Self-Managed Super Fund: What you Need to Know.
Taking Control of Your Retirement: Understanding Self-Managed Super Funds When it comes to securing your financial future, planning for retirement is crucial. Many Australians rely on traditional superannuation funds to manage their retirement savings, but some prefer a more hands-on approach. A Self-Managed Super Fund (SMSF) allows individuals to have greater control over their retirement […]
Motor Vehicle Expenses: Choosing the Right Method
Maximise Your Tax Deductions: Choosing the Right Method for Claiming Motor Vehicle Expenses When it comes to claiming motor vehicle expenses on your taxes, choosing the right method is crucial for ATO compliance and maximising your deductions. Are you a company, trust, or sole trader? Understanding the available methods for your business and their requirements […]
Changes to How Tax Practitioners Work with Clients
Navigating New Horizons: Changes to How Tax Practitioners Work with Clients The landscape of tax advice and compliance in Australia is undergoing significant change. The Government has introduced new legislation that impacts how tax practitioners engage with their clients. This follows revelations of unethical behaviour within the industry. These changes are designed to protect the […]
Is Your Family Home Really Tax-Free?
Understanding the Main Residence Exemption and Capital Gains Tax As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home.” This sentiment resonates deeply with many Australians. But when it comes to taxes, the distinction between a house and a home can have significant financial implications. The main residence […]
ATO Reminders: Essential for Small Businesses
Stay Ahead: Essential ATO Reminders for Small Businesses As we have passed the end of the financial year, small business owners must prepare for their tax return lodgement. The ATO has issued several reminders to help small businesses ensure compliance and maximise their eligible deductions. This article provides a comprehensive guide to these reminders, offering […]
Rental Property Owners: ATO Tax Crackdown
ATO Crackdown: Rental Property Owners & Tax Returns As we are now past the end of financial year, rental property owners must be more vigilant than ever in ensuring their tax returns are accurate and compliant. The ATO continues to focus on inflated claims to offset increases in rental income, with many property owners still […]
Claiming Working from Home Expenses: ATO Crackdown
ATO Crackdown: Claiming Working from Home Related Expenses Correctly With the ATO intensifying its scrutiny on incorrectly claimed work-related expenses, particularly for those working from home, it’s crucial to understand the right way to claim deductions. As tax time 2024 is here, taxpayers must ensure they are accurately identifying and claiming work-related expenses to avoid […]
How to Spot Tax Scams and Stay Safe
Stay Safe This Tax Season: Guard Against Rising Tax Scams As tax season approaches, business owners and employees alike need to be vigilant against a rising tide of tax time scams. Despite the proactive measures taken by the Australian Taxation Office (ATO) and the National Anti-Scam Centre (NASC), fraudsters continue to find new ways to […]
Business Asset Depreciation 101
Understanding the Basics: Business Asset Depreciation Business asset depreciation is what happens when business assets lose value over time. It’s an often-forgotten cost of doing business – but it shouldn’t be. Here’s why depreciation is so important: The ins and outs of business asset depreciation Usually, only long-term or fixed assets can be depreciated, while […]
Business Taxes 101
Understanding the Basics: Business Taxes When running a business, it’s essential to understand the different types of taxes that apply. Depending on your business structure, you may be required to pay a variety of taxes. The most common taxes include: In addition to these, your business might also encounter: Taxes Paid on the Business Activity […]