Avoiding Costly Mistakes: Tips for Successfully Amending Your Tax Return
Looking at amending your tax return in Australia? Avoiding costly mistakes is crucial to ensure a smooth process and maximize your financial benefits. With ever-changing tax laws and regulations, it’s not uncommon for individuals and businesses to make errors on their initial tax filings. However, the good news is that rectifying these mistakes is possible […]
The Waiting Game: Understanding the Delays in Your Tax Return
Are you tired of playing the waiting game when it comes to your tax return? We’ve all been there – eagerly anticipating that much-needed refund or dreading the possibility of owing money to the taxman. But why does it take so long for the Australian Tax Office (ATO) to process and issue returns? In this […]
Demystifying Capital Gains Tax: How to Maximise Profits and Minimise Liabilities
Are you ready to unlock the secrets of capital gains tax and take control of your financial future? Whether you’re a seasoned investor or just starting your journey into the world of finance, understanding how capital gains tax works is crucial for maximising your profits and minimising your liabilities. In this comprehensive guide, we will […]
The Power of Self-Care: Balancing Business and Personal Well-being
In today’s fast-paced and demanding world, finding the balance between running a successful business and taking care of our personal well-being can often feel like an impossible task. With deadlines to meet, meetings to attend, and a never-ending to-do list, it’s easy to neglect our own self-care. However, it’s important to recognise that our personal […]
The Benefits of E-Invoicing: Why Make the Transition?
As a small business owner, you may hesitate to embrace digital accounting software like e-invoicing. The idea of new costs, staff training, and potential security risks can be overwhelming. However, your accountant or bookkeeper is uniquely positioned to guide you through this transition, so let us now highlight some benefits of e-Invoicing that will make […]
Working From Home: The Actual Cost Method
The Actual Cost Method is one of the two methods available to taxpayers to claim their work from home expenses. According to the ATO, under this method, you can claim the actual expenses you incurred for items like phone, internet, and electricity while working from home. You must keep records to show you incur expenses […]
Tax Tips 2023: Property Investors
Property investors, now is the time to gather your records and review your expenses for the 2023 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more efficient. You will need statements or […]
ATO’s Crackdown on Property Investors
The ATO has announced the commencement of a data-matching program for property investors. This is in order to acquire residential investment property loan data from authorised financial institutions. Sample audits conducted under the ATO random enquiry program, indicated a net tax gap of $9 billion for the 2019–20 income year. This was attributable to incorrect […]
Tax Tips 2023: Trusts
Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. Contrary to popular opinion, a trust is not actually a legal entity; instead, it is a formal relationship between other entities, where one entity holds property for the benefit of […]
Tax Tips 2023: Self-Managed Super Fund (SMSF)
A self-managed superannuation fund (SMSF) gives you control and flexibility over making investments and preparing for retirement. It’s essential to get your deductions and record keeping right for the SMSF audit process and the tax return, as strict laws govern SMSFs. An SMSF must be set up as a trust and have a legal document […]