Latest Blogs

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

When preparing a return for rental property owners, there are various records you need to keep. Some records need to be maintained for at least five years or more. Many rental property owners often skip a few details when preparing a tax return and end up paying more...

You need to maintain records for holiday homes or residential properties you rent out, intend to rent out or make available for rent. You’ll need these records to know how much: the rental income you are required to declare you are allowed to claim a deduction for...

If you have a residence/apartment, a part of commercial residential premises, then that apartment will be treated like other residential rental properties. You are not subject to GST on related income and you won’t be able to claim GST credits for related purchases....

People with little knowledge about bookkeeping and accounting may find both the same, but both aspects are very distinct for those who have enough knowledge about these two terms. In today’s blog, we’ll discuss the difference between accounting and bookkeeping. Let’s...

If you want to run your business smoothly, you need to maintain your records daily and make a report of those records to ensure that you can meet your superannuation, tax, and employer obligations. To avoid common mistakes, you need to: maintain records of how you...

You are allowed to claim a deduction over several years for asset decline in value, borrowing expenses, and capital works. Let’s dive right in to know more about depreciating assets and how you can deal with depreciating assets. Depreciating Assets Depreciable assets...

Set up a user-friendly record-keeping system as your top priority. You can use professional software or something as straightforward as a spreadsheet for this. Keep track of each transaction you make while owning the property. Purchase and sell agreements, as well as...