Keep Good Tax Records These days, the ATO is asking a lot of questions about tax deductions. But that doesn’t mean you can’t pay less tax. You can still get a really good refund if you just keep ALL your receipts and records for every deductible expense throughout the year. That way you have a … Continue reading 10 Easy Ways to Pay Less Tax
Deciding whether a self-managed super fund (SMSF) is right for you depends on several factors and your individual financial circumstances. While SMSFs offer certain advantages, they also come with responsibilities and considerations. Here are some points to consider when assessing whether an SMSF is suitable for you: 1. Control and flexibility: With an SMSF, you … Continue reading SMSF: Weighing the Pros and Cons of Self-Managed Super Funds
In Australia, individuals can claim certain expenses as deductions on their tax returns, provided they meet the eligibility criteria set by the ATO. Here are some common deductions that individuals may be able to claim: Work-related expenses: You may be able to claim deductions for expenses incurred while performing your job, such as uniforms, work-related … Continue reading Unlocking Tax Savings: The Categories of Eligible Deductions
Negative gearing is one of the most misunderstood concepts in income tax and is something commonly said in the media without any real explanation. Simply, gearing is “borrowing to invest”. It allows you to invest more than what you currently have, which then means you gain more profit if it’s successful. Conversely, it will mean … Continue reading Exploring Investment Strategies: Negative vs. Positive Gearing
Deciding whether to hire an employee or a contractor in Australia depends on various factors and considerations. It’s important to note that I can provide general guidance, but it’s always recommended to consult with a legal or tax professional who can provide personalized advice based on your specific circumstances. That being said, here are some … Continue reading Employee or Contractor? Deciding the Right Work Arrangement
The Australian Business Number (ABN) is a unique 11-digit identifier assigned to businesses in Australia. It was introduced by the Australian government to streamline business dealings and interactions with various government departments and agencies. The ABN is used for various purposes, including taxation, business registration, and identification. The ABN serves as a single identification number … Continue reading Demystifying ABNs: Do You Need One?
Choosing the right accountant in Australia is an important decision for your business or personal finances. Here are some key factors to consider when selecting an accountant: Qualifications and Credentials: Look for a qualified accountant who holds relevant certifications such as Certified Practising Accountant (CPA) or Chartered Accountant (CA). These designations indicate that the accountant has … Continue reading Finding the Perfect Fit: Choosing an Accountant
It is generally preferred to have a receipt or other valid documentation to support your expense claims. The Australian Taxation Office (ATO) advises that you should keep records such as receipts, invoices, and bank statements to substantiate your claims for deductions or expenses. While there are certain circumstances where the ATO may accept alternative forms … Continue reading Deductions: Claiming Tax Breaks Without Receipts in Australia!
Franking credits, also known as imputation credits, are a unique feature of the tax system in some countries, notably Australia. They are associated with dividend payments made by companies to their shareholders. In Australia, when a company earns profits, it is required to pay corporate tax on those profits. If the company distributes a portion … Continue reading Unpacking the Importance of Franking Credits
Indigenous corporations play a vital role in promoting economic development and preserving cultural heritage within Indigenous communities. These corporations often operate in unique contexts and face specific challenges that require specialized accounting practices. In this article, we will explore the importance of accounting for Indigenous corporations, the unique considerations they face, and the ways in … Continue reading Indigenous Corporation Accounting: Balancing Culture and Finance
