Latest Blogs
What are Tax Offsets and How They Work?
You might have heard of tax offsets during tax time. To learn about tax offsets, how they work, and how you can save more on taxes with tax offsets, continue reading this blog post. Let’s get started: What are tax offsets? A tax offset minimises your payable tax on...
How to Reduce Taxable Income in Australia?
For many Australians, finding legal and effective methods to lower taxable income at the end of the financial year can offer substantial financial advantages. Whether you are a professional, business owner, or investor, understanding the available options can...
What is a Good Credit Score in Australia?
Have you ever applied for a loan or credit in Australia? If yes, then you will have a credit score. Now, the question arises of what credit score you must have to apply for a loan. Why does it matter? To learn more about these questions, read this blog. In this blog,...
What is Tax-Free Threshold: Things You Must Know
Before you lodge a tax return, you must know how much you need to pay, and whether your income is exempt from taxation. Read this blog to know the tax free threshold meaning. Let’s get started: What is Tax-Free Threshold? The tax-free threshold is the amount of money...
Is Your Family Home Really Tax-Free?
Your family home is exempt from capital gains tax when you sell it. A home is referred to as your main residence if: you and your family live in it your belongings have been shifted into the dwelling this is a place where your mail is delivered this is your address on...
What’s Ahead for 2024-25?
Personal Tax & Super As you might know, the personal income tax cuts began on 1 July 2024. At the same time, the SG rate increased to 11.5% by 0.5%. For employers, it is crucial to ensure that your payroll systems and all interactions with it are evaluated and...
What is a Fringe Benefits Tax and How Does It Work?
Fringe benefits are crucial for a business and can be an effective way to get attention from quality staff. If you provide fringe benefits to your employees, then ensure you understand your tax obligations. Please read this blog post to know how FBT could have an...
$20k Asset Write-off Passes Parliament for 2024: What’s Next?
The increase to the instant asset write-off threshold to $20,000 from $1,000 for 2023-24 has passed Parliament just days prior to the end of the financial year. This increase offers cash flow benefits by allowing small businesses to claim an immediate tax deduction...
Tax Deductible Donations Limit in Australia
This blog post will shed light on tax-deductible donations in Australia along with what you are allowed to claim and what you can’t claim. Let’s get started: When a Gift or Donation is Deductible? You are allowed to claim a tax deduction for a gift or donation to an...
Strategic Tax Accounting with Small Business Tax Accountants
Running a small business comes with numerous challenges and one critical aspect that can contribute to the success of a small business is tax management. In Australia, where the business landscape of competitive, having the best small business tax accountants can be a...
What is Family Tax Benefit and Who is Eligible for It?
Family Tax Benefit is a financial support for eligible families, which is the cost of raising children. It consists of two parts: FTB Part A is paid per child and it is paid depending on the family’s circumstances. On the other hand, FTB Part B is paid per family and...
Should I Use a Tax Accountant to Avoid Missing Tax Deadlines?
Many business owners often miss out on ATO’s tax deadlines because of many reasons. If you think you might not be able to prepare and lodge tax returns on time, don’t panic! Choosing a tax accountant in Melbourne would benefit you. If you think you will miss the...
Recent Warning Shot on Trust Distributions from the ATO
Trust distribution arrangements must be considered carefully by trustees before appointing or distributing income to beneficiaries. Your Trust Deed An area of concern is that trustees don’t consider the trust deed before income is appointed. The answer to what the...
EOFY Alert: Deduction Opportunities and Risks for Your Business
Opportunities for Your Business Bonus Deductions Various bonus deductions are available to small businesses in 2023-24, these include energy incentives, instant asset write-offs, and the skills and training boost. According to the Federal Budget announced in 2023-24,...
EOFY Alert: ATO Targets and Deduction Opportunities for You
The financial year is ending soon. We'll highlight where the tax office might look closer and how you can claim more deductions. Opportunities for You You can take advantage of tax cuts that will come into effect from 1 July 2024 by bringing forward your deductible...
Can Small Business Tax Accountants Maximise Your Savings?
Many business owners overlook the importance of seeking help from small business tax accountants. However, receiving support from a tax accountant can actually save you both money and time in the long run. This blog post will share information on the significance of...
Impact of Treasury Laws Amendment Bills on Small Business, FBT, and Taxation
Treasury Laws Amendment Bill 2023 (Support for Small Business and Charities and Other Measures) The bill to increase the instant asset write-off for small businesses for the 2023-24 income year from $1,000 to $20,000 has stalled in Parliament. While the Senate has...
Understanding Income Exemptions for International Organisations
Income made Exempt under the International Organisations (Privileges and Immunities) Act A draft ruling TR 2024/D2 has been reissued by the ATO that offers guidance on income generated by international organisations and individuals with those international companies....
A Warning on Trust Distributions from the ATO
ATO Warning on Trust Distributions What to Consider When Making Trust Distributions? Many trustees and practitioners might be thinking of resolutions in relation to trust distributions. The ATO has issued a warning on trust distributions. The ATO is warning that their...
What are the New Announcements from the Government?
Budget 2024-25 The federal budget was released on Tuesday, 14 May 2024. The extension of the $20,000 instant asset write-off for depreciating assets has been announced by the government until 30 June 2025 for small businesses with a total turnover of less than $10...
What is a 401k in Australia? 401k Vs Superannuation
Every country has its own retirement saving systems when it comes to retirement planning. If you know about 401k, then we’ll discuss what is similar to 401k in Australia. Let’s get started: What is a 401k in Australia? A 401k is a retirement savings approach used in...
Why Use a Tax Accountant in Melbourne for Your Business?
Running a business comes with numerous challenges, and one area that often increases stress levels for business owners is managing their tax affairs. Tax rules and regulations often change over time, which can put business owners in a stressful situation. Increasing...
What is the Minimum Wage in Australia for 16-Year-Old?
Every worker in Australia must know the minimum wage in Australia. Even if you are under 16, the legislation has set a minimum wage. The blog post will explore the minimum wage in Australia. What is the Minimum Wage in Australia? As the name implies, the minimum wage...
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...
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...
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...
Federal Budget 2024-25: Women’s Budget Statement, AI, and Quantum Computing
Women’s Budget Statement The 2024–25 Women’s Budget Statement emphasises five priorities, such as: Gender-based violence Unpaid and paid care Economic equality and security Health Leadership, representation and decision-making. The measures have been announced by the...
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...
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...
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...