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…
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…
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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…
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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…
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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…
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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…
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…
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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…
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…
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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…
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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…
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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…
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