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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...

For accountants and advisers, a summary of the April month's most essential details. From Government The Assistant Treasurer has issued a press release in response to the ATO's draught guidance on section 100A. The Assistant Treasurer suggests that the government...

Two significant rulings affecting independent contractors have been handed down by the High Court. The Court found that where the parties' relationship is governed by a written agreement, the agreement will usually decide whether a person is an employee or an...

After the federal budget increased a tax offset originally introduced in 2018, millions of people might save hundreds of dollars on their tax bill this year. Tushar Khanna, head of Reliable Melbourne Accountants, believes the offset will assist many individuals cope...

What is Cash Flow? The quantity of money that comes in and out of your business is referred to as cash flow. The money you gain from sales is the most ordinary source of cash flow. It could also come through grants, loan repayments, refunds, and the sale of...

If you are an Australian resident director, you will need to complete a number of steps and have a number of identification documents available and ready (for non-resident directors see Foreign directors and the director ID system below). 1 Verify your identify If you...

When you have a small business, then you might have a few things to manage, but when your business starts growing, you’ll need someone to look after your business finance so you can make the right business decision. For such a reason, you need to hire accountants for...