Latest Blogs
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...
Super Co-Contribution- Boost Your Retirement Savings for Low and Middle-Income Earners
Our today’s guide is on the Super Co-contribution scheme and how it can significantly impact the retirement savings of low and middle-income earners. What is a Super Co-Contribution? If you're a low or middle-income earner making personal non-concessional...
Boosting Low-Income Retirement Savings with Super Tax Offset
Are you a low-income earner? Did you know low-income super tax offset can boost your retirement savings? We're delving into the low-income super tax offset or LISTO, a vital mechanism empowering low-income earners to fortify their retirement savings. Let's start with...
Smooth Departure- Lodge Your Early Tax Return Before Leaving Australia
Are you planning to leave Australia? Ensure a smooth departure by learning how to lodge your tax return early. Eligibility to File an Early Tax Return Are you wondering if you qualify for early lodgement? If you're leaving Australia permanently before the end of the...
Navigating GST Credits with Reliable Accountants
In today's blog, we're demystifying GST credits and exploring when you are allowed to claim GST credits and when you can't claim them. Claiming GST credits isn't always straightforward. To know what conditions you need to meet to claim GST credits and when you are not...
When Can You Claim Your Super Early?
When you want to access your super early, then you may need to meet a few conditions because there are certain circumstances in which you can claim your super early. The circumstances will be discussed in this blog. When Are You Allowed to Claim Your Super Early? You...
The Key Issues and Influences of 2024
Inflation and Labour Supply According to Michelle Bullock, RBA Governor, inflation is going in the right direction but it intends to return to target slightly more slowly than expected. Though there have been positive indications, there is still uncertainty. In the...
How to Avoid Giving the ATO a Bonus this Christmas?
If you don’t want to pay tax on Christmas, then you should read this blog where we’ll discuss a few tips to help you avoid giving the ATO a bonus this festive season. Keep Team Gifts Spontaneous $300 is the minor benefit threshold for FBT so anything at or above this...
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...