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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…

What Do I Do If I Have A Mistake On My Tax Return

Tax

Tax time can be stressful, and it’s not uncommon to discover errors or omissions after submitting your tax return. Fortunately, the Australian Taxation Office (ATO) provides a straightforward process for amending your tax return. This guide…

Vehicles, Expenses & The Tax Return

Tax

Making the most of available tax deductions for your business can be an important aspect of starting the new financial year. It’s why planning and strategising with your tax advisor could lead to different and new perspectives regarding tax…

Not-For-Profit Sporting Organisations & Tax

Tax

Starting from the 2023-24 income year, not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income…

7 Mistakes Often Made At EOFY You Can Rectify

Tax

Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns. This period can be stressful and complicated,…

2024-25 FY Thresholds For Cars Newly Announced

Tax

The 2024-25 financial year is in sight, and significant changes have been made to car thresholds, which are crucial for business owners to understand for tax purposes. Here’s a detailed overview of what’s new and how it might affect your…

Shares & What You Need To Know About Capital Gains

Tax

If you’re involved in shares, particularly on the selling side, you need to be aware of your tax obligations. Capital Gains Tax (CGT) is a crucial aspect of investing in shares and units in managed funds. It applies to various transactions…

Keeping Up With The Instant Asset Write-Off

Tax

In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months. This extension, part of the 2024–25 Budget released…