Individuals who are not familiar with tax deductions and tax offsets might use these terms interchangeably. However, both work in different ways, so it’s essential to understand the difference between the two terms to make better decisions about your tax planning. ...

When should you declare investment income? You are liable to declare income you receive from investments and assets in your tax return. Investment income may include amounts from dividends, interest, managed investment trust, rental income, capital gains, and crypto...

Table of Content: Check progress of tax return How long does a tax return take in Australia? Why is my tax return taking so long? Check ATO tax return status What does balancing account mean? (in progress balancing account) What comes after balancing account ATO?...

Your Income and the Tax-Free Threshold You may receive income from one or more payers simultaneously. Payers include government agencies, employers, or your work as a sole trader. You can claim or not claim the tax-free threshold ($18,200) on the income you receive....

Government entities and businesses making payments to contractors are required to report these payments and file a Taxable Payments Annual Report (TPAR). Contractors can include consultants, subcontractors, and independent contractors. They can work as sole traders,...

Obligations for PRRT Entities Under the petroleum resource rent tax, an entity may have a lodgment, reporting, and payment obligation with an interest in a petroleum project. For instance, an entity is required to file quarterly instalment statements and an annual...

If you run your business in Australia, you may need to apply for an Australian Business Number (ABN), a Tax File Number (TFN), and register for other taxes. You may have to register for goods and services tax and other taxes based on the type of business you are...

What is a tax-free threshold? The tax-free threshold refers to the income amount you earn before paying tax. Most Australian residents are liable to claim a tax-free threshold on the first $18,200 of the income they earn in the income year. By claiming the tax-free...

In this blog, we’ll discuss how you can claim running and occupancy expenses for the business use area of your home as a sole trader or partnership.  Work out if your home has a ‘place of business’  You can claim the business portion of your running expenses and...

One of the most crucial but challenging tasks of being a small business owner is staying on top of the business’s tax obligations. While most entrepreneurs in Melbourne seek help from the most trusted accounting firm Port Melbourne to manage their tax matters, it’s...