Latest Blogs
Maximising Your Car Expense Deductions Your Roadmap to Savings
Are you looking to claim deductions for your car expenses? You're in the right place to claim these deductions. There are a few important things you need to know. Continue reading this blog to learn things you need to keep in mind when claiming car expense deductions....
Mastering Your Investment Income: A Comprehensive Guide to Tax Obligations
Managing your investment income and understanding your tax obligations is essential. Let's explore the different aspects of investment income and what you need to declare. When You Should Declare Investment Income? It all starts with understanding when to declare...
Demystifying Tax on Superannuation Pensions and Annuities
Superannuation, pensions and annuities can be a crucial part of your retirement plan. However, understanding the tax implications is essential. Let's explore how to manage income from superannuation pensions and annuities in your tax return. Overview of Super Pensions...
Tax Implications of Leasing and Renting Commercial Premises
Leasing or renting commercial premises can be a significant aspect of running a business. A reliable accountant is here to guide you through the complexities of this process. Leasing and Renting Commercial Premises If you're a commercial property owner, you have...
Mastering Commercial Property Sales – CGT, GST, and More Explained
It’s a financial decision that can lead to capital gains or losses. When you make a net capital gain, you're liable for capital gains tax, CGT. But don't worry there might be discounts and concessions for individuals, trusts and small businesses. You are usually...
Why Should I Hire a Tax Accountant to Do My Tax Return?
Managing your tax obligations and affairs is an important part of your business, especially if you have employees. The tax requirements of your business may vary as per the type of business you operate, the number of workers you have and the legal structure of your...
Tax-Ready Income Statements: Your Guide to Filing Accurate Returns
What should you do if your employer has not prepared the data for your income statement and marked it as tax-ready? You can seek help from professional accountants to look into this matter. Let’s delve right in to know more about it. What If Your Income Statement is...
Safeguarding Your Retirement: What You Need to Know?
Planning for retirement is a journey filled with important decisions. Let us be your guide in making those choices before you retire. In today’s blog, we’ll explore what you should consider before you retire, what you can do after you retire, and more related to your...
What is the Best Accounting Software for Small Businesses?
As a business owner, managing business finances and accounting systems can be a complex ask, especially for those who are unfamiliar with accounting tasks. From tracking expenses to managing inventory and invoicing, several accounting tasks have to be done accurately....
Self-Education: What Can You Claim?
A new draft ruling has been released by the Australian Taxation Office on self-education expenses. If you study, which is related to your work, you are allowed to claim your costs of that study as a tax deduction – thinking that your employer has not already caught...
New Policy Announced for the Airbnb Tax
Property investors who choose to use their property for short-term stays or leave it vacant are under the supervision of the regulators. The Victorian Government’s recent Housing Statement declared Australia’s first short-stay property tax. The additional tax will...
$20k Deduction for ‘Electrifying’ Your Business
Electricity is the new black. Gas and other fossil fuels are out. A new, limited-time incentive encourages businesses to be more energy efficient. We show you how to get the most out of your deduction! The small business energy incentive is the most recent initiative...
Understanding PAYG Instalments Due Dates and Options
Today’s blog will cover every aspect related to PAYG instalments. Through this blog, you’ll come to know when PAYG instalments are due and the options available to you and which lodgment cycle applies to you. Which Lodgment Cycle Applies to You? When you first enter...
Navigating Super Guarantee: Compliance and Late Payments
It is crucial to navigate super guarantee compliance and late payments. In this blog, we'll explore important aspects of the Australian super guarantee system and what employers should do if they miss or are late with their super guarantee payments. As an employer,...
Guide on Finding, Securing and Recovering Your Tax File Number (TFN)
Have you lost your tax file number? We've got you covered. Your tax file number (TFN) is crucial for many financial transactions. But don't worry if you've forgotten it, as you can easily find it through online services. Just sign into your myGov account or use the...
How to Amend Your Tax Return Like a Pro?
