Tax
NDIS Workers and Tax As an independent support worker, you are operating your own business. That means you’re your own boss, which is wonderful, but it also means managing your tax and financial obligations. It’s not the most exciting thing to do, but it’s important to stay on top of it. As a disability support …
MyGov / ATO When it comes to managing your obligations as a business owner, connecting your myGov account with the ATO and Online Services for Business (formerly the “ATO Business Portal”) makes life much easier. Our clients should always set up the following online accounts. As a result, you and your tax agent always have …
Superannuation – What You Need To Know In some circumstances, superannuation contributions can be claimed on your tax return if they are made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions that are paid by your employers directly to …
NDIS Workers and GST Are you working as an NDIS Support Worker? You may need to register for GST sometimes as it is not always NDIS GST Free. We they cover the GST obligations for employees, subcontractors through agencies, and sole traders managing their clients. NDIS is GST-free, right? In general, NDIS contracts are GST-free. …
Student Debt: HECS & HELP Many are concerned about what a 7.1% interest rate increase for balloon HECS & HELP loans this July could mean for their student loan balances. HELP debts are indexed annually to maintain their real value by adjusting them in line with changes in the cost of living as measured by …
ATO: Holiday Home Claims The Australian Taxation Office is warning those with holiday homes to be wary of what they claim (and specifically when for) regarding their properties this year. You may need to be prepared to answer questions such as: How many days was it rented out, and was the rent in line with …
What’s changed in this year’s tax return? The 2022-2023 tax return may look different to your previous returns, but there’s a reason – and it’s probably due to an expiry date. Here are our top three reasons that your tax refund this year might not feel as bountiful as the previous year: Work From Home …
Deductions: Working From Home Working from home expenses can be deducted if you meet the following criteria: incur additional running expenses as a result of working from home be working from home to fulfil your employment duties, not just completing minimal tasks keep records at the time you work to prove you incur the cost. …
Instant Asset Write-Off The Federal Budget has reintroduced the $20,000 Instant Asset Write-Off to benefit small businesses, amidst the myriad of measures announced by the government. The instant asset write-off will return for the 2023-24 financial year (between 1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes …
Fuel Tax Credits Getting Fuel Tax Credits Right: Fuel tax credits are often subject to change, so knowing what you or your business may be able to claim is critical. If you make the wrong claim on your BAS, you could be out of pocket for an avoidable mistake Fuel tax credits provide businesses with …
Keeping Business Tax Records Can I “Guesstimate”? A Business Expense? Not at all. You cannot ‘guesstimate’ an expense. Expenses cannot be claimed without proper documentation that they occurred. By ‘guesstimating’, you may expose yourself to penalties. How Long Do I Have To Hold Receipts For? After you file your tax return, you are generally required …
PAYG Is A Good Thing! Don’t Freak Out (The ATO Is Not Stealing Your Money) As a taxpayer, you may likely have come across the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both. …