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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…

Make Sure You Have Everything Before Lodging!

Tax

While lodgement of your tax return can begin from 1 July, you have a much higher chance of submitting a return with incorrect or missing information. This is because some information that will automatically be pre-filled on your return (such…

Cars, Tax Returns & What You Can Claim

Tax

Claiming car-related expenses as tax deductions might seem like the easiest way to get a more significant return – but it’s also one of the most carefully monitored. Here are a few tips on what you need to watch out for when claiming car-related…

Are You A Home-Based Business? Here’s How To Maximise Your Tax Deductions.

Tax

Small business owners may be able to claim deductions for the costs of using their home as a principal place of business when filing their income tax returns. A home-based business is one where an area of your home is set aside and used exclusively…

WFH, Mobiles, Meals & Motor Vehicles – Who’s In The Firing Line With The ATO?

Tax

It’s that time of the year again! At the end of the financial year, the ATO announces a range of tax hotspots they’ll be paying careful attention to in individual income tax returns lodged. This year, be wary of making mistakes while claiming…

Cars, Phones, Laundry: What Can Tradies Claim In 2023?

Tax

Are you involved in a trade, or do you know someone who is involved in one? It’s vital that these individuals understand what they can claim work-wise on their tax returns this year (and that they should be preparing for it sooner rather than…

Tax Planning Tax Tips For Business Owners

Tax

As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023. At the end of every financial year, business owners should be reviewing and measuring their performance…