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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…

Side Hustle Income And Your Tax Return

Tax

If you or someone you know began a side business (or “side hustle”) during the last financial year, you would have to meet the tax obligations that come with that business, along with the tax obligations of your primary business. All…

Foreign Service & Income Declaration

Tax

Have you been employed by someone outside of Australia? If you have, you’ll likely need to lodge a tax return to declare any foreign earnings from foreign service. Foreign service is the service Australian residents provide in a foreign…

Business Tax Losses: What Can You Claim?

Tax

Before you claim a tax loss for your business, you must ensure that you have correctly claimed the expenses to which you are entitled. If you overclaim expenses, your business can be put into an incorrect tax loss situation, which can make…

New Year’s Tax Resolutions In 2023

Tax

Get a gym membership, start a diet, drink less, and travel more. Every year we make plenty of new year’s resolutions that we try valiantly to uphold. Why not make one about keeping on top of your tax obligations in 2023? Are You In…

What To Do If You Lose Your Tax File Number

Tax

Your tax file number (TFN) is an essential 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…

Tax Audits & The ATO – Here’s What Happens

Tax

When lodging a return with the ATO, you are expressing that to the best of your knowledge, the information is correct. However, sometimes issues arise from this information that might signal red flags to the ATO. Tax audits are conducted…