Latest Blogs

April 2022 Tax Updates & Some Case Laws

April 2022 Tax Updates & Some Case Laws

For accountants and advisers, a summary of the April month's most essential details. From Government The Assistant Treasurer has issued a press release in response to the ATO's draught guidance on section 100A. The Assistant Treasurer suggests that the government...

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Rental Expenses You Can Claim Now!

Rental Expenses You Can Claim Now!

You can deduct certain expenses incurred during the time your property is rented or available for rent. You cannot, however, claim capital or private expenses (You may be able to claim depreciation or capital works deductions for certain capital expenditures, or...

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High Court Rulings – Contractors Vs Employees

High Court Rulings – Contractors Vs Employees

Two significant rulings affecting independent contractors have been handed down by the High Court. The Court found that where the parties' relationship is governed by a written agreement, the agreement will usually decide whether a person is an employee or an...

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What is Cost-of-Living Tax Offset in Federal budget 2022?

What is Cost-of-Living Tax Offset in Federal budget 2022?

After the federal budget increased a tax offset originally introduced in 2018, millions of people might save hundreds of dollars on their tax bill this year. Tushar Khanna, head of Reliable Melbourne Accountants, believes the offset will assist many individuals cope...

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How to Forecast Your Cash Flow?

How to Forecast Your Cash Flow?

What is Cash Flow? The quantity of money that comes in and out of your business is referred to as cash flow. The money you gain from sales is the most ordinary source of cash flow. It could also come through grants, loan repayments, refunds, and the sale of...

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Updates to Superannuation Changes 2022

Updates to Superannuation Changes 2022

Staying up to date on superannuation legislation is essential not just for ensuring compliance, but also for maximising the benefits of superannuation as part of a well-prepared wealth management strategy for Tax Accountant Melbourne. We gained clarity on numerous...

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How to set up a director ID

How to set up a director ID

If you are an Australian resident director, you will need to complete a number of steps and have a number of identification documents available and ready (for non-resident directors see Foreign directors and the director ID system below). 1 Verify your identify If you...

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Cryptocurrency

Cryptocurrency

The ATO has released some updated and additional (albeit brief) guidance on some of the key issues that tax practitioners should consider when clients are engaged in cryptocurrency investment or mining activities. Firstly, the latest ATO guide makes the comment that...

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Gifts and loans from overseas

Gifts and loans from overseas

In September 2021, the ATO released a taxpayer alert (TA 2021/2) and some specific website guidance dealing with gifts and loans received from overseas related parties. This appears to be a focus area for the ATO at the moment with the ATO seemingly concerned that...

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The ‘backpacker tax’ and the Addy case

The ‘backpacker tax’ and the Addy case

In November 2021 the High Court handed down its decision in Addy v FC of T [2021] HCA 34. The High Court held that Australia’s ‘backpacker tax’ is inconsistent with the non-discrimination clause contained in the double tax agreement (DTA) between Australia and the UK....

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What Business Owners Must Know About Accounting Services?

What Business Owners Must Know About Accounting Services?

When you have a small business, then you might have a few things to manage, but when your business starts growing, you’ll need someone to look after your business finance so you can make the right business decision. For such a reason, you need to hire accountants for...

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When Do You Need To Hire Small Business Accountants?

When Do You Need To Hire Small Business Accountants?

If you have knowledge of accounting software and tax laws, then it is possible to manage business finance on your own, but as a business owner, you will have various tasks to perform to run your business efficiently, right? This is the reason why business owners need...

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Billion Dollar Support Package Unveiled for NSW Businesses

Billion Dollar Support Package Unveiled for NSW Businesses

The NSW government has announced a $1 billion support package for New South Wales businesses affected by Covid-19. By considering the difficulty that businesses have experienced, the NSW Treasurer Matt Kean has released a $1 billion support package to support those...

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What Can You Expect From Small Business Accountants?

What Can You Expect From Small Business Accountants?

As part of running your own business, it is expected that you will have a lot on your table to run your business successfully, and you might not have sufficient time to look at your business accounts. For such a reason, taking help from accounting services would be...

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Reasons for Hiring Tax Accountants for Small Businesses

Reasons for Hiring Tax Accountants for Small Businesses

Due to the disorganised and complex structure of documents and tax files, it becomes difficult for business owners to prepare and file taxes. When you start spending your free time preparing and filing taxes, then it could lead to inaccurate data and missed numbers....

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How To Protect Your Intellectual Property From Employees?

How To Protect Your Intellectual Property From Employees?

Businesses along with accounting practices have been requested to follow certain strategies to protect themselves as the ‘Great Resignation’ seems to continue this New Year. Australian businesses will be vulnerable to compromising their IP due to the increased...

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Tips for Finding the Right Accounting Firm for Your Business

Tips for Finding the Right Accounting Firm for Your Business

Among other business operations, accounting services play a vital role in every business. Many business owners are forced to spend time on business accounting but due to lack of time, they can’t pay attention to accounting tasks. This is where accountants come to play...

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When and How to Hire Accountants for Small Businesses?

When and How to Hire Accountants for Small Businesses?

An accountant serves your business as a financial advisor by looking at a large portion of your business’s recordkeeping and financial planning. Small business accountants can help you with tax planning and the preparation of financial documents, such as tax returns....

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How can Accountants Small Business Benefit Your Business?

How can Accountants Small Business Benefit Your Business?

You might be surprised to know that a tax accountant Melbourne can support you in different ways. There are good reasons for hiring accountants at different stages of your business’s growth. The process of running a business is not an easy task regardless of whether...

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What Accounting Services Do You Need for Business Growth?

What Accounting Services Do You Need for Business Growth?

The increasingly competitive marketplace demands that every business owner must improve their financial status to survive in this ever-growing world. To improve financial position, business finance needs to be sorted, and it can be done through accounting services....

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Benefits of Hiring a Tax Return Accountant for Your Business

Benefits of Hiring a Tax Return Accountant for Your Business

When it’s time for a tax return, everyone wants to save money, and it can be done with the help of taxation accountants. A tax accountant will help you lodge your tax return and help you reduce stress and save money. Tax is a challenging business for those who don’t...

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Accounting Services No Business Owner should be Without

Accounting Services No Business Owner should be Without

As a business owner, you would agree that sometimes taxes and accounting become a headache, right? It can become stressful to go through tax paperwork and find out the right form to fill out. However, it can be stress-free if you hire an accountant Melbourne to help...

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What Types of Accounting Services do Small Businesses Need?

What Types of Accounting Services do Small Businesses Need?

Accountants keep a record of all the expenses, income and extract financial information of the business accurately. Bookkeeping and accounting services play an important role in managing and organising business expenses accurately. These services help you keep an eye...

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Should I Invest in Accountants Small Business?

Should I Invest in Accountants Small Business?

Business owners often get confused about whether they should invest in accountants small business or not when they have just started their business. If you ask an accountant whether you should hire them, then you know that answer will be yes. However, they don’t...

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