Latest Blogs
Understanding Capital Gains Tax for Business Assets
Capital gains tax (CGT) affects businesses when a particular event takes place, such as the sale of a business or commercial property. You can defer or disregard some or all of a capital gain from an active asset with the small business CGT concessions. Depreciating...
6 Questions to Ask Your Accountant When Starting a Business
Are you a startup business owner? Starting a new business comes with excitement as well as challenges. Many startup business owners neglect using accounting services to save money, but they end up paying more than necessary due to their lack of knowledge regarding...
What Happens to Businesses If They Don’t Do Any Accounting?
Many business owners assume they don’t need accounting services because they run a small business and their finances are not complex. Unfortunately, this assumption leads to business failure as they find themselves struggling with managing business finances, making...
A Simple Guide to GST Credits and Fuel Tax Credits
Did you know that you can report and pay GST amounts and claim GST credits with BAS lodgment or annual GST return lodgment? You need to meet a few requirements to be eligible to claim GST credits. Despite this, you may also be eligible to register for fuel tax credits...
What Proof Does the ATO Need for Your Deductions
When you submit a tax return, you may be eligible to claim tax deductions for expenses incurred while working in a business if they are related to making assessable income. There are different types of business expenses you may be able to claim deductions for...
A Beginner’s Guide to Filling Out Your BAS
If you run a business, you need to lodge a Business Activity Statement (BAS) return to report your Goods and Services Tax (GST) obligations to the ATO. Usually, business tax turnover above $75,000 per annum needs to be registered for GST. Small business owners often...
Tax Deduction Denied for Basketball Shoe R&D
R&D tax deductions are crucial in promoting innovation, but a recent Federal Court decision regarding the Delly1 basketball shoe underscores the challenges of meeting stringent eligibility requirements. The Federal Court has rejected a sports company's appeal to...
Will there be changes in tax, super, and interest rates in 2025?
The past few years have been marked by significant instability. While 2025 offers the promise of greater stability and certainty, it does not guarantee it. Here, we examine some of the key changes and challenges ahead. Legislation in Limbo On the final sitting day of...
Tax and Tinsel: Can You Avoid Giving Christmas Gifts to the ATO?
With Christmas rapidly approaching, it's important to understand how your spending could impact your tax responsibilities. From holiday parties and staff gifts to client entertainment, the ATO has specific guidelines on what can and cannot be deducted. How to make...
Do You Need Help from an Accounting Firm for Your Startup?
Many startup business owners find it challenging to perform all the tasks involved in growing their businesses. From record-keeping and payroll to sales management, everything should be done properly to ensure consistency in a business. Keeping everything organised...
Legislative Changes: Super, Foreign Resident Capital Gains, and Build-to-Rent Incentives
Objective of super Superannuation (Objective) Bill 2023 The Bill, which enshrines the objective of superannuation, has passed both Houses of Parliament and awaits Royal Assent. The objective is to preserve savings for a dignified retirement, alongside government...
Rulings, Determinations & Guidance on Section 99B
Section 99B - Benefits from Non-Resident Trusts The ATO has updated its guidance on the functions of section 99B of the ITAA 1936. Section 99B ensures that payments made to a beneficiary who has been an Australian resident during the relevant income year are taxed...
Updates on Family Trust Elections, FBT Alert, and NFP Self-Review Returns
The ATO has issued a reminder to trustees about important considerations for making Family Trust Elections (FTE) and Interposed Entity Elections (IEE). An FTE makes the trust a "family trust" for tax purposes, but it must pass the family control test. The election...
Government Updates: Charity, Beneficial Ownership, and Super Reforms
Community Charity Guidelines The Treasury has released the exposure draft of the Taxation Administration Guidelines 2024, with responses due by 3 December 2024. These guidelines apply to deductible gift recipients (DGRs) within the new community charity category and...
Analysing Financial Health with Small Business Accountants
Understanding and assessing your company’s financial situation is an essential aspect of effective business management. Working capital is a crucial aspect, which provides you with a clear picture of your business’s financial situation. Now, the question arises: How...
