Tag Archives: Finance

Making Sense of Taxes on Money You Get Back from Your Bank

Introduction: In a perfect world, banks would always do right by us, giving good advice and being transparent. But sometimes, they mess up. When this happens, regulators step in to fix things and compensate those who get hurt. If you find yourself getting money back from your bank, you might wonder if you have to … Continue reading Making Sense of Taxes on Money You Get Back from Your Bank

Income Tax Exemptions for Not-for-Profit Organisations

Introduction: In the dynamic landscape of not-for-profit (NFP) organisations, understanding the intricacies of income tax exemptions is crucial for financial sustainability. This blog aims to shed light on the factors that determine whether your NFP is exempt from income tax, the various types of exempt organisations, and the steps involved in assessing your eligibility. Determining … Continue reading Income Tax Exemptions for Not-for-Profit Organisations

The Secrets of Managed Investment Trusts

Introduction: Investing in managed investment trusts can be a smart financial move, but understanding the tax implications is crucial. This blog will guide you through the complexities of managed investment trusts, covering topics such as trust income, losses, deductions, and capital gains. Let’s unravel the mysteries surrounding these financial instruments. Types of Managed Investment Trusts … Continue reading The Secrets of Managed Investment Trusts

A Guide to Keeping Impeccable Investment Records

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

Tax Benefits for Early Investments in Australian Startups

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

Your Simple Guide to Declaring Income on Your Taxes

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

Franking Credits: A Simple Guide for Tax-Exempt Groups

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

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

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

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

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

Tax Landscape of Superannuation Death Benefits

Introduction: In the world of finances, two certainties persist: death and taxes. Benjamin Franklin’s timeless quote holds particularly true regarding superannuation death benefits. Understanding the intricacies of taxation on these benefits is crucial for ensuring that your hard-earned savings are distributed to beneficiaries in the most tax-effective manner. This article breaks down three key factors … Continue reading Tax Landscape of Superannuation Death Benefits