Golden Insights
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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...
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...
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...
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...
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...
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: Costs you...
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: Goods and...
Personal Income Tax 101
Understanding the Basics: Personal Income Tax Australian residents pay personal income tax on all forms of income after a tax-free threshold of $18,200. The tax office calculate tax at four different rates according to how much income you earn each year, and the tax...
Capital Gains Tax 101
Understanding the Basics: Capital Gains Tax A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset....
PAYGI and PAYGW: What’s the Difference?
PAYGI and PAYGW: What’s the Difference? Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax...
6 Reasons to Look at Your Financial Reports
6 Reasons Why Every Business Owner Should Review Financial Reports Monthly Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, here are 6 reasons we recommend that you...
Economic Challenges: A Guide for Small Businesses
Adapting to Economic Challenges: A Guide for Small Businesses In light of recent economic developments, we at DJ Grigg Financial want to provide you with the necessary insights and support to navigate these challenging times. Many small businesses are currently facing...