Latest Blogs
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...
Help from Small Business Accountant for Record Keeping for PSI
You are required to ensure you maintain the correct business record in case you’ve received personal services income (PSI). If you don’t know about PSI rules, you can seek help from professional small business accountants. Keeping a record of your expenses and income...
Can Tax Accountant Near Me Help Lodge My First Tax Return?
Are you lodging your tax return for the first time? If yes, then you must know why and how you can prepare and file your tax return for the first time. You can file your tax return on your own if you know the criteria to lodge, otherwise, it would be beneficial to...
How Could You Benefit from a Tax Return Accountant?
Running a business comes with various challenges and one area that causes stress for business owners is managing their tax matters. As an entrepreneur, managing personal tax accounts can be a challenging task. Tax accounting laws and regulations are constantly...
Superannuation & Retirement: 2024 The Year Ahead
In recent times there have been many proposals, exposure drafts, consultation papers, and legislation released associated with superannuation and retirement. Some of these relate to measures that have been outstanding for some time. In this blog, we’ll look at some of...
Mid-Year Economic and Fiscal Outlook (MYEFO)
The Mid-Year Economic and Fiscal Outlook is released each year by the government, which is often referred to as the mini-budget. Some years the MYEFO passes by without any tax-related developments. However, on 13 December 2023, the MYEFO documents were released...
Deductions for Financial Advice Fees
The ATO issued taxation determination TD 95/60 in 1995 that looked at whether fees for receiving investment advice could be deductible under the general deduction provisions in section 8-1 ITAA 1997 if the taxpayer is not running an investment business. The ATO has...
Rulings, Determinations and Guidance from the ATO
Individuals Claiming Deductions for Financial Advice Fees TD 2023/D4 has been released by the ATO, which looks at when deductions can be claimed for payments paid for financial advice. The primary focus of draft determination is on individuals who don’t run a...
Warnings and Reminders from the Regulators
Financial Support to Help Businesses with Recent Weather Events Various businesses may have been affected by recent weather events with some getting financial support or government grants to help them in recovery. While the tax treatment of financial support might not...
New Tax-Related Measures Announced by the Government
From Government Redesigned Stage 3 Tax Cuts According to the government, it will make changes to the Stage 3 Tax Cuts and will commence on 1 July 2024. While the government still needs support to make changes to pass through Parliament, the purpose of redesigned Stage...
What If the Evidence Doesn’t Match What the Taxpayer Tells the ATO?
A recent case before the Administrative Appeals Tribunal (AAT) outlines the significance of ensuring that the evidence supports the tax position you are taking. The issue involves heritage farmland purchased for $1.6 million and sold 7 years later for $4.25 million....
Can You Use Your SMSF for Property Development?
It is a known fact that Australians have a keen interest in property investment. One of the main reasons for this is the 15% preferential tax rate on income during the accumulation phase, which can potentially mean no tax during retirement. Due to this, many trustees...
Stage 3 Personal Income Tax Cut Changes
The government announced new changes to individual income tax rates and thresholds on 25 January 2024 that may come into effect from 1 July 2024. Keep in mind that these changes are not yet law. From 1 July 2024, the tax cuts will: • 19% tax rate will be reduced and...
Is Novated Lease Worth It in 2024?
Are you planning to finance a new car this year? If yes, you may wonder how to go for it. Many of you may have heard about leasing a new car purchase, but have you learnt about a novated lease? Novated lease is helpful in buying a new car while saving more on taxes....
Maximising Benefits with Spouse Super Contributions
In today’s blog, we’ll explore how you can strategically leverage spouse super contributions for maximum financial benefits. In this comprehensive guide, we'll walk you through two powerful strategies, splitting your contributions with your spouse and claiming a tax...