Latest Blogs
Federal Budget 2024-25: Individuals and Families
Personal Income Tax Cuts Confirmed As previously announced, the Government has confirmed tax cuts for Australian taxpayers and it will come into effect from 1 July 2024. With the redesigned tax cuts, individuals can benefit from these cuts as more focus will be on...
What Documents Do I Need for Tax Return?
For many business owners or individuals, preparing and lodging a tax return is a stressful task. Filing an annual ATO tax return is important as it checks your taxable income and calculates any tax owed or refunded. The ATO needs individuals to file a tax return from...
What If I Don’t Claim the Tax-Free Threshold?
Do you know the advantages of claiming the tax-free threshold as an employee? Are you still looking for what the tax-free threshold exactly is? If you are an Australian resident for tax purposes for a full year, you don’t need to pay tax on the first $18,200 of your...
Can I Claim Car Insurance on Tax?
Are you looking for an answer on whether you can claim car insurance on tax? You will find this answer in this blog post. So, keep reading the blog to get an answer. Is Car Insurance Tax Deductible? Generally, car insurance premiums are not tax deductible in...
Unlawful Tax Schemes and Their Warning Signs
It is crucial to understand unlawful tax schemes along with their warning signs to avoid getting caught and paying penalties. What are Tax Schemes? You have the right to manage your financial tax matters to reduce the tax amount you need to pay. This is often called...
How Long for Tax Refund to be Issued?
You might be asking yourself ‘How long for a tax return’ if you expect a big refund. You can check the progress of your tax refund using different ways. Let’s explore each one by one. How Long Does It Take to Get Tax Return? The fastest way to check the progress of...
How to Calculate Capital Gains Tax?
Did you know how capital gains tax works, how to calculate CGT, and how you lodge and pay tax on capital gains when you dispose of assets? To know everything about capital gains tax, read this blog. What is Capital Gains Tax? Capital gains tax is the tax that you need...
What is the Minimum Wage in Australia in 2024?
All employees who work in Australia are liable to a minimum wage. In today’s blog, we’ll discuss the minimum wage in Australia in 2024. Let’s get started: Find the Right Minimum Wage For most employees, the minimum wage depends on the award that covers their...
ATO Issues a Fact Sheet Regarding Illegal Early Access to Super
In difficult times, some people might think of accessing their superannuation early. However, it's important to understand that this is illegal and can have serious outcomes. Promoters have approached members and these promoter claims to help them withdraw their super...
Tips for Small Businesses When Using a Tax Accountant
Are you a small business owner? Trying to check the taxation process can be difficult to keep up with. However, by receiving help from a professional tax accountant in Melbourne to manage your tax matters, you can get relief from the tax burden. This blog post will...
What is the Effective Life of Depreciating Assets?
You can determine a depreciating asset’s effective life by checking out how long the asset can be used for a taxable purpose by an entity. In today’s blog post, we’ll discuss the basics of depreciating asset’s effective life along with other important aspects....
Can You Still Lodge and Pay Your March Quarterly BAS?
To avoid penalties and interest, it is important to file and pay your business activity statement in full and on time. Now, the question arises, can you still have time to lodge and pay your March quarterly BAS? Yes, you can file and pay BAS by 28 April to avoid...
Fringe Benefits Tax (FBT) Time has Come
If you are an employer providing benefits to your employees, then you need to be ready to file your fringe benefits tax return and pay the FBT you owe. Fringe benefits tax is time here. From 1 April, the FBT year starts. To know more about FBT year, read this blog. Do...
Changes to Your PAYG Withholding Cycle
In today’s blog, we’ll discuss changes to your pay-as-you-go (PAYG) withholding cycle. Let’s get started: PAYG Withholding Cycle The PAYG withholding cycle is used to help you check how often you are required to report and pay the withholding amounts to the ATO. The...
Div 7A Basics Tax Agents Keep Getting Wrong, ATO Warns
The tax office found most breaches in relation to misunderstandings of basic concepts, that’s why it has started a year-long lecture series on Division 7A. Tax agents across the board still keep getting Division 7A wrong by avoiding basic concepts, the ATO says....
