ATO
Tax – NDIS Self-managing your National Disability Insurance Scheme (NDIS) budget can give you more control and flexibility. However, it also comes with important tax responsibilities – especially if you’re hiring support workers directly or receiving NDIS funding as a participant, nominee, or plan manager. Understanding your tax obligations can help you stay compliant and …
Instant Asset Write-Off Extended Initially absent from the 2025-26 Federal Budget, the $20,000 Instant Asset Write-Off has now been officially extended for another 12 months – through to 30 June 2025. This backflip from the Government came after mounting pressure from independents and other parties, who are also pushing to increase the threshold or make …
Proactive Tax Planning As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time. EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial …
Claiming Expenses Incurred As A Result Of Natural Disasters. What to be aware of. Natural disasters can cause significant damage to rental properties and business premises, leading to costly repairs and financial uncertainty. If you own a rental property or business premises that has been impacted, it’s important to understand what expenses you can claim …
Instant Asset Write-Off If you’re running a small business in Australia, you’ve probably heard the term “instant asset write-off” tossed around-especially come tax time, and more recently in the news. But what is it? And how can it benefit your business? What is the Instant Asset Write-Off? The instant asset write-off (IAWO) is a handy tax rule …
Division 293 Tax Division 293 tax is an additional tax on concessional superannuation contributions for high-income earners in Australia. It is applied at a rate of 15% on certain super contributions when an individual’s combined income and concessional contributions exceed $250,000 in a financial year. This tax effectively reduces the tax concession available to higher-income …
Fringe Benefits Tax As 31 March approaches, businesses need to prepare for their Fringe Benefits Tax (FBT) obligations to ensure compliance with the Australian Taxation Office (ATO). The FBT year runs from 1 April to 31 March, and preparing ahead of time can help businesses avoid costly mistakes, reduce their FBT liability, and ensure all required records are …
Hobby vs Business A hobby is an activity you enjoy in your free time-whether for relaxation, skill-building, or pure enjoyment. However, what starts as a passion project can evolve into a business as you grow. Hobbies That Can Become Businesses Many hobbies have the potential to generate income, such as: Creative pursuits – photography, painting, …
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, …