Latest Blogs
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...
9 Tips for Maintaining Good Bookkeeping for Your Business
For every business’s success, maintaining good bookkeeping is one of the most important tasks. Therefore, it is important for every business owner to maintain their business books. In today’s blog, we’ll share a few tips that entrepreneurs can follow for better...
Tax Deductions You Can Claim With a Tax Return Accountant
Are you getting confused about what business expenses you can claim for your business to save more? When you prepare for tax returns, it might be tricky and challenging to know what tax deductions you can claim. Many business owners don’t know what tax deductions they...
Hiring a Tax Return Accountant Vs Doing Your Own Tax Return?
When it comes to lodging your tax return as a business or an individual, everyone asks the same question: do I need to hire a tax return accountant or do my own taxes? If you are a business owner with complex income streams, then seeking help from an experienced tax...
Simplify Tax Season with a Professional Tax Return Accountant
Whether you are a startup business owner, with time, your business will grow. Then, business finances and other expenses can get complicated. Keeping track of all your business finances can be time-consuming. To make this entire process done in more effective way, you...
Guidelines for Electricity Costs for EVs, Use of Motor Vehicles, and SMSF
In this blog, we’ll share rulings, determinations, and guidance by the ATO on electricity costs for EVs, private use of motor vehicles, LAFHA reasonable rates, and managing SMSF non-compliance. Electricity costs when charging an electric vehicle at home The ATO...
Latest Tax Changes Announced by the Regulators
Changes to the tax legislation by regulators have been mentioned in this blog. Take a look at the following sections to get updates on newly announced tax changes. Penalties on Taxpayers for Overdue TPAR According to the ATO, from 22 March 2023, penalties will be...
Proposed New Tax Changes by the Government
In today’s blog, we’ll share new information on tax changes recently announced by the government. Every accountant and adviser must know about this new update. Continue reading this blog to know what new changes have been proposed. Consultation on Over $3m Super...
7 Things to Consider for Effective Tax Governance
To support effective decision-making and make sure tax and super obligations are met, you need to follow a few rules of effective tax governance. Tax governance not only has a positive influence on your relationship with the ATO, but it can serve various benefits to...
Important Tips for Preparing and Lodging BAS and GST
As a business owner, you have to look after numerous things in your business. When it comes to the preparation and lodgment of BAS and GST, you must be aware of each and everything about BAS to avoid making mistakes. However, if you are busy making business strategies...