waiting for your tax refund to show in your bank account can be an overwhelming experience, especially if it takes longer than expected. The Australian Taxation Office (ATO) is responsible for processing several tax returns each year, and various factors affect the...
Why Do I Have to Pay PAYG Instalments?
In Australia, the Pay As You Go (PAYG) instalment system is a crucial part of the country’s tax system. It is designed to help people with investments and businesses manage their tax obligations throughout the fiscal year. If you are not sure if you should pay PAYG...