Tax
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 …
Business Tax Savings When preparing your business tax return, you want to take advantage of every opportunity to maximize your hard-earned dollars. However, it’s not always easy to know how to do that. We’ve put together this guide to help you with the exact strategies we’ve used for thousands of businesses to maximize their tax …
What You Need To Know Save this PDF for Future Reference What is a Motor Vehicle Logbook and why is it important? Do you use your car for work-related tasks or for your business? If so, it’s important to keep a thorough record of your car-related expenses to maximise your tax deductions. Maintaining an accurate …
Superannuation Before The EOFY for the Self-Employed As the End of Financial Year (EOFY) approaches, self-employed individuals have a unique opportunity to bolster their retirement savings and take advantage of significant tax benefits. While the self-employed may not have the automatic superannuation contributions that employees receive, proactive planning and strategic contributions can yield substantial long-term …
What You Need To Know Save this PDF for Future Reference There are three rental expense categories, those for which you: Can claim a deduction in the income year you incur the expense, for example, interest on loans, council rates, repairs and maintenance, and depreciating assets costing $300 or less. Can claim deductions over multiple …
Superannuation Clearing House As the End of the Financial Year (EOFY) approaches, it’s crucial for employers and self-employed individuals to ensure their superannuation contributions are processed efficiently and on time. Utilising a superannuation clearing house can streamline this process, ensuring compliance and maximising the benefits of super contributions. Here’s a comprehensive guide on why and …
Super for Millenials & Gen Z Millennials and Gen Z are facing some of the most difficult challenges when it comes to financial priorities. Between paying off HECS debts/HELP loans and saving for a first home, these immediate concerns often overshadow long-term goals like retirement planning. In the midst of these immediate concerns, it’s easy …
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 …
Superannuation Contributions As retirement looms, ensuring a comfortable and secure future becomes a top priority for many individuals. One essential aspect of this preparation is maximising superannuation contributions. With the right strategies, you can harness the power of compounding interest and investment growth to build a substantial nest egg in your superannuation for your golden …
Superannuation Clearing House (SBSCH) For small businesses in Australia, managing superannuation payments for employees can be a time-consuming and complex task. Super guarantee payments must be made quarterly, with the next due date being the 28 April. However, the Australian Taxation Office (ATO) offers a solution in the form of the Small Business Superannuation Clearing …
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 …
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 …