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Tax Implications and Pitfalls of Small-Scale Subdivisions

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...

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Why is My Tax Refund So Low Compared to Previous Years?

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...

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From the Regulators: Proposed New Tax Changes

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...

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August 2023 Tax Update Made by the Government

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...

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Low Income Tax Offset and Low and Middle Income Tax Offset

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...

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What is Notice of Assessment and What Does It Contain?

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...

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Accounting Advisory Services in Accounting Firm

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...

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How Multiple Jobs Can Affect Claiming Tax-Free Threshold?

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...

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Super for Employers: What If Your Super Payments are Late?

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...

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120% Technology and Skills ‘Boost’ Deduction

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...

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How to Correct a Tax Return If You Make a Mistake?

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...

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The Ultimate Guide to Understanding Tax Offsets

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...

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Understanding Home-Based Business and CGT Implications

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...

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Introduction to Home-Based Business Structure

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...

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GST Implications – Residential and Commercial Property

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...

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Deductions for Home-Based Business Expenses

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...

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Contractors vs. Employees: Check Out the Differences

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...

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Fringe Benefits Tax Return Records

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...

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Understanding Fringe Benefits Tax (FBT) in Australia

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...

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