Latest Blogs
From Regulators: Key Rules for Work Expenses, Withholding Tax, GST, and Debt Rules
Record-keeping for work-related expenses The ATO has issued a reminder to collect the retain appropriate records for work-related expenses this financial year – the primary area for the ATO. Records can be kept on paper, an electronic copy or a clear photo of an...
Additional Time for Code of Conduct Reform and Data-Matching Property Data
Additional time for Code of Conduct reform compliance The 8 new tax practitioner Code of Conduct obligations introduced by Tax Agent Services (Code of Professional Conduct) Determination 2024 were scheduled to start on 1 August. However, due to lobbying by...
How Long Does It Take for Tax Refund to Show in Bank Account Australia?
Waiting for your tax refund to show in your bank account can be an overwhelming experience, especially if it takes longer than expected. The Australian Taxation Office (ATO) is responsible for processing several tax returns each year, and various factors affect the...
Why Do I Have to Pay PAYG Instalments?
In Australia, the Pay As You Go (PAYG) instalment system is a crucial part of the country’s tax system. It is designed to help people with investments and businesses manage their tax obligations throughout the fiscal year. If you are not sure if you should pay PAYG...
How a Tax Agent in Melbourne Can Maximise Your Tax Refund?
When you lodge a tax return each year, do you get the right tax refund amount you are liable to? Are you looking to maximise tax refund but don’t know where to begin and don’t want to get into difficulty with the ATO? To get the right tax refund amount you are...
Tax Agent Melbourne
Lodge with a Registered Tax Agent in Melbourne We have experienced Tax Agent Melbourne who can help you prepare and lodge your tax return. We save you time by completing your tax returns, claiming possible tax deductions and offering personal tax advice. We specialise...
Employment Separation Certificate
Do you want to know what an employment separation certificate is and why it is used? In this blog post, we’ll discuss the importance of an employment separation certificate. Let’s get started: What is an employment separation certificate? An employer issues an...
What is Franking Credit: A Simple Guide for Beginners
We’ll discuss franking credit in Australia and how it works. Let’s get started: What is Franking Credit? In simple words, just like people pay tax annually on their annual income, similarly, companies pay tax on their profit made annually. When a company make a...
The Changes to How Tax Practitioners Work with Clients?
The Government has updated the legislation governing registered tax practitioners to mandate the reporting of significant uncorrected errors to the Tax Commissioner. The Government has introduced several changes to the Tax Agents Services Act 2009 that include...
What Happens to a Business in a Divorce?
For couples with assets invested in a company, it's important to evaluate the tax implications of any settlements made by the company. Payments made by a corporate entity may sometimes be classified as taxable dividends and taxed at the marginal tax rate of the...
When is a Gift not a Gift?
The Tax Commissioner has argued successfully that above $1.6m deposited in a couple’s bank account was assessable income, not a loan or a gift from friends. The case of Rusanova and the Commissioner of Taxation is a compelling example. The plot includes an Australian...
Superannuation Tips from Tax Accountants in Melbourne
In this blog, we’ll discuss the basics of superannuation. Let’s get started: What is superannuation? Superannuation is money that your employer puts aside over your working life for you to live on after you retire from work. Super is crucial because if you save more,...
Work from Home Tax Deductions
It is now common for many people to work from home, sometimes at night, sometimes at weekends and sometimes during the day. The ATO pays attention to deductions that taxpayers claim when working from home. The blog post will share eligibility for claiming...
Tax Time 23rd July 2024 Update in Australia
After the tax time meeting held on 23 July 2024, the Tax Practitioner Stewardship Group (TPSG) has introduced key messages and themes. Marketing and Communication Current ATO communications emphasise encouraging taxpayers to lodge because most pre-fill data is...
Accountants in Melbourne: Why Do You Need One?
Business owners often like to be a jack of all trades. They like doing everything on their own to cut extra costs. One service that is frequently overlooked is accounting service. Apart from receiving support from accountants in Melbourne to handle their tax returns,...
How Does a Tax Agent in Melbourne Help You Save on Taxes?
Tax season can be overwhelming for many people. If you are looking for different ways to reduce tax, you must read this blog. You can reach out to a tax agent in Melbourne to save more money on taxes. Tax accountants are well aware of possible tax deductions and...
What are Tax Offsets and How They Work?
You might have heard of tax offsets during tax time. To learn about tax offsets, how they work, and how you can save more on taxes with tax offsets, continue reading this blog post. Let’s get started: What are tax offsets? A tax offset minimises your payable tax on...
How to Reduce Taxable Income in Australia?
For many Australians, finding legal and effective methods to lower taxable income at the end of the financial year can offer substantial financial advantages. Whether you are a professional, business owner, or investor, understanding the available options can...
What is a Good Credit Score in Australia?
Have you ever applied for a loan or credit in Australia? If yes, then you will have a credit score. Now, the question arises of what credit score you must have to apply for a loan. Why does it matter? To learn more about these questions, read this blog. In this blog,...
What is Tax-Free Threshold: Things You Must Know
Before you lodge a tax return, you must know how much you need to pay, and whether your income is exempt from taxation. Read this blog to know the tax free threshold meaning. Let’s get started: What is Tax-Free Threshold? The tax-free threshold is the amount of money...
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...
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...
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...
$20k Asset Write-off Passes Parliament for 2024: What’s Next?
The increase to the instant asset write-off threshold to $20,000 from $1,000 for 2023-24 has passed Parliament just days prior to the end of the financial year. This increase offers cash flow benefits by allowing small businesses to claim an immediate tax deduction...
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...
Strategic Tax Accounting with Small Business Tax Accountants
Running a small business comes with numerous challenges and one critical aspect that can contribute to the success of a small business is tax management. In Australia, where the business landscape of competitive, having the best small business tax accountants can be a...
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...
Should I Use a Tax Accountant to Avoid Missing Tax Deadlines?
Many business owners often miss out on ATO’s tax deadlines because of many reasons. If you think you might not be able to prepare and lodge tax returns on time, don’t panic! Choosing a tax accountant in Melbourne would benefit you. If you think you will miss the...
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...
EOFY Alert: Deduction Opportunities and Risks for Your Business
Opportunities for Your Business Bonus Deductions Various bonus deductions are available to small businesses in 2023-24, these include energy incentives, instant asset write-offs, and the skills and training boost. According to the Federal Budget announced in 2023-24,...