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Correcting Your Tax Return: Steps You Can Take

Tax

Discovering an error in your tax return can be unsettling, but correcting it is a straightforward enough process. The Australian Taxation Office (ATO) offers a clear amendment process to ensure your tax affairs remain accurate and compliant. When…

Rental Property Deduction Do’s & Do Not’s

Tax

Owning a rental property can be a great way to build wealth, but it also comes with a range of tax responsibilities. As a landlord, understanding what you can and can’t claim as a deduction is key to maximising your return while staying…

Div 7A: Facts Or Fictions?

Tax

When it comes to private company loans, Division 7A of the Income Tax Assessment Act 1936 plays a critical role in ensuring shareholders or associates don’t receive tax-free distributions disguised as loans. However, there are common misconceptions…

How to Prove Work-Related Use of Your Phone When Working from Home

Tax

If you’re working from home and plan to claim a deduction for your phone and internet expenses, it’s important to understand how to correctly calculate and support your claim—especially if you’re using the actual cost method. Under…

Preparing Your Tax Return? Make Sure You Know What You Can Claim…

Tax

As the 2025-26 financial year kicks off and the 2024-25 ends, it heralds the start of another tax season of receipt-chasing, deductions and paperwork. Whether you’re lodging your return early or waiting until the October deadline, understanding…

Global Interest Charges Change Will Affect Businesses With Outstanding Tax Debts – Here’s How

Tax

It’s crucial to be aware of significant changes affecting businesses with outstanding tax debts. Effective from 1 July 2025, the Australian Taxation Office (ATO) will no longer allow the deductibility of General Interest Charges (GIC)…

Family Trust Distributions & Their Tax Obligations

Tax

If your business operates through a family trust, it’s important to stay informed about how trust distributions are taxed, especially as we approach the end of the financial year. The ATO continues to monitor trust distributions closely…

The Deductions A Tradesperson Can Claim Vary – But Here’s What They Have In Common

Tax

When tax time rolls around, it’s important to know what you can claim to ensure you’re getting the most out of your tax return. As a tradesperson, you’re entitled to claim a range of work-related expenses that can help reduce your taxable…

Closely Held Employees & How To Report Them On Your STP

Tax

Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders. The Australian Tax Office (ATO) mandates that all employers adhere to Single…

Overwhelmed By Tax? Learn About What’s Expected For You…

Tax

As you dive into your career in your 20s and 30s, taxes can seem a bit overwhelming. However, understanding how taxes work is key to managing your finances and ensuring you’re on the right track. Let’s break down some vital tax concerns…

FBT Considerations For Employers

Tax

Fringe Benefits Tax (FBT) is a significant aspect of tax compliance for employers in Australia. It applies to the non-cash benefits employers provide to their employees in addition to their salary or wages. Understanding and managing FBT obligations…

How Does The Tax-Free Threshold Work If You Have Multiple Jobs?

Tax

It’s important to know how the tax-free threshold works, especially if you’re earning income from more than one job. Many people mistakenly claim the tax-free threshold from multiple employers, which can lead to an unexpected tax bill. This…