Managing Your Receipts Effectively For Your Tax Return
All individuals who are living and working in Australia are most likely paying taxes. Now with the ever increasing prices of commodities and constant pressure of maintaining a specific lifestyle, who doesn’t want to pay less tax. I am sure we all do! One of the most common methods by which one can reduce their […]
Tax Deductions for Uber Drivers
Tax deduction is an important term used to refer to the amount of money that is reduced from the annual income of a taxpayer. There are certain conditions that must be met to ensure this process is carried out smoothly and that the required goal is achieved. Nowadays, with the ever-growing popularity of Uber as […]
Have A Student Loan and About to Head Overseas?
There are new repayment obligations for people with a HELP or TSL debt who are living and working overseas. These overseas repayment arrangements apply to the following study loan schemes: HECS-HELP, FEE-HELP, OS-HELP and SA-HELP. They also apply to VET FEE-HELP, VET Student Loans for vocational education and training and Trade Support Loans (TSL) for […]
What If I Forgot To Lodge My Tax Return?
Tax return as the name suggests refers to the refund of the income tax that a taxpayer once submitted to the government. This case is applicable when the actual tax that was to be submitted is less than the amount paid. There are various steps that are taken to reduce the taxes you owe to […]
Should I register my business for GST?
The goods and services tax, known as GST, is a broad-based tax charging 10% on goods and services sold in Australia. This tax affects businesses regarding their revenue. As a businessman, it is your responsibility to get your business registered for GST in three situations. Your business’ income is $75,000 or more. It is advised by […]
What can I claim for work travel expenses?
So you’re travelling around for work and want to know what you can and can’t claim with your travel? In order to claim travel expenses as a tax deduction, you need to ensure that the correct substantiation is maintained. The type and length of the business / work-related travel will affect the documentation you require […]
2017-18 Tax Planning Starts Now
There are 5 key things all business owners must consider right now. Some of them are brilliant wealth creation ideas. Please read on… 30 June will be here before we know it. Let us help you get the most out of the upcoming months. Too often, we end up suffering because we have procrastinated and […]
$20,000 IMMEDIATE TAX DEDUCTION FOR SMALL BUSINESS ASSETS
Is Cash Flow a concern in your Business? One consideration is the instant tax deduction for assets costing less than $20,000 (i.e. up to $19,999 excluding GST), which allows Small Businesses to bring forward tax deductions that would otherwise be deductible over a number of years. Example: Ben runs a painting business with an aggregate […]
Are you a high-income earner wondering how to manage the debt levy this financial year?
Jaynesh Gounder, Director The Abbott Government’s Temporary Budget Repair Levy on high-income earners may have been given the green light, but there are ways to plan around it. This debt levy will be introduced from July 1 to slug a 2 per cent tax on those of you in the top-income tax bracket earning over […]
Does MyTax apply to your tax?
Bert Girle, Director Have you heard of The Government’s roll out of the new MyTax system? Users all over Australia will be receiving text messages to inform them over the coming weeks. So what does this mean for you? Let me tell you. What is MyTax? MyTax will enable tax returns to be submitted via […]
