Latest Blogs
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...
What is GST and How Does GST for Small Businesses Work?
Not every business needs to register for GST but penalties may incur if you fail to register for GST when you are required to do so. If your business is required to get registered for GST, you have to do it within 21 days. You must have an Australian Business Number...
Simplify Your Tax Filing Process by Hiring a Tax Accountant
Everyone wants to save money when tax season is around the corner. And, having a tax accountant by your side will help you save money and time. Small business accountants will help you lodge your tax returns properly and help you save money in the process. If you want...
Hire Accountants for a Small Business to Increase Profitability
Many business owners overlook the importance of hiring accountants for small businesses. However, when you seek help from accountants, they can actually save you time and increase your business’s profitability in the long run. An accountant can help you spot areas...
How Do Tax Accountants Help You with Tax Savings?
Are you paying extra taxes? Are you looking to increase your tax savings? Want to know how small business accountants can help you save your hard-earned money? As a business owner, you must know what taxes you should pay. Many of you may be unaware of possible tax...
How Accounting Services Can Help Your Company Succeed?
Did you know that your tax accountant can help you increase the profitability of your business? Many business owners don’t realise the benefits of hiring a professional accountant for their business. An accountant can offer strategic advice and different ways to save...
Claim Expenses for Working from Home with New Fixed Rate Method
The Australian Taxation Office (ATO) has announced new updates on how one can claim expenses for working from home. From 1 July 2022 onwards, you can choose either to use the ‘actual cost’ method or a new ‘fixed rate’ method (67 cents per hour) based on what best...
Use of the Actual Cost Method to Claim Expenses for Working from Home
The ATO has updated its method of claiming deductions for the expenses you incur while working from home. You can choose either to use the actual cost method or the fixed rate method from 1 July 2022 onwards based on what works best for you. In this blog, you’ll come...
What Questions will the ATO Ask about Your Holiday Home?
People with holiday homes are accessing more deductions than they should and this is the reason why the ATO is concerned about those deductions and they have started asking a few questions to examine claims. In today’s blog, we’ll discuss all questions which will be...
Everything You Must Know About Purpose and Access to Superannuation
Ahead of the 2023-24 Federal Budget, a consultation paper released by the treasury has become a trending debate about the purpose, role, and access to superannuation. Keep reading this blog to know more about superannuation: What is the Objective of Superannuation?...
Working of Proposed 30% Tax on Super Earnings Over $3m Explained
According to the government, from 1 July 2025, for total superannuation balances over $3m, the 15% concessional tax rate applied to future earnings will increase to 30%. According to an initial media release, the tax would apply to ‘accumulation balances’, the fact...
Basics You Must Know About Franking Deficit Tax
You may know about different types of taxes. Among other taxes, one is the franking deficit tax (FDT). In today’s blog, we’ll discuss franking credit, franked distributions & FDT. A franking account records the tax amount paid that a franking entity can pass on to...
How Is Hiring an Accountant in Melbourne a Smart Investment?
An accountant in the company is responsible for managing several tasks from handling the budget, monitoring financial transactions, and giving updates about income and expenses to interpreting financial records. The business owner or entrepreneur needs to maintain,...
When Should You Consider Hiring a Tax Accountant?
Submitting business taxes at the right time can be overwhelming for those business owners who don’t have the required documents. Most business owners don’t have enough time to prepare all the documents before tax lodgment. As a result, they pay taxes late, and due to...
A Guide to the FBT Exemption for Electric Cars in Australia
To support both the budget of Australians and the environment, the federal government has introduced a law that makes electric cars exempt from the fringe benefits tax (FBT). Continue reading this blog to know more about FBT exemption on EVs. Eligibility Criteria for...
Fringe Benefits Tax (FBT) Exemption and Electric Cars
The fringe benefits tax (FBT) exemption on eligible electric vehicles has numerous benefits for electric car buyers but there are some rules that they need to follow. When it comes to FBT exemption on electric vehicles, you might have a few questions and we are here...
Are Electric Cars Exempt from Fringe Benefits Tax?
With effect from 1 July 2022, employers don’t need to pay FBT on electric cars (if they are eligible for this) and associated car costs. However, you need to meet the rules. According to the legislative authority, if the price of electric vehicles falls under $84,916,...
Benefits of Tax Planning with Tax Agent in Melbourne
Whether as a business or an individual, you can get several benefits from tax planning. If you have everything ready before the tax lodgment, you don’t need to face any surprises at the end of the fiscal year. By seeking help from a reliable accountant near your area,...
FBT Exemption on Electric Vehicles: EV Q&As
Helping clients understand how the new FBT exemption applies (and when it doesn't) and making sure deductions are being claimed correctly can be challenging when working with clients to manage the demand for electric vehicles. This is especially true as the operating...
Tax Preparation Tips by the Best Tax Accountant in Melbourne
A small business owner has to manage a number of things. From maintaining customer relationships to marketing and business finances, the list of tasks is infinite. The business tax adds more stress when business owners are not ready to lodge taxes on time. So, it’s no...
Can a Tax Return Accountant Help You Get a Larger Refund?
Many business owners like to manage their business activities on their own. However, a tax agent in Melbourne could help you get a larger refund and save money on taxes in the future. Tax accountants start preparing taxes on your behalf to increase your claim for the...
Speak to Accountants in Melbourne for Your Accounting Matters
An accountant in the company is responsible for managing the budget, providing updates about income and expenses, keeping track of all the financial transactions and interpreting financial records. The business owner needs to analyse, maintain, and compile financial...