Tax

Millenial & Gen Z – Preparing For The Future With Superannuation

May 15, 2024
Millenial & Gen Z Superannuation | TAS | Bayswater

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 …

Read more

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 …

Read more

What Contributions Can Be Made To Superannuation Funds?

May 1, 2024
What Contributions Can Be Made To Superannuation Funds? | TAS | Bayswater

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 …

Read more

What Is The Small Business Superannuation Clearing House

April 24, 2024
Small Business Superannuation Clearing House | TAS | Bayswater

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

$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 …

Read more

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 …

Read more

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 …

Read more