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...
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....
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...
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...
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...
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....
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...
Today’s blog will outline some essential deductions for Australian income investment and frank distributions. If your trust received a dividend from a LIC directly and it included the LIC capital gain amount, you are allowed to claim a deduction of 50% of the LIC...
Have you owned a property in Australia, and are you wondering about your eligibility for this exemption? If yes, you must read this blog. Continue reading this blog to know the conditions and eligibility requirements to check if you qualify for the main residence...
Parliament sits between July 31, 2023, and August 10, 2023. Simplifying Fuel & Alcool Excise Compliance Amongst other things, the Treasury Laws Amendment Bill 2023 introduces the 2022-23 Budget measures to simplify fuel and alcohol excise compliance. The Bill was...