Latest Blogs
Is Novated Lease Worth It and Why Should You Consider It?
You might be wondering what the advantages are if you're an employee thinking about a novated car lease with your employer. What are the benefits to you and why is it superior to more conventional kinds of car financing? So, stop wondering now! We go down the...
Tax Implications and Pitfalls of Small-Scale Subdivisions
You have a piece of property that would be ideal for a subdivision. The Council, the builders, and the bank have all been consulted regarding the specifics. However, one crucial factor—the tax implications—has been overlooked. Small-scale developers frequently believe...
Succession: What’s Required to Transition Your Business to the Next Generation?
Succession is not only a concept for a TV series or billionaire families, it is about passing your business successfully and increasing its capital value for you, the owners. When it is the matter of generational succession of a family business, there are some vital...
Why is My Tax Refund So Low Compared to Previous Years?
Do you know why the tax refund that many Australians expect has been reduced dramatically? Check out why! As a country, Australia depends on corporate and personal income tax, with personal income tax, including taxes on capital gains showing 40% of revenue compared...
Eligibility for Main Residence Exemption from Capital Gains Tax
Have you owned a property in Australia, and are you wondering about your eligibility for this exemption? If yes, you must read this blog. Continue reading this blog to know the conditions and eligibility requirements to check if you qualify for the main residence...
Simplifying Fuel and Alcohol Excise Compliance, GST Errors Correction & Digital Games Tax Offset
Parliament sits between July 31, 2023, and August 10, 2023. Simplifying Fuel & Alcool Excise Compliance Amongst other things, the Treasury Laws Amendment Bill 2023 introduces the 2022-23 Budget measures to simplify fuel and alcohol excise compliance. The Bill was...
From the Regulators: Proposed New Tax Changes
Small Scale Subdivision Projects The guidance has been released by the ATO to determine the tax treatment of property subdivision activities, both from a GST perspective and an income tax perspective. The guides make a helpful and practical addition to some of the...
August 2023 Tax Update Made by the Government
The Proposed ‘Bright Line’ Individual Residency Tests A consultation paper has been released by the treasury on proposed reforms to the individual residency rules. If legislated, a simple ‘bright line’ test would be introduced by the proposal and would ensure that an...
Low Income Tax Offset and Low and Middle Income Tax Offset
Before understanding low-income tax offsets and low and middle-income tax offsets, it is essential to first understand tax offsets. The blog will cover each aspect related to tax offset. Let’s dive right in: What is a Tax Offset? A tax offset is also called a tax...
What is Notice of Assessment and What Does It Contain?
It is important to understand the notice of assessment, what it is and what it contains for everyone who files tax returns. The notice of assessment is a crucial document you receive after lodging your tax return, let's explore what it is and what it contains. What is...
Director Penalties- Things to Consider Before Becoming a Company Director
Did you know the responsibilities and possible liabilities that come with becoming a new company director? New directors need to know their obligations associated with unpaid tax liabilities such as PAYGW, GST and SGC. Let's dive into the topic and explore how you can...
Accounting Advisory Services in Accounting Firm
Due to the intense competition in the business world, the responsibilities of an accountant are not only limited to preparing financial statements and tax returns. It's about finding methods to differentiate your business, and providing consulting services is the best...
Accounting Services Benefits for Startups and Entrepreneurs
In recent years, startups and entrepreneurs have started using accounting services for their businesses. Companies of all sizes are looking to outsource accounting solutions to reduce costs, boost efficiency, and free up resources in their operations. By seeking help...
How Multiple Jobs Can Affect Claiming Tax-Free Threshold?
When it comes to claiming the tax-free threshold, many of you may have questions regarding how and when you can claim the threshold and how having more than one job can affect claiming the tax-free threshold. To know the answers to these questions, continue reading...
Super for Employers: What If Your Super Payments are Late?
Superannuation is money that employers pay qualified workers to give for their retirement. Now the question arises, what happens if you are an employer and you forget to pay an employee’s super guarantee on time? Let’s dive right in to know what if super payments are...
