ATO
Property Depreciation is the Second Largest Tax Deduction for Property Investors after Capital Gains
Property Depreciation Did you know that property depreciation is the second largest tax deduction available to property investors, right after interest expenses? While it can significantly boost cash flow and overall returns, many property investors fail to fully take advantage of this valuable deduction. What is Property Depreciation? Property depreciation refers to the natural wear …
Spouse’s Income Relationships come in all shapes and sizes-whether you’re married, in a de facto partnership or happily DINKs (dual income, no kids). While love and tax don’t seem like the most romantic pair, the Australian Taxation Office (ATO) views all relationships equally. So, yes, even your relationship might involve a little tax business, especially …
Compromised TFN? Tax File Numbers (TFNs) are used for tax and superannuation purposes, and are an important part of your Australian identity. Keeping it secure is crucial for managing taxes, applying for jobs, and accessing government services. When it’s compromised, the Australian Taxation Office (ATO) won’t issue a new one. To prevent identity theft and …
Deductions For Business Travel Do you ever travel for work and have to stay overnight? If so, you might be able to claim tax deductions for some of your travel expenses! Accommodation, meals, and even incidental costs can often be tax-deductible if you’re traveling for work purposes. What’s the Catch? As with most tax-related matters, …
Motor Vehicle Logbook Is your car used for work-related duties or to run your business? Keeping a comprehensive record of your car-related overheads is essential if you want to maximize your tax claim. Tax audits can be saved time and money if you maintain an up-to-date, valid car logbook. The question is, what is a …
Tax Audits & Audit Shield What is Audit Shield service? The Audit Shield service provides for the payment of our professional fees otherwise payable by you when incurred as a result of our accounting firm being required to respond, on your behalf, to an audit, inquiry, investigation, review or examination of your lodged returns or …
FBT Record-Keeping New options are being introduced to streamline this process, allowing small businesses more flexibility and efficiency. Let’s dive into these new record-keeping methods and how they can benefit your business. Simplified Record-Keeping Methods The ATO now offers several simplified methods for managing FBT records, aimed at reducing the administrative burden on small businesses. …
Working From Home – Tax Tips In a world where commutes are measured in steps rather than kilometres, working from home has become the new norm (be it as a hybrid role or full-time). How Do I Know If I’m Eligible To Claim? To claim a deduction, you must: Be working from home to fulfilyour …
Do you employ contractors in your business? As a business owner, paying contractors to provide services is a common practice. However, it’s essential to understand your obligations to ensure compliance with Australian Taxation Office (ATO) regulations. Here’s a guide to help you navigate the requirements and avoid potential pitfalls. Distinguishing Employees from Contractors First, it’s …
Division 7A Imagine having a vault of company assets at your disposal, but every time you reach for the key, you’re met with a complex web of tax regulations. The Australian Taxation Office (ATO) has specific guidelines and regulations to prevent accidental (or intentional) misuse and ensure compliance. Let’s examine what needs to be done …
Not-for-Profit Sporting Tax Exemption Starting from the previous financial year (2023-24), not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income tax exemption status. It’s time to ensure that, if this applies to you, you are aware of …
Family Trusts A family trust is simple but has complex implications for business and tax. This guide explains what a family trust is and how it can benefit you. A family trust is a legal arrangement where a trustee manages assets for a group of beneficiaries. Unlike companies or partnerships, a family trust is a …