Monthly Archives: December 2023

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Facing Tax Troubles? Here’s What You Need to Know

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Introduction: Dealing with taxes can be tricky for businesses, especially with the Australian Taxation Office (ATO) taking a tougher stance on collecting unpaid debts. Let’s break down some important points, potential issues, and solutions for businesses in tax challenges. 1. Handling Money Responsibly: Businesses often owe money through withheld funds, like employee taxes and superannuation. … Continue reading Facing Tax Troubles? Here’s What You Need to Know →

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Balancing Two Homes For Tax Benefits

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Introduction: Capital Gains Tax (CGT) can be a maze of rules and exceptions, especially when claiming exemptions for main residences. In this blog post, we’ll unravel the intricacies of CGT exemptions, exploring scenarios where individuals might find themselves juggling two main residences and the exceptions that come into play. The Six-Month Overlap: One common scenario … Continue reading Balancing Two Homes For Tax Benefits →

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ATO’s Latest Values for Private Use of Trading Stock

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Introduction: Business owners often use their trading stock for personal purposes, a common practice across various industries like butcheries, bakeries, cafes, and corner stores. To guide businesses, the Australian Taxation Office (ATO) has released 2023-24 income year values for goods taken from trading stock for private use. Understanding the Basis: The ATO determines these values … Continue reading ATO’s Latest Values for Private Use of Trading Stock →

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Tax Troubles: What to Do When Records Go Missing

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Introduction: We’ve all been there—rummaging through drawers, scouring folders, and frantically searching computer files, only to realise that our tax records are nowhere to be found. Whether it’s due to a move, a technological mishap, or the unfortunate aftermath of a natural disaster, the panic that sets in is undeniable. But fear not, for there … Continue reading Tax Troubles: What to Do When Records Go Missing →

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The Ultimate Super Gift for Yourself this Christmas

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Introduction: The holiday season is upon us, and while gifts under the tree are delightful, have you considered giving yourself a gift that keeps on giving? Picture this: a super gift that not only doesn’t cost a thing but sets the stage for a financially secure future. Intrigued? Let’s talk about the ultimate super gift … Continue reading The Ultimate Super Gift for Yourself this Christmas →

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When Selling Your Family Vacation Home, How to Deal with Capital Gains Tax

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Introduction: Selling a family holiday home can be a bittersweet decision, filled with considerations beyond just parting with property. One crucial aspect that often requires careful thought is the Capital Gains Tax (CGT) implications associated with such a sale. In this blog, we’ll explore some key considerations and rules surrounding CGT when selling a holiday … Continue reading When Selling Your Family Vacation Home, How to Deal with Capital Gains Tax →

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Planning for the Future

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Introduction: As we celebrate my one-year birthday, let’s delve into a crucial topic for everyone, especially as we age: planning for cognitive decline. In Australia, dementia is the second leading cause of death, and it’s essential to be prepared for a time when you may not have the capacity to make important legal or medical … Continue reading Planning for the Future →