Guidelines for Receiving Tax Deductible Gifts as per the ATO
Today we’ll discuss the topic of individuals and organisations receiving tax-deductible gifts and contributions according to the guidelines provided by the Australian Taxation Office. Understanding the difference between gifts and contributions and how the ATO treats...
Government Support to Digital Games Industry with a New Tax Offset
The global digital games industry is an industry the government wants to support with a new tax offset. The digital games tax offset is equivalent to 30% of the company’s aggregated qualifying Australian Development expenses incurred from 1 July 2022. Companies are...
Changes Made on 1 July 2023 for Businesses, Family and Superannuation
Employers & Business From 10.5% to 11%, the superannuation guarantee has increased. National and Award minimum wage increase has come into effect from 1 July 2023. The minimum salary that needs to be paid to a sponsored employee increased to $70,000 from $53,900 –...
120% Technology and Skills ‘Boost’ Deduction
The 120% tax deductions for spending by small and medium firms (SME) on technology, or skills and training for their workers, is finally legislation, over a year after the 2022–23 Federal Budget release. There are some complications with the timeframe, though. You had...
How to Correct a Tax Return If You Make a Mistake?
With the advancement in technology, the ATO can audit much deeper and broader than in previous years. If your tax return is not correct, they can easily identify errors and start an investigation. Therefore, if you think you can get away with the addition of a few...
The Ultimate Guide to Understanding Tax Offsets
When you lodge a tax return you are liable to claim deductions for work-related expenses. This guide will help you understand all tax offsets in Australia. Apart from this, we’ll discuss how these tax offsets work and their benefits if you are eligible. Let’s get...
Understanding Home-Based Business and CGT Implications
CGT won’t apply when you sell your home. However, if you used any portion of your home for your business, you may need to pay CGT. If any of the written below occurred with your home-based business, CGT won’t apply: You ran your business from a rented home. You didn’t...
Introduction to Home-Based Business Structure
Are you operating your business from your home? If yes, then you may be eligible for possible deductions for your home-based business expenses. The ATO provides guidelines for claiming deductions on expenses that are incurred when you run your business from the...
GST Implications – Residential and Commercial Property
If you have an apartment that is a part of commercial residential property, then it is treated like other residential rental premises. You don’t need to pay GST on related income and are not allowed to claim GST credits for related purchases. What If You Rent Your...
Deductions for Home-Based Business Expenses
Claiming tax deductions for home-based business expenses can help you save money on business taxes. Get to know how to claim tax deductions for home-based business expenses. What is a Home-Based Business? As the name suggests, a home-based business is one where an...
Tax and Super Obligations with Your Workers being an Employee or a Contractor
When it comes to engaging workers, whether they are categorised as employees or contractors, it is important to understand your super and tax obligations. The ATO has particular guidelines to check these obligations. Let’s dive right in to explore the super and tax...
Contractors vs. Employees: Check Out the Differences
If you run a business, you must know someone working for you whether an employee or a contractor. It is important to understand the difference between employees and contractors for businesses, especially when it is a matter of taxes. In Australia, the ATO has specific...
Fringe Benefits Tax Return Records
Being an employer, you are required to keep records relating to fringe benefits that you provide to your employees or family of your employees, or other associates, including calculations you made for the taxable value of benefits. If you want to take benefits of...
Understanding Fringe Benefits Tax (FBT) in Australia
Understand the basics of fringe benefits tax (FBT), find out how it applies, and as an employer, what you need to know about FBT and what possible deductions you can claim. What is Fringe Benefits Tax (FBT)? Employers pay fringe benefits tax on certain benefits...
10 Tips to Help Rental Property Owners to Avoid Tax Mistakes
As a rental property owner, you need to be careful when lodging taxes. Whether you use a tax accountant or file a tax return on your own, make sure to avoid the most common tax mistakes. If you hire an accountant, then you don’t need to worry about anything related to...