Tax

The Instant Asset Write-Off: A Small Business Tax Perk Worth Knowing About

April 11, 2025
Instant Asset Write-Off: A Tax Perk Worth Knowing About | ATO | Accountant | Bayswater

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 …

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FBT Preparation (What You Need To Do Before 31 March)

March 13, 2025
FBT Preparation (What You Need To Do Before 31 March) | ATO | Accountant | Bayswater

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 …

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Is Your Hobby a Business?

March 12, 2025
Is Your Hobby a Business? | Accountants Bayswater | TAS

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, …

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Property Depreciation is the Second Largest Tax Deduction for Property Investors after Capital Gains

November 8, 2024
Property Depreciation | Property Investors | ATO | Accountant | Bayswater

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 …

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Tax Return Basics: Should You Declare Your Spouse’s Income?

October 28, 2024

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 …

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Compromised TFN: What You Need to Know

October 17, 2024
Compromised TFN: What You Need to Know | Accountant | Bayswater

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 …

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Boost Your Refund: How to Claim Tax Deductions for Travel Expenses

October 14, 2024
Boost Your Refund: How to Claim Tax Deductions for Travel Expenses | Accountant | Bayswater

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, …

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Understanding Closely-Held Employees & Small Business STP Reporting

October 2, 2024

Superannuation: Closely-Held Employees Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders.  The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business.  However, small businesses with fewer than …

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What is a Motor Vehicle Logbook?

September 18, 2024
What is a Motor Vehicle Logbook? | Tax Tips | Accountant | Bayswater

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 …

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Superannuation, The Self-Employed & Contractors

September 17, 2024
Superannuation, The Self-Employed & Contractors | TAS | Bayswater

Superannuation: Self-Employed & Contractors If you’re a contractor, freelancer, or self-employed, you’re probably already juggling multiple responsibilities, from managing clients to keeping track of your income. One area that often gets overlooked is superannuation, but it’s crucial to think about your future. Even though you may not have an employer making regular super contributions on …

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Audit Shield 2024

September 11, 2024

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 …

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Spousal Contributions: A Guide To Voluntarily Boosting Super

September 9, 2024
Spousal Contributions: A Guide To Voluntarily Boosting Super | TAS | Bayswater

Superannuation: Spousal Contributions Superannuation is a vital aspect of retirement planning in Australia, ensuring individuals have sufficient savings for their later years. One effective strategy to enhance your family’s overall superannuation balance is through spouse contributions. Spouse contributions involve one partner making voluntary superannuation contributions to their spouse’s super fund. This can be particularly beneficial …

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