Tax
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. …
Partnership Taxes: Offseting Business Losses In Current Financial Year Partnerships If you are a partner in a partnership, you – as an individual – may offset your share of a partnership loss against your other income, subject to the non-commercial loss rules Income Requirement The non-commercial losses income requirements are applied to the individual partners …
Accounting that takes a proactive approach Tax planning opportunities and challenges are inherent in every transaction. By the time the end of the financial year has arrived, it’s actually too late to make significant changes to your net tax outcome. However, by working with an accountant throughout the year – one who understands your business …
What To Do When You’ve Lost Your TFN Your tax file number (TFN) is a critical piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN is misplaced or forgotten. What are you supposed to do? If you forget your TFN or lose …
Sole Trader Taxes: Offseting Business Losses In Current Financial Year A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity unrelated to your primary source of income. This type of business activity could be a hobby or lifestyle benefit. For sole traders, you need …
Tax Treatment of Common Fringe Benefits As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This …
Working From Home Tax Rules With a new norm surrounding how Australians work (hybrid, remote or office-based), there has been a change in how work-related expenses will be claimed this year during tax season. Where once the expenses and claims that needed to be made during tax return season could be more clearly defined in …
Cryptocurrency and Tax Cryptocurrency is a speculative asset, prone to market fluctuations and public opinion. Using it for investment purposes is not without risk, and those who choose to do so must also consider the tax implications of their investment. Whether you have made a profit or a loss with your crypto, it must be …
Fuel Tax Credits Businesses can claim fuel tax credits to offset fuel tax (excise or customs duty) that’s included in fuel prices for: machinery plant and equipment heavy vehicles light vehicles travelling off public roads or on private roads. The amount depends on the fuel you use, when you acquire it, and what you do …
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