Have You Earned Money for Your Personal Skills
When more than 50% of your income is produced from your personal efforts or skills, then it is considered Personal Services Income (PSI). When you check out if your income is PSI, you must look at the income you received from each contract. Who Can Earn Personal...
Are You Eligible for Small Business Skills and Training Boost?
Are you paying for your employees’ external training? If yes, then you might qualify to claim the skills and training boost. Does your business have a total turnover of less than $50 million? You might be eligible for the small business skills and training boost. The...
How to Become a Registered Tax Agent?
Are you looking for ways to become a registered tax agent? If yes, then you must go through the requirements. A registered tax agent has in-depth knowledge regarding tax matters. They are skilled, qualified, and responsible for following a strict code of conduct. In...
What is Novated Car Leasing and How It Can Benefit You?
Buying a car is one of the most crucial decisions you can make. It needs a lot of time and effort, plus a big financial investment. Therefore, you need to be sure that you are getting the best deal. The blog will share an overview of novated car leasing along with its...
Taking Loans to Get a Business Started
It’s common for business owners to invest money into the business to get their business started and sustain it until it has the ability to survive on its own. A recent case outlines the risks associated with taking money out of a company without taking into account...
The ATO Debt Dilemma
Late last year, the ATO advised thousands of taxpayers and their agents that they had an outstanding historical tax debt. The only problem was that many taxpayers and their agents didn’t know that the tax debt existed. The ATO can only release a taxpayer from a tax...
How to Take Advantage of the 1 July Super Cap Increase?
The amount you are allowed to contribute to super will increase from 1 July 2024 to $30,000 from $27,500 for concessional super contributions and to $120,000 from $110,000 for non-concessional contributions. The contribution caps are indexed to wage growth depending...
The Fringe Benefits Tax (FBT) Traps
The fringe benefits tax (FBT) year will end on 31st March. So, we’ll explore key problem areas that could attract the ATO’s attention. Electric Vehicles Causing Sparks In late 2022, the government announced a concession that allows employers to offer some electric...
Pandemic Super Withdrawals to Cost Taxpayers $85 Billion
The withdrawals made by Australians from their superannuation funds during the pandemic are expected to cost taxpayers around $85 billion to support retirees who rely on age pensions, as per industry analysis. It has been found that all Australians will have to pay...
Xero Introduces AI-Powered Chatbot for Accounting Tasks
The software company is planning to increase its turnover with a simple strategy that will strengthen tech offerings for small businesses. Xero will introduce an AI-powered chatbot for accounting tasks. It says that it will drive revenue and simplify the lives of...
Help from Accountants in Melbourne When Claiming GST Credits
Goods and Services Tax is imposed on goods and services in many countries. It is used to simplify the taxation system. If you produce a gross annual income of $75,000 or more, then you must register for GST. As a result, you have to complete monthly, quarterly, or...
Revised Stage 3 Tax Cuts Pass Senate
The Government’s amendments to stage 3 tax cuts have passed the Senate on Tuesday evening. Now, the question arises, what will happen next? Well, the tax cuts will become law now. The announcement made in late January by Prime Minister Anthony Albanese stated that...
Can Accountants Near Me Help with Claiming Tax Deductions?
Are you looking to claim possible tax deductions for your business? If yes, then it is important to have a complete understanding of what tax deductions you can claim and what you can’t. Many of you may not have an understanding of tax deductions. That’s why you...
How to Increase Tax Refunds with Small Business Accountants?
For Australians, the end of the financial year is a busy time period. Some business owners with sorted business finance records find it easy, while others say it gets a little tough for them. Apart from the difference in how people may view tax return lodgment, many...
Debt Management with a Tax Accountant in Melbourne
Debt management is a crucial part of maintaining the financial status of the company. Effective debt management not only improves cash flow but also ensures long-term growth and stability of the company. That’s why it is important for every business owner to manage...