Latest Blogs

 

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
Pandemic Super Withdrawals to Cost Taxpayers $85 Billion

Pandemic Super Withdrawals to Cost Taxpayers $85 Billion

The withdrawals made by Australians from their superannuation funds during the pandemic are expected to cost taxpayers around $85 billion to support retirees who rely on age pensions, as per industry analysis. It has been found that all Australians will have to pay...

read more
Xero Introduces AI-Powered Chatbot for Accounting Tasks

Xero Introduces AI-Powered Chatbot for Accounting Tasks

The software company is planning to increase its turnover with a simple strategy that will strengthen tech offerings for small businesses. Xero will introduce an AI-powered chatbot for accounting tasks. It says that it will drive revenue and simplify the lives of...

read more
Revised Stage 3 Tax Cuts Pass Senate

Revised Stage 3 Tax Cuts Pass Senate

The Government’s amendments to stage 3 tax cuts have passed the Senate on Tuesday evening. Now, the question arises, what will happen next? Well, the tax cuts will become law now. The announcement made in late January by Prime Minister Anthony Albanese stated that...

read more
Can Accountants Near Me Help with Claiming Tax Deductions?

Can Accountants Near Me Help with Claiming Tax Deductions?

Are you looking to claim possible tax deductions for your business? If yes, then it is important to have a complete understanding of what tax deductions you can claim and what you can’t. Many of you may not have an understanding of tax deductions. That’s why you...

read more
Debt Management with a Tax Accountant in Melbourne

Debt Management with a Tax Accountant in Melbourne

Debt management is a crucial part of maintaining the financial status of the company. Effective debt management not only improves cash flow but also ensures long-term growth and stability of the company. That’s why it is important for every business owner to manage...

read more
Can Tax Accountant Near Me Help Lodge My First Tax Return?

Can Tax Accountant Near Me Help Lodge My First Tax Return?

Are you lodging your tax return for the first time? If yes, then you must know why and how you can prepare and file your tax return for the first time. You can file your tax return on your own if you know the criteria to lodge, otherwise, it would be beneficial to...

read more
How Could You Benefit from a Tax Return Accountant?

How Could You Benefit from a Tax Return Accountant?

Running a business comes with various challenges and one area that causes stress for business owners is managing their tax matters. As an entrepreneur, managing personal tax accounts can be a challenging task. Tax accounting laws and regulations are constantly...

read more
Superannuation & Retirement: 2024 The Year Ahead

Superannuation & Retirement: 2024 The Year Ahead

In recent times there have been many proposals, exposure drafts, consultation papers, and legislation released associated with superannuation and retirement. Some of these relate to measures that have been outstanding for some time. In this blog, we’ll look at some of...

read more
Mid-Year Economic and Fiscal Outlook (MYEFO)

Mid-Year Economic and Fiscal Outlook (MYEFO)

The Mid-Year Economic and Fiscal Outlook is released each year by the government, which is often referred to as the mini-budget. Some years the MYEFO passes by without any tax-related developments. However, on 13 December 2023, the MYEFO documents were released...

read more
Deductions for Financial Advice Fees

Deductions for Financial Advice Fees

The ATO issued taxation determination TD 95/60 in 1995 that looked at whether fees for receiving investment advice could be deductible under the general deduction provisions in section 8-1 ITAA 1997 if the taxpayer is not running an investment business. The ATO has...

read more
Rulings, Determinations and Guidance from the ATO

Rulings, Determinations and Guidance from the ATO

Individuals Claiming Deductions for Financial Advice Fees TD 2023/D4 has been released by the ATO, which looks at when deductions can be claimed for payments paid for financial advice. The primary focus of draft determination is on individuals who don’t run a...

read more
Warnings and Reminders from the Regulators

Warnings and Reminders from the Regulators

Financial Support to Help Businesses with Recent Weather Events Various businesses may have been affected by recent weather events with some getting financial support or government grants to help them in recovery. While the tax treatment of financial support might not...

read more
New Tax-Related Measures Announced by the Government

New Tax-Related Measures Announced by the Government

From Government Redesigned Stage 3 Tax Cuts According to the government, it will make changes to the Stage 3 Tax Cuts and will commence on 1 July 2024. While the government still needs support to make changes to pass through Parliament, the purpose of redesigned Stage...

read more
Can You Use Your SMSF for Property Development?

Can You Use Your SMSF for Property Development?

It is a known fact that Australians have a keen interest in property investment. One of the main reasons for this is the 15% preferential tax rate on income during the accumulation phase, which can potentially mean no tax during retirement. Due to this, many trustees...

read more
Stage 3 Personal Income Tax Cut Changes

Stage 3 Personal Income Tax Cut Changes

The government announced new changes to individual income tax rates and thresholds on 25 January 2024 that may come into effect from 1 July 2024. Keep in mind that these changes are not yet law. From 1 July 2024, the tax cuts will: • 19% tax rate will be reduced and...

read more
Is Novated Lease Worth It in 2024?

Is Novated Lease Worth It in 2024?

Are you planning to finance a new car this year? If yes, you may wonder how to go for it. Many of you may have heard about leasing a new car purchase, but have you learnt about a novated lease? Novated lease is helpful in buying a new car while saving more on taxes....

read more
Maximising Benefits with Spouse Super Contributions

Maximising Benefits with Spouse Super Contributions

In today’s blog, we’ll explore how you can strategically leverage spouse super contributions for maximum financial benefits. In this comprehensive guide, we'll walk you through two powerful strategies, splitting your contributions with your spouse and claiming a tax...

read more