Tag Archives: Tax

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Trusts – Are They Still Worth It? Navigating the Changing Landscape

22 August 2023 admin Leave a comment

Introduction Trusts have long been a popular legal and financial instrument for business structuring and asset management. They provide benefits like asset protection, income distribution flexibility, and possible tax advantages. However, recent developments and crackdowns by tax authorities such as the Australian Taxation Office (ATO) have raised concerns about the viability of trusts for business … Continue reading Trusts – Are They Still Worth It? Navigating the Changing Landscape →

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Top 5 overlooked tax deductions

11 July 2023 admin Leave a comment

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 →

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10 Easy Ways to Pay Less Tax

30 June 2023 admin Leave a comment

Keep Good Tax Records These days, the ATO is asking a lot of questions about tax deductions. But that doesn’t mean you can’t pay less tax. You can still get a really good refund if you just keep ALL your receipts and records for every deductible expense throughout the year. That way you have a … Continue reading 10 Easy Ways to Pay Less Tax →

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Unlocking Tax Savings: The Categories of Eligible Deductions

27 June 2023 admin Leave a comment

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 →

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Exploring Investment Strategies: Negative vs. Positive Gearing

23 June 2023 admin Leave a comment

Negative gearing is one of the most misunderstood concepts in income tax and is something commonly said in the media without any real explanation. Simply, gearing is “borrowing to invest”. It allows you to invest more than what you currently have, which then means you gain more profit if it’s successful. Conversely, it will mean … Continue reading Exploring Investment Strategies: Negative vs. Positive Gearing →

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Demystifying ABNs: Do You Need One?

21 June 2023 admin Leave a comment

The Australian Business Number (ABN) is a unique 11-digit identifier assigned to businesses in Australia. It was introduced by the Australian government to streamline business dealings and interactions with various government departments and agencies. The ABN is used for various purposes, including taxation, business registration, and identification. The ABN serves as a single identification number … Continue reading Demystifying ABNs: Do You Need One? →

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Deductions: Claiming Tax Breaks Without Receipts in Australia!

20 June 2023 admin Leave a comment

It is generally preferred to have a receipt or other valid documentation to support your expense claims. The Australian Taxation Office (ATO) advises that you should keep records such as receipts, invoices, and bank statements to substantiate your claims for deductions or expenses. While there are certain circumstances where the ATO may accept alternative forms … Continue reading Deductions: Claiming Tax Breaks Without Receipts in Australia! →

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Unpacking the Importance of Franking Credits

20 June 2023 admin Leave a comment

Franking credits, also known as imputation credits, are a unique feature of the tax system in some countries, notably Australia. They are associated with dividend payments made by companies to their shareholders. In Australia, when a company earns profits, it is required to pay corporate tax on those profits. If the company distributes a portion … Continue reading Unpacking the Importance of Franking Credits →

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Supercharged Savings: Unveiling the Tax Tale of Superannuation

7 June 2023 admin Leave a comment

The Australian tax system has specific rules and regulations regarding contributions, investment income, and withdrawals from superannuation funds. Understanding the tax implications of superannuation is essential to effectively manage your retirement savings. In this blog, we will explore key aspects of superannuation and taxation, including contributions, investment income, and expenses. Superannuation contributions and taxes In … Continue reading Supercharged Savings: Unveiling the Tax Tale of Superannuation →

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Uncovering Hidden Opportunities on Your Individual Tax Return

7 June 2023 admin Leave a comment

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 →