In today’s blog, we’ll talk about amending your tax return when it comes to income repayments, whether you are entitled to it or not. Exception to Repaying Income If you need to repay income from a previous year, you can amend your return except when it's from lump...
Understanding Foreign Tax Resident Reporting in Australia
Are you a foreign tax resident in Australia? Stay tuned to learn about important reporting requirements. Let's break it down step by step. If you're already an account holder in Australia, your financial institution may contact you to confirm your tax residence....
The $20k Instant Asset Write-Off is Back with New Amendments
The $20k Instant Asset Write-Off Threshold has been Reintroduced by New Legislation Treasury Laws Amendment Bill 2023 (Support for Small Business and Charities and Other Measures) On 13 September 2023, it was introduced into the House of Representatives (not yet law)...
How do Accountants Make Your Tax Return Lodgment Easy?
Do you want to lodge your tax return hassle-free? A tax return reveals your income and deductions helping determine if you've paid the right amount of tax. It covers July 1st to June 30th and is due by October 31st. There are different options to lodge your tax...
Streamlining Super Payments- Small Business Superannuation Clearing House Explained
In today's blog, we'll guide you through using the small business superannuation clearing house. A valuable service provided by the Australian government through the Australian Taxation Office. This service makes paying super for your employees easier than ever. Let's...
The Shape of Australia’s Future
What will be the future of the Australian community in 40 years? Let’s look at important factors from the Intergenerational Report (IGR). The 2023 IGR is a crystal ball insight into what we can expect the Australian community to look like in 40 years and the...
The Billion-Dollar TikTok Scandal: How Did It Happen?
A total of $2.7 billion in fraudulent claims were prevented, $1.7 billion in false refunds were paid out, and over 100 arrests have already been made. Now, the question arises: The TikTok tax scandal: how did it spiral out of control? It was advertised as a hack with...
What is Division 293 Tax and How Does It Work?
If your income and concessional super contributions exceed that total of $250,000, you need to check if you are required to pay Division 293 tax. To know whether you need to pay division 293 tax, you must read this blog. What is Div 293 Tax? Div 293 tax is an...
Navigating TFN Application- A Step-by-Step Guide for Various Residency and Circumstances
Do you want to apply for a tax file number? TFN is an important step in managing your taxes in Australia. Here's a simple guide on how to apply for a TFN. Based on your circumstances, there are two main ways to apply for a TFN online and by paper. The method you...
Is There Any Tax Related Legislation Introduced in August 2023?
There was a parliament sitting between 31 July 2023 and 10 August 2023. There was no new tax-related legislation announced and no essential developments that were previously before parliament. The next sitting will be conducted between 4 and 14 September 2023....
Rulings, Determinations and Guidance on Luxury Car Tax System
LCT and Determinations of the Principal Purpose of a Vehicle The Australian Taxation Office (ATO) has released a conclusive decision regarding the luxury car tax (LCT) scheme, which clarifies the method for determining a vehicle's primary intent. LCT may be applicable...
Tax Updates Announced by the Government and Regulators
From Government Imposes Penalties for Tax Adviser Misconduct In response to the scandal that recently happened involving tax advisers leaking confidential information to clients, the Government announced steps to improve tax system integrity. The reform package covers...
TFN Application Guide: Your Key to Financial Management
Are you an Australian citizen or a visitor looking to apply for a tax file number, commonly known as a TFN? Whether you're navigating the process online or through paper, we've got you covered. If you're an Australian citizen with an Australian passport and you're 15...
Strategies by Small Business Accountants for Business Growth
Startups and small business owners are flooded with too many tasks on a daily basis. Business owners need to stop managing their accounting on their own. The added pressure will make it difficult for most business owners to manage other important aspects. Accounting...
Essential Guide to Australian Business Numbers and Obligations
Are you going to start a new business in Australia? If yes, then it’s important to get an Australian Business Number (ABN). Basically, ABN works as a unique identifier for your business, offers government interactions and can be used to keep an eye on your tax and...