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. […]
Tax Tips: Trusts
Tax Tips: Trusts Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. Contrary to popular opinion, a trust is not actually a legal entity; instead, it is a formal relationship between other entities, where one entity holds property for […]
Tax Tips: Self-Managed Super Fund (SMSF)
Tax Tips: Self-Managed Super Fund (SMSF) A self-managed superannuation fund (SMSF) gives you control and flexibility over making investments and preparing for retirement. It’s essential to get your deductions and record keeping right for the SMSF audit process and the tax return, as strict laws govern SMSFs. An SMSF must be set up as a […]
Tax Tips: Small Business
Tax Tips: Small Business Are you claiming all the small business tax deductions that you are entitled to? Common Tax Deductions for Small Business There are many expenses common to most small businesses, and there are other expenses specific to the nature of each industry and the goods or services your business provides. Expenses must […]
Your Accountant: The Mentor You Need for Success
Your Accountant: The Mentor You Didn’t Know You Needed Have you ever thought of your accountant as a mentor? A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by […]