Tag Archives: ATO

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Choosing and Managing Your Superannuation

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Introduction: Understanding and effectively managing your superannuation is crucial for securing a comfortable retirement. This guide provides a comprehensive overview of key considerations when choosing a super fund, how to communicate your choice to your employer, eligibility criteria, types of funds available, stapled super funds, nominating beneficiaries, and utilizing ATO online services. Overview Choosing the … Continue reading Choosing and Managing Your Superannuation →

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Small Businesses Dealing with Taxes

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Introduction: Running a business comes with responsibilities, and one big one is paying taxes on time. But, sometimes, small businesses face money challenges. In those times, making a plan to pay taxes over time can be a smart move. Let’s talk about when and how small businesses should think about making a tax payment plan … Continue reading Small Businesses Dealing with Taxes →

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How to Claim Your Own Home Office Expenses

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Introduction: Working from home has its perks, and one of them is the chance to get some money back through tax deductions. In this blog, we’ll break down who can claim these deductions, what expenses count, and the easy ways to figure it all out. Let’s make sure you’re not missing out on extra cash! … Continue reading How to Claim Your Own Home Office Expenses →

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A Guide to Keeping Impeccable Investment Records

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Introduction: Investing wisely is not only about making sound financial decisions but also about maintaining meticulous records. Keeping accurate and organised records of your investments is crucial for reporting income, claiming deductions, and ensuring compliance with tax regulations. In this blog post, we’ll explore the essential records you should maintain, why they are important, and … Continue reading A Guide to Keeping Impeccable Investment Records →

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A Comprehensive Guide for Australians Moving Abroad or Coming to Australia

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Introduction Embarking on a journey to live, study, or holiday in Australia, or considering a move overseas, comes with not only exciting prospects but also important considerations regarding tax residency. Understanding how your residency status impacts the tax you pay is crucial to ensure compliance with Australian tax laws. In this blog post, we will … Continue reading A Comprehensive Guide for Australians Moving Abroad or Coming to Australia →

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Tax Benefits for Early Investments in Australian Startups

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Introduction: In the world of Australian innovation, the government has rolled out special perks to encourage support for early-stage companies. One key guide in this journey is Taxation Determination TD 2023/6. This document helps investors understand what costs count when deciding if a company qualifies as an Early Stage Innovation Company (ESIC). Let’s break down … Continue reading Tax Benefits for Early Investments in Australian Startups →

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Your Simple Guide to Declaring Income on Your Taxes

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Introduction: Understanding which income to tell the taxman about can feel like finding your way through a maze. In this blog, we’ll break down the different types of income you might have and make it easier to report them correctly on your tax return. Money from Work: Your job is where you get your main … Continue reading Your Simple Guide to Declaring Income on Your Taxes →

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Franking Credits: A Simple Guide for Tax-Exempt Groups

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Introduction: Franking credits can be a helpful perk in Australia’s tax system, lowering taxes on dividends for shareholders. But tax-exempt groups need to be careful not to lose out on franking credit refunds. In this blog post, let’s break down the tricky part of the law, subparagraph 207-122(b)(i) of the Income Tax Assessment Act 1997 … Continue reading Franking Credits: A Simple Guide for Tax-Exempt Groups →

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Latest Guidance on Research and Development (R&D) Claims

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Introduction: Let’s talk about recent updates from the Australian Taxation Office (ATO) regarding Research and Development (R&D) tax incentives. They’ve raised concerns about businesses claiming these incentives in ways that might not be fair or right. Two new alerts, TA 2023/4 and TA 2023/5, highlight specific issues—let’s break them down in simpler terms. Taxpayer Alert … Continue reading Latest Guidance on Research and Development (R&D) Claims →

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The new DGR endorsement measures take effect on January 1, 2024

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Introduction: As we usher in the new year, 2024 brings about a significant change in the Deductible Gift Recipient (DGR) landscape in Australia. The Australian Taxation Office (ATO) is set to take on the administrative reins of four unique DGR categories, promising a more streamlined and efficient process for not-for-profit (NFP) organisations seeking endorsement. In … Continue reading The new DGR endorsement measures take effect on January 1, 2024 →