Choosing a registered tax agent is not only an important decision but also a bit of a complicated process. While there are many in the industry, however, you need to find the most trusted one. Making any kind of mistake can have a harmful impact on your business or financial well-being. Therefore, it is vital … Continue reading 3 Vital Mistakes to Avoid When Choosing a Registered Tax Agent
Introduction: Let’s take a closer look at the Australian Taxation Office’s (ATO) efforts to make sure employers follow the rules for super guarantee (SG) payments in the 2022-23 financial year. This blog will break down what employers need to do, what the results show, and share some interesting stories from the year. Overview of SG … Continue reading Superannuation Compliance: Understanding the 2022-23 Results
Introduction: Hey there small business owners! The clock is ticking on a great chance to fix your late tax filings. Lots of businesses have already taken advantage, and now it’s your turn! Let’s break down what this Lodgment Penalty Amnesty is about and why you should act fast. Who Can Benefit: If your business is … Continue reading Time’s Running Out: Get Relief for Late Taxes!
Understanding whether you’re considered a resident for tax purposes in Australia can be a real head-scratcher. It’s not just about holding a passport – it involves a complex web of factors. Let’s break it down in simple terms. What’s the Big Deal About Tax Residency? Being an Australian tax resident means you’re on the hook … Continue reading What You Should Know About Tax Residency in Australia
Introduction When planning for the future, understanding what happens to your superannuation (super) after you’re gone is crucial. Let’s break down the complex jargon into simple terms so you can make informed decisions about nominating beneficiaries. What happens to your super when you’re no longer around? Unlike your other assets, your super doesn’t automatically become … Continue reading Demystifying Superannuation Death Benefits
Introduction In recent times, the Australian Taxation Office (ATO) has raised concerns about potential misuse of the Fringe Benefits Tax (FBT) exemption for utes and panel vans, particularly in cases where private use is claimed to be minimal. As utes, especially dual cabs, continue to dominate the Australian new car market, employers providing these vehicles … Continue reading Decoding FBT Exemptions for Tradies and Utes: What You Need to Know
Introduction: In the realm of employee benefits, employers are always looking for ways to provide valuable perks that also make financial sense. One such avenue is the Work-Related Item Fringe Benefits Tax (FBT) exemption. Let’s delve into the basics and explore how employers can maximise this cost-efficient benefit. What qualifies as a Work-Related Item? A … Continue reading Understanding Work-Related Items and Fringe Benefits Tax Exemptions
Introduction: A recent court case, Makrylos v FCT [2023] FCA 971, has important lessons for anyone involved in property development. This blog breaks down the key points of the case and what it means for property developers, whether they’re seasoned or just starting. Overview of the Makrylos Case: In simple terms, the court had to … Continue reading Lessons from Makrylos v FCT [2023] FCA 971
Introduction: Want to pay less in taxes while securing your future? Superannuation, Australia’s retirement savings plan, has a cool trick for personal deductible contributions. Let’s break down how it works, especially when combined with catch-up concessional contributions, to help you save on taxes. In this blog post, we’ll explain personal deductible contributions, the cap on … Continue reading Save Money on Taxes with Smart Super Contributions
Introduction In the world of small business, many people travel a lot for work. They often stay overnight in different places, and that can cost a lot of money. To save on these costs, some business owners buy caravans or motor homes. They might even put their business logos on these vehicles when they go … Continue reading Tax Deductions for Caravans and Motor Homes in Business Travel
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