Trust Tax Return Compliance: A Guide

May 13, 2024
Trust Tax Return Compliance: A Guide | ATO | Accountant | Bayswater

Trust Tax Returns Managing a trust comes with its share of responsibilities, especially regarding tax compliance. To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with …

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Understanding Fringe Benefits Tax (FBT)

April 17, 2024
Understanding Fringe Benefits Tax (FBT) | ATO | Accountant | Bayswater

Understanding Fringe Benefits Tax (FBT) And What It Covers For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on …

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2024 Working From Home – The methods you can use!

April 17, 2024
Working From Home Expenses | ATO | Accountant | Bayswater

No More Shortcuts: The Methods You Can Use To Claim WFH Expenses Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If …

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Why a proactive accountant is your business’s superhero

February 21, 2024
Business Superhero | ATO | Accountant | Bayswater

Business Super Heroes Navigating through uncertain times while operating reactively can be a dangerous game for small businesses. But fear not! A proactive partnership with your accountant could be the game-changer your SME needs to thrive amidst the chaos. Breaking free from the reactivity trap Small and medium-sized enterprises (SMEs) are grappling with a myriad …

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Unlocking the Mysteries of Stage 3 Tax Cuts

February 9, 2024
Understanding Stage 3 Tax Cuts | ATO | Accountant | Bayswater

Stage 3 Tax Cuts Diving into the details of the upcoming Stage 3 tax cuts is essential for every Aussie taxpayer. These cuts aim to streamline the tax system and offer relief from the dreaded bracket creep. Here’s the lowdown on the proposed changes slated for the 2024-25 income year. Understanding the Shift: Initially, Stage …

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Non-Assessable Non-Exempt (NANE) Income

February 7, 2024
Non-Assessable Non-Exempt (NANE) Income | ATO | Accountant | Bayswater

Understanding Non-Assessable Non-Exempt (NANE) Income Through Disaster Grants The recent spate of extreme weather events during the summer in various parts of Australia has presented unprecedented challenges for small businesses. As a result, the pressing concerns they face may not necessarily revolve around their tax obligations. However, amidst these trying times, it is crucial for …

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$20,000 Asset Write-Off

February 1, 2024

$20,000 Asset Write-Off Small businesses with an annual turnover of less than $2 million can claim an immediate deduction for assets they start to use or have installed ready for use, provided each depreciable asset costs less than $20,000. Assets which cost $20,000 or more, and cannot be immediately deducted under other provisions, are deducted …

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Holiday Home Deductions: What you need to know.

December 6, 2023
Holiday Home Deductions’ What you need to know. | ATO | Accountant | Bayswater

Unlocking the Secrets of Deductions: A Holiday Home Owners’ Essential Checklist It’s essential for property owners to understand the intricacies of deductions associated with their cherished holiday retreats. However, as the holiday season approaches, they may find that their holiday retreats become a valuable source of income. To ensure you make the most of your …

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Claiming Motor Vehicle Expenses On Your Tax Return

November 14, 2023
Claiming Motor Vehicle Expenses On Your Tax Return | Accountants Bayswater | TAS

Claiming Vehicle Expenses As a business owner, one of the perks is the ability to claim tax deductions for expenses related to motor vehicles used in your business operations. This includes cars and certain other vehicles that play a role in running your business smoothly. The good news is that claiming motor vehicle expenses can …

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Property Depreciation

November 10, 2023
Property Depreciation | ATO | Accountant | Bayswater

Property Depreciation as a Tax Deduction A property’s depreciation is the natural wear and tear that occurs over time to its assets. Depreciation can be claimed as a tax deduction by owners of income-producing properties. Tax deductions for depreciation can be claimed for up to forty years, making it the second largest tax deduction available …

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Why Are My “Connections” Important To Know During Tax Season?

October 27, 2023

Entities Connected to You In the realm of tax law, a critical concept revolves around understanding the notion of “entities connected with you.” This concept serves as a linchpin in several aspects of taxation, from determining one’s status as a Small Business Entity to ascertaining the value of assets when seeking eligibility for Small Business …

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Providing Affordable Housing? You Could Be Eligible For A CGT Discount

October 25, 2023

Tax Audits An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT discount …

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