Latest Blogs
The Billion-Dollar TikTok Scandal: How Did It Happen?
A total of $2.7 billion in fraudulent claims were prevented, $1.7 billion in false refunds were paid out, and over 100 arrests have already been made. Now, the question arises: The TikTok tax scandal: how did it spiral out of control? It was advertised as a hack with...
What is Division 293 Tax and How Does It Work?
If your income and concessional super contributions exceed that total of $250,000, you need to check if you are required to pay Division 293 tax. To know whether you need to pay division 293 tax, you must read this blog. What is Div 293 Tax? Div 293 tax is an...
Navigating TFN Application- A Step-by-Step Guide for Various Residency and Circumstances
Do you want to apply for a tax file number? TFN is an important step in managing your taxes in Australia. Here's a simple guide on how to apply for a TFN. Based on your circumstances, there are two main ways to apply for a TFN online and by paper. The method you...
Is There Any Tax Related Legislation Introduced in August 2023?
There was a parliament sitting between 31 July 2023 and 10 August 2023. There was no new tax-related legislation announced and no essential developments that were previously before parliament. The next sitting will be conducted between 4 and 14 September 2023....
Rulings, Determinations and Guidance on Luxury Car Tax System
LCT and Determinations of the Principal Purpose of a Vehicle The Australian Taxation Office (ATO) has released a conclusive decision regarding the luxury car tax (LCT) scheme, which clarifies the method for determining a vehicle's primary intent. LCT may be applicable...
Tax Updates Announced by the Government and Regulators
From Government Imposes Penalties for Tax Adviser Misconduct In response to the scandal that recently happened involving tax advisers leaking confidential information to clients, the Government announced steps to improve tax system integrity. The reform package covers...
TFN Application Guide: Your Key to Financial Management
Are you an Australian citizen or a visitor looking to apply for a tax file number, commonly known as a TFN? Whether you're navigating the process online or through paper, we've got you covered. If you're an Australian citizen with an Australian passport and you're 15...
Strategies by Small Business Accountants for Business Growth
Startups and small business owners are flooded with too many tasks on a daily basis. Business owners need to stop managing their accounting on their own. The added pressure will make it difficult for most business owners to manage other important aspects. Accounting...
Essential Guide to Australian Business Numbers and Obligations
Are you going to start a new business in Australia? If yes, then it’s important to get an Australian Business Number (ABN). Basically, ABN works as a unique identifier for your business, offers government interactions and can be used to keep an eye on your tax and...
What is Novated Leasing and is it worth it? – A Full Guide
If you are looking for a new car in the market – whether upgrading your existing car or switching to an electric vehicle, you may be looking for finance options like taking a personal loan. However, have you thought of a novated lease? Know more about it: What is a...
Treatment of Interest Expense for Money Borrowed to Acquire Units in a Property Unit Trust
Did you know, eligible candidates can claim deductions on interest expenses? If not, then continue reading this blog to get answers to your questions. In today’s blog, we'll explore ATO's guidance and considerations for claiming deductions on interest expenses in such...
Main Residential Exemption Where a Family Home is Owned by a Company or Trust
In today’s blog, we'll find out how the main residential exemption usually applies to individual property owners. But what happens when a family home is owned by a company or trust? Let's find out. Overview of Main Residence Exemption The main residence exemption is a...
Maximising Your Deductions: Guide to Australian Income Tax Benefits
Today’s blog will outline some essential deductions for Australian income investment and frank distributions. If your trust received a dividend from a LIC directly and it included the LIC capital gain amount, you are allowed to claim a deduction of 50% of the LIC...
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...