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What You Can & Can’t Claim For 2022-23’s Return

Tax

The 2022-2023 tax return may look different to your previous returns, but there’s a reason – and it’s probably due to an expiry date. Here are our top reasons that your tax refund this year might not feel as bountiful as the previous…

Gift Or Income? Don’t Make A Mistake With Your Assessable Foreign Income…

Tax

Businesses and individuals may receive income from various sources; local, national or even international. You may find that part or all of your income comes from overseas (such as through sales, rental income or other sources). However, all…

The 6 Investment Income Types That Need To Be Declared On Your Income Tax Return

Tax

If you’ve made a major investment in the last financial year, any income made from it will need to be included on your tax return. Any income earned from investments and asses must be declared in your tax return. This may include amounts from…

Is Your Business’s Income Prepaid?

Tax

If your business receives income before a service is rendered to a client, when is the income recognised? Is it when the income is received or after the service rendered? That was what the Arthur Murray case in tax law argued, creating a landmark…

Why Does Your Tax Return Look Different This Year?

Tax

This year’s income tax return refund might not look as bountiful as it did in the previous year, as some of the offsets and rebates introduced during the pandemic will no longer be available to apply to your return. This includes the Lower-Middle…

The Return Of The Instant Asset Write-Off & The Expiry Of Temporary Full-Expensing

Tax

The Federal Budget has reintroduced the $20,000 Instant Asset Write Off to benefit small businesses amidst the myriad of measures announced by the government. The instant asset write-off will return for the 2023-24 financial year…

What Happens With PAYG?

Tax

As a taxpayer, you may have encountered the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both.…

Understanding The Medicare Levy On Your Return

Tax

The Medicare levy is an amount you pay in addition to the tax you pay on your taxable income. The Medicare levy is used to help fund some of the costs of Australia’s public health system (Medicare). Generally, the pay-as-you-go amount…

What Penalties Might Be Incurred During Tax Return Season To Watch Out For?

Tax

It’s getting closer to the time of year when your tax return may be on your mind. You may have even started looking into what is required to lodge your income tax return to get ahead on the task. Making sure that your details are correct…

Missing Your TFN Before Tax Time? Here’s What You Can Do

Tax

Your tax file number (TFN) is a critical piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN is misplaced or forgotten. What are you supposed to do? If you…

Dispelling The Myths Around Cryptocurrency & Tax

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…

No More Shortcuts For Work From Home Deductions

Tax

With a new norm surrounding how Australians work (hybrid, remote or office-based), there has been a change in how work-related expenses will be claimed this year during tax season. Where once the expenses and claims that needed to be…