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Is Your Family Home Really Tax-Free?

Is Your Family Home Really Tax-Free?

Your family home is exempt from capital gains tax when you sell it. A home is referred to as your main residence if: you and your family live in it your belongings have been shifted into the dwelling this is a place where your mail is delivered this is your address on...

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What’s Ahead for 2024-25?

What’s Ahead for 2024-25?

Personal Tax & Super As you might know, the personal income tax cuts began on 1 July 2024. At the same time, the SG rate increased to 11.5% by 0.5%. For employers, it is crucial to ensure that your payroll systems and all interactions with it are evaluated and...

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What is a Fringe Benefits Tax and How Does It Work?

What is a Fringe Benefits Tax and How Does It Work?

Fringe benefits are crucial for a business and can be an effective way to get attention from quality staff. If you provide fringe benefits to your employees, then ensure you understand your tax obligations. Please read this blog post to know how FBT could have an...

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Tax Deductible Donations Limit in Australia

Tax Deductible Donations Limit in Australia

This blog post will shed light on tax-deductible donations in Australia along with what you are allowed to claim and what you can’t claim. Let’s get started: When a Gift or Donation is Deductible? You are allowed to claim a tax deduction for a gift or donation to an...

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What is Family Tax Benefit and Who is Eligible for It?

What is Family Tax Benefit and Who is Eligible for It?

Family Tax Benefit is a financial support for eligible families, which is the cost of raising children. It consists of two parts: FTB Part A is paid per child and it is paid depending on the family’s circumstances. On the other hand, FTB Part B is paid per family and...

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Recent Warning Shot on Trust Distributions from the ATO

Recent Warning Shot on Trust Distributions from the ATO

Trust distribution arrangements must be considered carefully by trustees before appointing or distributing income to beneficiaries. Your Trust Deed An area of concern is that trustees don’t consider the trust deed before income is appointed. The answer to what the...

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Can Small Business Tax Accountants Maximise Your Savings?

Can Small Business Tax Accountants Maximise Your Savings?

Many business owners overlook the importance of seeking help from small business tax accountants. However, receiving support from a tax accountant can actually save you both money and time in the long run. This blog post will share information on the significance of...

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A Warning on Trust Distributions from the ATO

A Warning on Trust Distributions from the ATO

ATO Warning on Trust Distributions What to Consider When Making Trust Distributions? Many trustees and practitioners might be thinking of resolutions in relation to trust distributions. The ATO has issued a warning on trust distributions. The ATO is warning that their...

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What are the New Announcements from the Government?

What are the New Announcements from the Government?

Budget 2024-25 The federal budget was released on Tuesday, 14 May 2024. The extension of the $20,000 instant asset write-off for depreciating assets has been announced by the government until 30 June 2025 for small businesses with a total turnover of less than $10...

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What is a 401k in Australia? 401k Vs Superannuation

What is a 401k in Australia? 401k Vs Superannuation

Every country has its own retirement saving systems when it comes to retirement planning. If you know about 401k, then we’ll discuss what is similar to 401k in Australia. Let’s get started: What is a 401k in Australia? A 401k is a retirement savings approach used in...

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Why Use a Tax Accountant in Melbourne for Your Business?

Why Use a Tax Accountant in Melbourne for Your Business?

Running a business comes with numerous challenges, and one area that often increases stress levels for business owners is managing their tax affairs. Tax rules and regulations often change over time, which can put business owners in a stressful situation. Increasing...

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What is the Minimum Wage in Australia for 16-Year-Old?

What is the Minimum Wage in Australia for 16-Year-Old?

Every worker in Australia must know the minimum wage in Australia. Even if you are under 16, the legislation has set a minimum wage. The blog post will explore the minimum wage in Australia. What is the Minimum Wage in Australia? As the name implies, the minimum wage...

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Benefits of Using Tax Agents in Melbourne for Tax Returns

Benefits of Using Tax Agents in Melbourne for Tax Returns

Many people choose to seek help from tax agents in Melbourne when it’s time for tax return lodgment. With increased accuracy, less stress, and maximum refunds, it is beneficial to choose a tax accountant to lodge your returns. Individuals or business owners who are...

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Does Your Business Need A Tax Accountant in Melbourne?

Does Your Business Need A Tax Accountant in Melbourne?

If you run a business, there is no doubt that you are well aware of the many challenges that a business brings. However, when it comes to managing business finance and preparing and filing tax returns, you may feel overwhelmed. Therefore, it is advisable to seek help...

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Federal Budget 2024-25: Government and Regulators

Federal Budget 2024-25: Government and Regulators

Modernising Digital Assets and Payments Regulation Funding $7.5 million over 4 years from 2024-25 for modernising digital assets and payment regulation. The government will: implement and consult to regulate and licence platforms that have digital assets and...

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Federal Budget 2024-25: Business and Employers

Federal Budget 2024-25: Business and Employers

$325 Energy Relief for Small Business Approximately 1 million small businesses will receive a $325 rebate on their energy bills over 2024-25. It will apply as an automatic quarterly credit to energy bills. Costing $3.5bn over 3 years from 2023-24, the measure expands...

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Federal Budget 2024-25: Superannuation and Investors

Federal Budget 2024-25: Superannuation and Investors

Expanding CGT Regime for Foreign Residents The foreign resident capital gains tax (CGT) regime will be expanded by: Clarifying and expanding the types of assets on which foreign residents are liable to CGT Changing the point-in-time principal asset test to a 365-day...

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Federal Budget 2024-25: Individuals and Families

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...

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What Documents Do I Need for Tax Return?

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...

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What If I Don’t Claim the Tax-Free Threshold?

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...

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Can I Claim Car Insurance on Tax?

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...

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