How to Generate Passive Income
How to Generate Passive Income: A Guide for Small Business Owners and Side Hustlers In today’s economic climate, many Australians are looking for ways to diversify their income. For small business owners, generating passive income can provide financial relief and stability, especially during times of fluctuating cash flow. But how exactly do you create a […]
Ultimate Guide to Keeping Vehicle Logbooks
The Ultimate Guide to Keeping Vehicle Logbooks: Maximise Your Tax Deductions If you’re a business owner or an employee in Australia, keeping a vehicle logbook can significantly impact your tax deductions. Whether you’re claiming work-related travel expenses or looking to maximise deductions on your car, a well-maintained logbook is essential for compliance and better returns. […]
Small Business Restructure: Financial Stability & Relief
Small Business Restructure: A Path to Financial Stability and Tax Relief With economic challenges on the rise, small businesses are increasingly considering restructuring options. Whether to protect assets, facilitate growth, or streamline operations, restructuring can provide significant advantages. One crucial aspect to understand is the Small Business Restructure Roll-Over (SBRR), a provision designed to offer […]
Claiming the Tax-Free Threshold Correctly
Claiming the Tax-Free Threshold: Your Guide to Avoiding a Tax Debt As an Australian resident for tax purposes, you have the opportunity to keep more of your income by claiming the tax-free threshold. However, if you don’t manage this correctly, you may find yourself facing an unexpected tax debt. Let’s dive into; what the tax-free […]
Protect Yourself from Tax Fraud Scams
Protect Yourself from Tax Fraud Scams: What You Need to Know As tax season approaches, so do the scammers. These fraudsters are becoming increasingly sophisticated, preying on unsuspecting taxpayers by exploiting their personal data and using clever tricks to steal money. One of the tax fraud scams targeting myGov accounts has left many Australians vulnerable, […]
Lifestyle Assets: Understanding Data-Matching Program
Avoid ATO Scrutiny: Understanding the Lifestyle Assets Data-Matching Program The Australian Taxation Office (ATO) is intensifying its focus on individuals with high-value assets through its Lifestyle Assets Data-Matching Program. Designed to target non-compliance and identify taxpayers who underreport income or omit details of capital gains, this program ensures the ATO keeps a close eye on […]
Time for a Superannuation Check-Up
Time for a Superannuation Check-Up: Is Your Retirement on Track? The new financial year has begun, and with it comes important changes to superannuation from 1 July 2024. These changes make now an ideal time to give your super a check-up. Your superannuation is likely one of the biggest assets you’ll ever have. Regularly checking […]
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 […]