Succession Planning: Passing Down Your Business
Succession: Are You Planning on Passing Down Your Business? What’s the Future Plan for Your Business? Ensuring your business continues smoothly even when you’re not in charge is more important than you might think. It’s not just something you see on TV or in stories about wealthy families – it’s about ensuring your business keeps […]
Tax Refund Smaller Than Expected?
Why is My Tax Refund Smaller Than Expected? When it comes to taxes, there’s something called a “tax refund” that many Australians look forward to. It’s like a reward for paying taxes throughout the year. But recently, the size of these refunds has decreased for some people. Let’s find out why your tax refund might […]
Amending Tax Return: Tips to Avoid Costly Mistakes
Avoiding Costly Mistakes: Tips for Successfully Amending Your Tax Return Looking at amending your tax return in Australia? Avoiding costly mistakes is crucial to ensure a smooth process and maximise your financial benefits. With ever-changing tax laws and regulations, it’s not uncommon for individuals and businesses to make errors on their initial tax filings. However, […]
Understanding Delays in Your Tax Return Process
The Waiting Game: Understanding the Delays in Your Tax Return Are you tired of playing the waiting game when it comes to your tax return? We’ve all been there – eagerly anticipating that much-needed refund or dreading the possibility of owing money to the taxman. But why does it take so long for the Australian […]
Capital Gains Tax: Maximise Profits, Minimise Liabilities
Demystifying Capital Gains Tax: How to Maximise Profits and Minimise Liabilities Are you ready to unlock the secrets of capital gains tax and take control of your financial future? Whether you’re a seasoned investor or just starting your journey into the world of finance, understanding how capital gains tax works is crucial for maximising your […]
Self-Care and Business: Balancing Work and Well-being
The Power of Self-Care: Balancing Business and Personal Well-being In today’s fast-paced and demanding world, finding the balance between running a successful business and taking care of our personal well-being can often feel like an impossible task. With deadlines to meet, meetings to attend, and a never-ending to-do list, it’s easy to neglect our own […]
Benefits of E-Invoicing: Why Make the Transition?
The Benefits of E-Invoicing: Why Make the Transition? As a small business owner, you may hesitate to embrace digital accounting software like e-invoicing. The idea of new costs, staff training, and potential security risks can be overwhelming. However, your accountant or bookkeeper is uniquely positioned to guide you through this transition, so let us now […]
Working From Home: The Actual Cost Method
Working From Home: The Actual Cost Method The Actual Cost Method is one of the two methods available to taxpayers to claim their work from home expenses. According to the ATO, under this method, you can claim the actual expenses you incurred for items like phone, internet, and electricity while working from home. You must […]
Tax Tips: Property Investors
Tax Tips: Property Investors Property investors, now is the time to gather your records and review your expenses for the 2023 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more efficient. You […]
ATO’s Crackdown on Property Investors
ATO’s Crackdown on Property Investors The ATO has announced the commencement of a data-matching program for property investors. This is in order to acquire residential investment property loan data from authorised financial institutions. Sample audits conducted under the ATO random enquiry program, indicated a net tax gap of $9 billion for the 2019–20 income year. […]