How to Choose Accounting Software for Your Business?
In this digital era, every company uses accounting software to streamline the accounting process. Accounting software has made the lives of business owners easy by boosting efficiency and ensuring minimum mistakes as much as possible. With the right accounting...
When Overseas Workers are Australian Employees
The Fair Work Commission has ruled that a Philippines-based "independent contractor" was, in fact, an employee who was unfairly dismissed by her Australian employer. You might wonder how a foreign national residing in the Philippines, who had an "independent...
What’s New for Businesses This Christmas Season?
The holiday season presents both opportunities and challenges for businesses. While the cost of living has eased slightly, consumers continue to feel financial pressure, particularly due to rising mortgage payments and higher service costs. Effective strategic...
What is a Taxation Accountant Responsible for?
Tax accounting is a crucial part of finance that involves the preparation, analysis, and lodgment of taxes. Both businesses and individuals must follow tax accounting principles, which are regulated by the Australian Tax Office (ATO). If you are unsure about your...
Should You See An Accountant for CGT Reporting?
Managing capital gains tax is a challenging and complex task, requiring expertise and knowledge. If you don’t know how to deal with capital gains tax, you should get assistance. The accountants in Melbourne aim to simplify the process for you and ensure that you meet...
What Does a Small Business Accountant Need for a Tax Return?
The taxes you need to register for depend on the nature of your business. Some taxes apply to all businesses, while others may be mandatory based on factors like size, type, and revenue. There are also optional taxes that, while not required, can help streamline the...
Superannuation on Paid Parental Leave and Amended Tax Practitioner Code of Conduct
Legislation Super contributions on paid parental leave On 1 October 2024, the Paid Parental Leave Amendment Bill 2024 received Royal Assent. The Bill amends the Paid Parental Leave Act 2010 by adding superannuation contributions to paid parental leave under the...
Key Updates on Thin Capitalisation Rules, Investment Vehicles Regime, and GST
Restructures and the New Thin Capitalisation and Debt Deduction Rules The ATO has released a draft guideline (PCG 2024/D3) explaining how it will assess compliance and risk for business restructures under the new thin capitalisation and debt deduction rules. Starting...
New Tax Amendments from the Government and Regulators
From Government The End of the AAT The Administrative Review Tribunal (ART) started operations and replaced the Administrative Appeals Tribunal (AAT) on 14 October 2024. The new tribunal functions similarly to the AAT and reviews the same types of decisions. While...
Can I Claim Tax Accountant Fees on a Tax Return?
You might be thinking about seeking help from a tax accountant to prepare and lodge your tax. However, many business owners avoid seeking help from tax accountants because of extra expenses. Now the question arises: are tax return accountant fees tax deductible? Read...
How to Save Money with the Right Accountant?
Receiving high profits has become more important for business owners because of high competition. And if you want to receive a high return on investment, you must pay attention to the cash flow of your business. So, how can the best accountant in Melbourne help with...
What You Need to Know About the Tax Return Deadline?
Staying on top of tax return lodgment deadlines is essential for both tax return accountants and taxpayers. Missed deadlines can lead to penalties and stress. When should you lodge your tax return in Australia? The period covered by your tax return is from July 1 to...
A Tax Agent and An Accountant: What’s the Difference?
You might have heard about tax agents and accountants. Most often, these two terms are used interchangeably when discussing financial matters and ensuring you are meeting your tax duties. However, the duties and tasks of these two professionals differ. Business owners...
What is the difference between a Tax Agent and a BAS Agent?
As a business owner, you have to deal with numerous tasks related to business finances. In this world of finance, various professionals play a crucial role in managing a small business. The most common roles you will encounter are tax agents and BAS agents. These are...
Common Tax Filing Mistakes and How to Fix Them?
The ATO is an expert in identifying errors on tax returns, and with increasing tools and access each year, their job is becoming easier. So, if you are considering adding a few extra deductions or omitting income from your side gig, reconsider. Nowadays, the ATO...