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Am I Eligible For The Small Business Technology Investment Boost?

Tax

Could your small business claim a 20% bonus deduction on technology expenditure that supports their digital operations or the digitisation of their operations? The small business technology investment boost is a broad measure intended to cover…

Get Prepared For 31 October – What Income Do You Need To Declare?

Tax

If you haven’t finalised your tax return, you need to do so before October 31 2023. However, sometimes the form can be daunting, particularly if you’re unsure what to declare regarding income. Certain types of income must be declared on…

What Income Is Considered Exempt In Your Income Tax Return?

Tax

Are you looking at the approaching 31 October deadline for individual income tax returns with plenty of questions? Don’t worry – your trusted tax professionals are here to help. One of the more common questions we encounter around this time…

Taking Away The Cryptic from Cryptocurrency

Tax

The popularity of the digital currency known as crypto often leads to many questions when it comes to tax time. However, it’s encouraged that you speak with your accountant about your obligations as soon as possible to be prepared for what…

Thirty-Five Items Can’t Be Claimed On Your Returns – Here Are The Most Common

Tax

Special provisions in tax law provide that certain items will never be tax-deductible. Even if you have incurred this expense in earning your income, they will still not be tax-deductible. In total, there are 35 different items explicitly mentioned…

How Connected Are You In The World Of Tax?

Tax

In the realm of tax law, a critical concept revolves around understanding the notion of “entities connected with you.” This concept serves as a linchpin in several aspects of taxation, from determining one’s status as a Small Business…

What Do I Need To Know About My Trust Tax Return?

Tax

Like how individuals and businesses must complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) which should be used to complete tax returns. Trusts can also apply for an Australian business…

Amending A Past Return If You’ve Made A Mistake Can Be Done – Here’s How

Tax

It’s not the end of the world if you make a mistake on your tax return, particularly if it has already been submitted to the ATO. If you make a mistake on your tax return, you generally have a couple of years to correct it, which can be done…

The Last Thing On Our Minds After The Death Of A Loved One Is Tax – But The Final Return Is Important

Tax

At the worst time of your life, the last thing you want to think about is tax. However, when a loved one dies, their affairs must be dealt with at some stage. This includes their tax obligations. You must lodge a date of death tax return if…

Watch Out For Incorrect Claims! Property-Related Deductions Are On The Watchlist

Tax

Ensure you are doing the right thing with your property-related claims this tax return season. The tax office is paying close attention to rental property owners, especially those who own a holiday home, who incorrectly claim for initial repairs…

Tax Avoidance Schemes On The ATO’s Radar

Tax

Tax avoidance schemes are just one of the many red flags the Australian Taxation Office will be keeping its eye on this tax season. In the right hands and for the proper purpose, holding companies can be set up to buy and hold all the shares…

Earning Income Via The Sharing Economy? Don’t Make A Critical Tax Mistake…

Tax

In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, further complications can result from incorrect understandings of how the…