What are the top 5 forgotten deductions on individual tax returns? – That is, deductions people can claim, but often forget or don’t know about. Tax agent fees are also a tax deduction Surprisingly, our accountants agreed that tax agent fees are the most regularly forgotten tax deductions each year. According to the ATO’s guidelines, … Continue reading Top 5 overlooked tax deductions
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
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
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
Superannuation accounting in Australia refers to the financial reporting and management of superannuation funds, which are retirement savings funds established under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and regulated by the Australian Prudential Regulation Authority (APRA). Here are some key aspects of superannuation accounting in Australia: Financial Statements: Superannuation funds are required to prepare … Continue reading Superannuation: Secure Retirement or Navigating Complexity?
Carbon accounting in Australia refers to the process of quantifying and reporting greenhouse gas (GHG) emissions and removals by individuals, organizations, or the country as a whole. It is a critical component of measuring and managing the carbon footprint and progress toward achieving emissions reduction targets. Australia has implemented various carbon accounting systems and mechanisms … Continue reading Carbon Accounting: Tool for Measuring and Managing GHG Emissions
For enterprises in Australia, Business Activity Statements (BAS) is an essential component of tax compliance. Every business owner needs to understand the fundamentals of BAS to ensure correct reporting and compliance with the Australian Taxation Office (ATO). We will give a general introduction to BAS in this blog, outlining its goal, major elements, and significant … Continue reading Overview of BAS in Australia
To meet your tax requirements in Australia, you need to file a Business Activity Statement (BAS) accurately and quickly. However, companies often make mistakes when submitting BAS. Here are some common mistakes to watch out for when filling out the BAS to avoid these pitfalls: Incorrect reporting of sales and expenses Incorrect reporting of sales … Continue reading Common Errors to Avoid When Filing Your BAS in Australia
Filing your individual tax return can seem like a daunting task, but did you know that there are a number of tax deductions available that you may not be aware of? These hidden opportunities can potentially save you money and reduce your tax liability. In this blog, we’ll explore some lesser-known tax deductions that you … Continue reading Uncovering Hidden Opportunities on Your Individual Tax Return
In light of the changing work environment caused by the pandemic, many individuals have found themselves working from the comfort of their homes. This shift has prompted the Australian Taxation Office (ATO) to place a special focus on ensuring that taxpayers are well-informed about changes to the application of work-related entitlements. In this blog post, … Continue reading Navigating the ATO’s Guidelines: Working from Home Deductions
