Latest Blogs
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,...
EOFY Alert: ATO Targets and Deduction Opportunities for You
The financial year is ending soon. We'll highlight where the tax office might look closer and how you can claim more deductions. Opportunities for You You can take advantage of tax cuts that will come into effect from 1 July 2024 by bringing forward your deductible...
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...
Impact of Treasury Laws Amendment Bills on Small Business, FBT, and Taxation
Treasury Laws Amendment Bill 2023 (Support for Small Business and Charities and Other Measures) The bill to increase the instant asset write-off for small businesses for the 2023-24 income year from $1,000 to $20,000 has stalled in Parliament. While the Senate has...
Understanding Income Exemptions for International Organisations
Income made Exempt under the International Organisations (Privileges and Immunities) Act A draft ruling TR 2024/D2 has been reissued by the ATO that offers guidance on income generated by international organisations and individuals with those international companies....
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...
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...
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...
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...
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...
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...
How Small Business Tax Accountants Can Help You with Taxes?
Preparing tax returns can be challenging for those who are unaware of the rules and regulations of the taxation system. That’s why it is worth seeking help from small business tax accountants when tax season is around the corner. Tax accountants do more than just...
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...
Federal Budget 2024-25: Women’s Budget Statement, AI, and Quantum Computing
Women’s Budget Statement The 2024–25 Women’s Budget Statement emphasises five priorities, such as: Gender-based violence Unpaid and paid care Economic equality and security Health Leadership, representation and decision-making. The measures have been announced by the...
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...
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...
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...
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...