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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…

Tax Planning Vs Tax Schemes: Where’s The Line?

Tax

As your trusted accountant, we’re here to help you navigate the complex landscape of tax planning and ensure that you make informed decisions about your financial future. Tax planning is a legitimate practice that allows you to arrange your…

A Deceased Estate’s Tax Affairs: What You Need To Know

Tax

Finalising the tax affairs of a deceased estate is a crucial step in the estate administration process, ensuring compliance with tax obligations and providing closure for beneficiaries. To streamline this process and avoid potential liabilities,…

Navigating Eligibility: Medicare Levy Exemptions

Tax

The Medicare levy, an additional payment atop your taxable income tax, serves to support Australia’s public health system, Medicare. Ordinarily, your employer includes this levy, typically set at 2% of your taxable income, in the pay-as-you-go…

8 Types Of Benefits That FBT Applies To

Tax

For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax…

An Employer’s Introduction To FBT

Tax

Fringe Benefits Tax (FBT) is a tax levied on particular benefits employers provide to their employees or their families. It is separate from income tax and is calculated based on the taxable value of the fringe benefit provided. As an employer,…

Potential Tax Challenges Your Business Could Face At EOFY

Tax

As the end of the financial year approaches, businesses face a critical task: evaluating their financial standing and anticipating potential tax challenges. Neglecting this assessment could lead to financial losses and punitive measures. Let’s…

Compliance in the WFH Landscape: Know The Right Method You Can Use To Claim Expenses

Tax

Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to…

What Counts As A Valid Self-Education Claim?

Tax

As the tax season draws near, individuals seeking to claim self-education expenses must navigate the pitfalls highlighted by the Australian Taxation Office (ATO). While pursuing knowledge and skill enhancement is commendable, it’s crucial…

Preventing An ATO Audit With Proper Lodgement Of Your Return

Tax

The Australian tax system is designed to be fair to all, so we all must pay the correct amount of tax each year. The Australian Taxation Office (ATO) contacts around 2 million taxpayers annually to review their tax returns, although not all…

Fringe Benefits Tax Considerations For Australian Businesses

Tax

For businesses operating in Australia, navigating the intricacies of the Fringe Benefits Tax (FBT) is essential to ensure compliance with tax regulations and minimise financial liabilities. FBT is a tax paid on certain employee benefits in addition…