Latest Blogs
Latest Tax News for December 2023: What You Must Know?
In today’s blog, we’ll explore the latest tax news for December 2023. Let’s delve right into recent developments. ATO’s Lodgment Penalty Amnesty is Nearing Its End You can take the benefit of ATO’s lodgment penalty amnesty until 31 December 2023. To be eligible for...
Holding Costs for Vacant Land Explained
From 1 July 2019, section 26-102 ITAA 1997 applies and can reject the deduction for losses or outgoings relating to holding land if there is no substantial and permanent structure available for usage or in usage on the land. Some exceptions apply to the operation of...
Eligibility Criteria to Claim Self-Education Expenses
The ATO issued a new draft ruling TR 2023/D1, which focuses on the availability of deductions for self-education expenses for individuals. For self-education expenses incurred by someone who is not running a business to be deductible, they must be incurred in gaining...
Nov 2023 Round Up-Controversial Loss Claim on Home Sale by a Taxpayer
Controversial Case of a Taxpayer who Claimed a Deduction from a Loss on a Home Sale In Bowerman and Commissioner of Taxation [2023] AATA 3547, the taxpayer argued that she should be liable to claim a deduction from a loss on a home sale. The fact summary of this case...
Conditions You Need to Meet to Access Technology Investment Boost
Technology Investment Boost In the March 2022 Federal Budget, the Government announced that it will introduce a technology investment boost so that small businesses can take advantage of digital technologies. Eventually, the measure was introduced to Parliament in...
Latest Tax Update on Division 7A and UPEs
In this blog, we’ll cover the latest tax updates that have been announced in the past few months. Let’s get started: Division 7A and UPEs In Bendel and Commissioner of Taxation [2023] AATA 3074, the ATO’s long-held position was successfully challenged by the taxpayer...
Individual Tax Return Lodgment with a Tax Return Accountant
Are you worried about queries like how to get assistance from a sole trader tax return accountant, the process of individual tax return lodgment, and so on? No worries, you can seek help from a professional tax accountant who will guide you thoroughly about all tax...
Streamlining Business: Nominate Your Agents in 5 Easy Steps
In today’s blog, we’ll discuss the client-to-agent linking process to help you know the steps involved in this process. Let’s get started: What is the Linking Process? To protect you and your clients against identity-related theft, the ATO is improving the security of...
New to Tax and Super: A Beginner’s Guide
Welcome to the world of taxes and superannuation in Australia. If you're new to the tax and super system, this blog will be your guide to kick-start your journey. To learn everything about taxes and superannuation, continue reading this blog. Let’s get started: Why Do...
Tax Return Amendment Time Limits: Your Financial Future Demystified
Are you aware of the time limits when it comes to amending your tax return? It's important to understand these crucial timelines to manage your tax affairs effectively. Let's break it down. The clock starts ticking from the day after you receive your notice of...
What Accountants Are Asking about the Absence Rule?
The blog shares the most common questions that are asked by accountants about the absence rule. Does the Absence Rule Apply? Main residence that becomes a rental property and a new property purchased For instance, a person purchased his main residence in January 2015...
Get to Know Everything About the Main Residence Absence Rule
The main residence exemption, and the application of the absence rule, remain hot topics. The legislation talking about the main residence absence rule is only 175 words and looks simple enough until applies to real life. In this blog, we’ll discuss everything about...
When is Food GST-Free?
In a recent case before the Administrative Appeals Tribunal (AAT), it was discovered that while Chobani plain yoghurt is GST-free, the 'flip' range of Chobani is taxable. This demonstrates how fine the dividing line can be between GST-free and taxable foods. In 2000,...
Recent Changes and Updates in Taxation and Employment Laws
Unpaid Trust Distributions to a Company What happens when a trust assigns revenue to a private company beneficiary but doesn’t pay? The tax status of this underpaid amount was at the heart of a recent Administrative Appeals Tribunal (AAT) case in which a taxpayer...
Workers Owed $3.6bn in Super Guarantee
According to the Australian Taxation Office, workers are owed above $3.6bn in superannuation guarantee – the amount the regulators and government are looking to change dramatically. The statistics on employer superannuation guarantee compliance seem good with above...
Difference between an Accountant and an Auditor
Many people often use the terms 'accountant' and 'auditor' interchangeably, as both professions require similar skills and knowledge in accounting, bookkeeping and data analysis. However, it is vital to understand the key differences between these two roles. Let’s get...
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,...