If you’ve made a major investment in the last financial year, any income made from it will need to be included on your tax return. Any income earned from investments and asses must be declared in your tax return. This may include amounts from interest, dividends, rental income, managed investment trust credits, crypto assets and…
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 (1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes and it costs…
As a taxpayer, you may have encountered 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. Both are amounts by which your tax bill can be offset at the end of the financial…
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 it, this can be a significant issue. A…
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 terms of business or pleasure,…
Get a gym membership, start a diet, drink less, and travel more. Every year we make plenty of new year’s resolutions that we try valiantly to uphold. Why not make one about keeping on top of your tax obligations in 2023? Are You In Business? Know if you’re in business or not! Are you earning…
Have you recently purchased life insurance? The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that individuals and businesses alike seek assistance from accountants. The deductibility of premiums and treatment of claims payouts can be a complex, nuanced topic. The opportunities and…
Australians can experience a range of natural disasters, such as floods, bushfires, tropical cyclones, severe storms and even earthquakes. These events can cause devastation to communities and financial hardship for individuals and businesses. While FBT may not be at the forefront of your mind when helping your employees after an emergency, it can result in…
At the end of the year, you may look for extrinsic ways to thank your hardworking employees or faithful customers/clients. A work Christmas/end-of-year party may be a method employed by many businesses to demonstrate their gratitude towards staff, but the expense can be a deciding factor. Christmas/holiday parties are regarded as “entertainment” expenditures, which means…
Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from the due date of the earliest activity statement in which you could have claimed it. GST refunds are claimed under the indirect tax concession scheme…