...

Latest Blogs

 

Benefits of Using Tax Agents in Melbourne for Tax Returns

Benefits of Using Tax Agents in Melbourne for Tax Returns

Many people choose to seek help from tax agents in Melbourne when it’s time for tax return lodgment. With increased accuracy, less stress, and maximum refunds, it is beneficial to choose a tax accountant to lodge your returns. Individuals or business owners who are...

read more
How Small Business Tax Accountants Can Help You with Taxes?

How Small Business Tax Accountants Can Help You with Taxes?

Preparing tax returns can be challenging for those who are unaware of the rules and regulations of the taxation system. That’s why it is worth seeking help from small business tax accountants when tax season is around the corner. Tax accountants do more than just...

read more
Does Your Business Need A Tax Accountant in Melbourne?

Does Your Business Need A Tax Accountant in Melbourne?

If you run a business, there is no doubt that you are well aware of the many challenges that a business brings. However, when it comes to managing business finance and preparing and filing tax returns, you may feel overwhelmed. Therefore, it is advisable to seek help...

read more
Federal Budget 2024-25: Government and Regulators

Federal Budget 2024-25: Government and Regulators

Modernising Digital Assets and Payments Regulation Funding $7.5 million over 4 years from 2024-25 for modernising digital assets and payment regulation. The government will: implement and consult to regulate and licence platforms that have digital assets and...

read more
Federal Budget 2024-25: Business and Employers

Federal Budget 2024-25: Business and Employers

$325 Energy Relief for Small Business Approximately 1 million small businesses will receive a $325 rebate on their energy bills over 2024-25. It will apply as an automatic quarterly credit to energy bills. Costing $3.5bn over 3 years from 2023-24, the measure expands...

read more
Federal Budget 2024-25: Superannuation and Investors

Federal Budget 2024-25: Superannuation and Investors

Expanding CGT Regime for Foreign Residents The foreign resident capital gains tax (CGT) regime will be expanded by: Clarifying and expanding the types of assets on which foreign residents are liable to CGT Changing the point-in-time principal asset test to a 365-day...

read more
Federal Budget 2024-25: Individuals and Families

Federal Budget 2024-25: Individuals and Families

Personal Income Tax Cuts Confirmed As previously announced, the Government has confirmed tax cuts for Australian taxpayers and it will come into effect from 1 July 2024. With the redesigned tax cuts, individuals can benefit from these cuts as more focus will be on...

read more
What Documents Do I Need for Tax Return?

What Documents Do I Need for Tax Return?

For many business owners or individuals, preparing and lodging a tax return is a stressful task. Filing an annual ATO tax return is important as it checks your taxable income and calculates any tax owed or refunded. The ATO needs individuals to file a tax return from...

read more
What If I Don’t Claim the Tax-Free Threshold?

What If I Don’t Claim the Tax-Free Threshold?

Do you know the advantages of claiming the tax-free threshold as an employee? Are you still looking for what the tax-free threshold exactly is? If you are an Australian resident for tax purposes for a full year, you don’t need to pay tax on the first $18,200 of your...

read more
Can I Claim Car Insurance on Tax?

Can I Claim Car Insurance on Tax?

Are you looking for an answer on whether you can claim car insurance on tax? You will find this answer in this blog post. So, keep reading the blog to get an answer. Is Car Insurance Tax Deductible? Generally, car insurance premiums are not tax deductible in...

read more
Unlawful Tax Schemes and Their Warning Signs

Unlawful Tax Schemes and Their Warning Signs

It is crucial to understand unlawful tax schemes along with their warning signs to avoid getting caught and paying penalties. What are Tax Schemes? You have the right to manage your financial tax matters to reduce the tax amount you need to pay. This is often called...

read more
How Long for Tax Refund to be Issued?

How Long for Tax Refund to be Issued?

You might be asking yourself ‘How long for a tax return’ if you expect a big refund. You can check the progress of your tax refund using different ways. Let’s explore each one by one. How Long Does It Take to Get Tax Return? The fastest way to check the progress of...

read more
How to Calculate Capital Gains Tax?

How to Calculate Capital Gains Tax?

Did you know how capital gains tax works, how to calculate CGT, and how you lodge and pay tax on capital gains when you dispose of assets? To know everything about capital gains tax, read this blog. What is Capital Gains Tax? Capital gains tax is the tax that you need...

read more
What is the Minimum Wage in Australia in 2024?

What is the Minimum Wage in Australia in 2024?

