Latest Blogs

The blog shares the information to understand the record-keeping needs for businesses to meet your superannuation, tax and employer obligations. Being a business owner, it is important for your business to keep detailed records of all transactions in relation to your...

In this busy world, it is quite challenging to retain talented employees, and business owners need to focus on it to keep them on board. For this reason, fringe benefits tax (FBT) may offer a solution to your business. Fringe benefits tax is considered a non-cash...

Tax season is considered the most important and stressful aspect for every business. However, do you know that you can lower income tax bills by applying for possible tax deductions? Most probably, business owners don’t know what they can claim and what they cannot....

In 2022-23, Federal Budget introduced The Skills and Training and Technology Boosts and has made an appearance again in revelation draft form. In today’s blog, we’ll explain who can have access to measures and what expenses they support. Revival of the 120% Technology...

The legislative authority has renewed the 120% skills training and technology expenses deduction for small and medium companies. An election ago, the 2022-23 Budget suggested a 120% tax deduction for small and medium businesses' skills training and technology...

Most often, you may be wondering whether it would be beneficial to hire a tax accountant for your business or whether you should manage your taxes on your own. Well, the answer is quite tricky. However, filing taxes is not easy as you think, and especially for those...

Hiring an accountant for a business is a crucial step, and it must be taken after considering several points. No matter whether you have been managing your business accounts on your own, or you are planning a startup, there would be a time in your life, when you need...

Accounting is a part of every business, regardless of whether a small business or a large business. Accounts help in showing you the financial condition of your business that’s why a business can’t exist without accounting and tax accountants. Accountants play a...

The RBA increased the cash rate to 1.85% in August 2022. The rise comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that they are experiencing a process now of constantly maximising interest charges. They also said...

The ATO has issued updated information on claiming Cryptocurrency losses and gains in your tax returns. The first thing that needs to understand is that losses and gains from crypto are solely stated in your tax return when you get rid of it, you sell it, turn it into...

From the Government Relief Payments Reinstated Related to Covid-19 In July the Federal Government accepted to reinstate the Pandemic Leave Disaster Payment for the time from July 1 to September 30, 2022, and this happened at the meeting of the national cabinet. People...

This tax season, the ATO has identified four areas where individuals are making mistakes. With tax season quickly approaching, the Australian Taxation Office (ATO) has outlined its four areas of focus for the coming year. Record-Keeping Work-Related Expenses Rental...

A solid business plan lays out the approach for the next several years. It might be used to boost grants and financial proposals for a business. Tax agent Melbourne said people might use it for themselves as a guide to expanding the company. A business plan’s...

Who must Lodge a Franking Account Tax Return? Tax agent Melbourne suggests people complete a Franking account tax return 2022 for all Australian business tax entities and franking corporations in New Zealand that have: A liability to pay Franking Deficit Tax (FDT) A...

If you are thinking about investing in real estate, one of the first considerations you will have to make is whether or not to use negative equity. It is wise to do your homework and make sure you will receive the most bangs for your investment. How Does Positive Cash...

Your income comes from maybe one or more sources, like from a government agency or employer or ABN. Tax agent Melbourne said that by claiming the $18,200 tax-free threshold, people can decrease the tax withheld amount from their income. How to claim the tax-free...

Depreciation for Non–SBE Taxpayers Non-SBE taxpayers' depreciation schedules should be examined before the end of the year to increase balancing adjustment deductions. The taxpayer must be a part of the process in order to provide input on whether assets have been...

From the 2018 tax year forward, a company's tax rate is determined by whether it is classed as a base rate entity for that year. If this is the case, a lower tax rate will apply. If a corporation meets the following criteria, it will be classified as a base rate...

What is Single Touch Payroll Phase 2? The Australian government announced in the 2019–20 Budget that Single Touch Payroll (STP) would be expanded to include more information. Employers who must report information about their employees to multiple government agencies...

What is Section 100A? The reimbursement agreement rules are a set of integrity provisions found in Section 100A of the Income Tax Assessment Act 1936 (ITAA 1936). The rules are aimed at situations where a beneficiary of a trust receives income, but the real benefit of...

Over the last few decades, the utilisation of contract labour has risen dramatically. Employers like it, and many workers prefer the autonomy and flexibility that comes with being a contractor. The development of a contract labour force to operate in support of their...

What Happens When Section 100A Applies? When a beneficiary is made presently entitled to trust income and section 100A applies, the beneficiary is not deemed to be presently entitled to the relevant share of trust income. The ATO confirms that no another person is...