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Simple Steps for Preparing a Return for Rental Property Owners
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...
What Types of Rental Records Need to be Maintained?
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...
Tax Saving Tips by a Tax Return Accountant
Some find tax season stress-free, while others say that it is a little stressful situation. However, the level of stress depends on how you organise the records of your income and expenses. It is suggested to pay what you owe, but at the same time, you need to find...
GST Treatment for Holiday Homes As a Part of Commercial Residential Premises
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....
Accounting vs. Bookkeeping: Get to Know the Difference
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...
When Should Record-Keeping and Reporting be Done?
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...
Rental Property Depreciation Plant and Equipment
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...
Records You Need to Keep Throughout the Period You Buy the Property
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...
When can you Claim a Deduction for Rental Expenses?
Many rental property owners are not aware of deductions of rental expenses that they can claim. If your property is available for rent or you rent out your property, you are eligible to claim deductions for rental expenses. However, keep one thing in your mind, you...
Types of Records You Need to Keep for Longer than Five Years
To run a business successfully, you need to maintain various records. There are some records that you need to maintain for more than five years. In today’s blog, we’ll discuss what types of records are required to be kept for longer than five years. What Types of...
2023-24 Federal Budget: Government and Regulators
Extending Part IVA Anti-Avoidance Rules The Part IVA anti-avoidance rules will be extended so that they can apply to: Schemes that minimise the tax paid by using a lower withholding tax rate on income that is being paid to foreign residents. Schemes that get an...
2023-24 Federal Budget: An Update for Business and Employers
$20,000 Small Business Instant Asset Write-Off Small businesses with a total turnover of less than $10m can deduct the full cost of eligible depreciating assets of less than $20,000 used or installed ready for use between July 1, 2023, and June 30, 2024. "Immediately...
2023-24 Federal Budget: Superannuation and Investors
Clarifying Rules of the Non-Arms Length Income for Super Funds The rules of non-arms length income (NALI) prevent trustees of superannuation from artificially increasing the fund balance, and getting access to preferential tax treatment on the higher amount, by...
Federal Budget 2023-24 for Individuals and Families
Energy Price Plan Relief Over 5 years, $1.5bn has been given to offer targeted energy bill relief and progressing gas market reform. The Energy Bill Relief Fund will be given targeted energy bill relief to qualified small business customers and households that include...
‘Ace in the Hole’ Budget 2023-24
The ‘ace in the hole’ federal budget 2023-24 was the $4.2bn surplus, the first in 15 years. The surplus was caused because of a surge in corporate and individual tax take. The push of corporate and individual tax receipts is because of high commodity prices, high...
Tax Tips on Owning a Rental Property
Everyone knows purchasing and owning a rental property is an exciting time. Before you get started, you need to know a few tax tips for owning a rental property. Regardless of whether you use a tax return accountant to do your tax returns or do it yourself, the best...
Tax-Related Amendments and Guidance from the Regulators
Income of ‘OnlyFans’ and Other Content Creators Some guidance has been released by the ATO on key tax issues that must be considered by content creators. The message from ATO is that taxpayers who receive benefits for creating content might need to define this as...
Get to Know About New Tax Changes by the Government
In today’s blog, we’ll highlight what tax changes have been made by the government. Let’s check out: From the Government Budget 2023-24 Federal budget 2023-24 will be released on 9 May 2023, Tuesday. This should be an interesting one as it is a mid-term budget. The...
What are Minimum Record-Keeping Requirements?
When running a business, you are required to keep various records. The reason behind keeping records for a long time is that it is a legal requirement for you. In many cases, it is necessary to provide these records to ATO when they ask for them. In today’s blog,...
Tax Return Accountant’s Guide for Your Tax Return Lodgment
As a sole trader, you have to look after various things to run your business successfully. If you don’t know about taxes, although it may feel like a daunting task, you can seek help from a professional tax return accountant. Tax accountants can help you with various...
What Happens When You Fail to Meet Tax Obligations?
When you start a business, you need to perform various tasks. Knowledge regarding company taxes is important because, for a company, understanding tax requirements will help you to avoid penalties. Australian tax rules and regulations are very strict. Penalties will...
Maximising Tax Benefits with the Help of Taxation Accountants
Australian business owners like to do everything on their own. However, professional taxation accountants could help you get more tax refunds and save you thousands of dollars in the future. When tax season is around the corner, everyone needs to prepare the required...
Important Books and Records That Your Company Should Keep
Maintaining accurate and up-to-date records in a company is important for the success of the business. Organised business records help you reduce losses, meet any legal and taxation authority requirements, and manage the cash flow of the company. Your accountant can...
Why Do You Need an Accounting Firm for Your Startup?
At the starting phase of your journey as an entrepreneur, it is easy to keep your business finances organised. However, as your company grows, the complexities in business finances will also increase. The good news is that you are achieving something in your life. In...
Understanding the Basics of Financial Reporting
While it is important for all organisations to maintain financial records to track their business, some companies have additional reporting requirements. Basically, financial reports have a statement to know the financial position of the company, a statement of...
Methods of Choosing the Best Accounting Firm for Your Business
Every year ATO and government make changes to existing tax laws that can leave business owners scratching their heads. Tax return accountants can make it easy to help you keep updated on new tax laws and many offer advice on business finances and help business owners...
How Much Tax will be Imposed on Super Balances Over $3M?
Treasury has issued the exposure draft legislation for consultation to represent that the Government will impose a 30% tax on future super fund earnings where the total super balance of the member is over $3m. 30% Tax on Super Balances Above $3m According to the...
A Guide to Company Money for Business Owners
Starting up a business not only consumes a lot of time but also consumes a lot of cash, and a lot of money is usually paid in the form of tax. Therefore, it sounds good when your business is all set to pay you back. There are various ways business owners look for...
How Does FBT Tax Exemption Apply to Electric Cars?
The Australian Taxation Office (ATO) has released new information on electric vehicles just in time for the start of the Fringe Benefits Tax (FBT) year that started on 1 April. The FBT Exemption for Electric Cars The FBT exemption for electric cars applies if your...
Benefits of Keeping Accurate Records for Businesses
How you record all your business records will have a direct impact on your business because organised records will help you stay organised, on the other hand, unorganised records will leave you in the mess, especially when your business decisions depend on your...