All employees who work in Australia are liable to a minimum wage. In today’s blog, we’ll discuss the minimum wage in Australia in 2024. Let’s get started: Find the Right Minimum Wage For most employees, the minimum wage depends on the award that covers their...

read more
Tips for Small Businesses When Using a Tax Accountant

Tips for Small Businesses When Using a Tax Accountant

Are you a small business owner? Trying to check the taxation process can be difficult to keep up with. However, by receiving help from a professional tax accountant in Melbourne to manage your tax matters, you can get relief from the tax burden. This blog post will...

read more
What is the Effective Life of Depreciating Assets?

What is the Effective Life of Depreciating Assets?

You can determine a depreciating asset’s effective life by checking out how long the asset can be used for a taxable purpose by an entity. In today’s blog post, we’ll discuss the basics of depreciating asset’s effective life along with other important aspects....

read more
Can You Still Lodge and Pay Your March Quarterly BAS?

Can You Still Lodge and Pay Your March Quarterly BAS?

To avoid penalties and interest, it is important to file and pay your business activity statement in full and on time. Now, the question arises, can you still have time to lodge and pay your March quarterly BAS? Yes, you can file and pay BAS by 28 April to avoid...

read more
Fringe Benefits Tax (FBT) Time has Come

Fringe Benefits Tax (FBT) Time has Come

If you are an employer providing benefits to your employees, then you need to be ready to file your fringe benefits tax return and pay the FBT you owe. Fringe benefits tax is time here. From 1 April, the FBT year starts. To know more about FBT year, read this blog. Do...

read more
Changes to Your PAYG Withholding Cycle

Changes to Your PAYG Withholding Cycle

In today’s blog, we’ll discuss changes to your pay-as-you-go (PAYG) withholding cycle. Let’s get started: PAYG Withholding Cycle The PAYG withholding cycle is used to help you check how often you are required to report and pay the withholding amounts to the ATO. The...

read more
Div 7A Basics Tax Agents Keep Getting Wrong, ATO Warns

Div 7A Basics Tax Agents Keep Getting Wrong, ATO Warns

The tax office found most breaches in relation to misunderstandings of basic concepts, that’s why it has started a year-long lecture series on Division 7A. Tax agents across the board still keep getting Division 7A wrong by avoiding basic concepts, the ATO says....

read more
Have You Earned Money for Your Personal Skills

Have You Earned Money for Your Personal Skills

When more than 50% of your income is produced from your personal efforts or skills, then it is considered Personal Services Income (PSI). When you check out if your income is PSI, you must look at the income you received from each contract. Who Can Earn Personal...

read more
How to Become a Registered Tax Agent?

How to Become a Registered Tax Agent?

Are you looking for ways to become a registered tax agent? If yes, then you must go through the requirements. A registered tax agent has in-depth knowledge regarding tax matters. They are skilled, qualified, and responsible for following a strict code of conduct. In...

read more
What is Novated Car Leasing and How It Can Benefit You?

What is Novated Car Leasing and How It Can Benefit You?

Buying a car is one of the most crucial decisions you can make. It needs a lot of time and effort, plus a big financial investment. Therefore, you need to be sure that you are getting the best deal. The blog will share an overview of novated car leasing along with its...

read more
Taking Loans to Get a Business Started

Taking Loans to Get a Business Started

It’s common for business owners to invest money into the business to get their business started and sustain it until it has the ability to survive on its own. A recent case outlines the risks associated with taking money out of a company without taking into account...

read more
The ATO Debt Dilemma

The ATO Debt Dilemma

Late last year, the ATO advised thousands of taxpayers and their agents that they had an outstanding historical tax debt. The only problem was that many taxpayers and their agents didn’t know that the tax debt existed. The ATO can only release a taxpayer from a tax...

read more
How to Take Advantage of the 1 July Super Cap Increase?

How to Take Advantage of the 1 July Super Cap Increase?

The amount you are allowed to contribute to super will increase from 1 July 2024 to $30,000 from $27,500 for concessional super contributions and to $120,000 from $110,000 for non-concessional contributions. The contribution caps are indexed to wage growth depending...

read more
The Fringe Benefits Tax (FBT) Traps

The Fringe Benefits Tax (FBT) Traps

The fringe benefits tax (FBT) year will end on 31st March. So, we’ll explore key problem areas that could attract the ATO’s attention. Electric Vehicles Causing Sparks In late 2022, the government announced a concession that allows employers to offer some electric...

read more
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.