Latest Blogs

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...

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...

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...

$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...

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...

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...

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...

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...