Tax
Turning Equity Into Opportunity: A Guide to Debt Recycling
Debt recycling is a strategy that can help property owners maximise their wealth accumulation while efficiently managing their debts. By leveraging the equity in their property to invest in income-generating assets, individuals can effectively reduce their non-tax deductible debt while simultaneously building their investment portfolio. This impact is greater if the equity they are leveraging…
What Does ‘Balancing Account’ Mean in myGov Account?
Ever logged into your myGov account and stumbled upon the term ‘balancing account’? If you’re feeling a bit lost, don’t worry. Simply put, when the ATO tells you that they are balancing your account it means they have the information you provided for your tax return and they are now working out whether you are…
How To Increase Prices In Your Business
One of the most delicate decisions a business must navigate is increasing its pricing it charges customers and clients. Pricing directly impacts revenue, profit margins, customer perception, and market competitiveness. In this article, we delve into the main areas to consider when deciding when and how to go about increasing your business goods and services…
The Purpose Behind Tax Optimisation
Tax optimisation is a strategic approach aimed at legally minimising your tax payable each year. It involves an assessment of your business and is in place to take advantage of tax deductions, credits, and incentives available. This practice ensures that you’re being tax effective and allows you to significantly boost your cash flow & viability…
The Pitfalls of Borrowing From Your Business
Division 7A is a rule that comes into play when owners of private companies take money out of their businesses in ways that aren’t straightforward salary or dividends. A common scenario that triggers Division 7A is when a business owner takes out a loan from their company and doesn’t pay it back under the terms…
Changes to Stage 3 Tax Cuts
The Federal Government has unveiled a proposal to reshape the scheduled Stage 3 personal income tax cuts, set to commence on 1 July 2024. This decision comes after extensive speculation, with the government aiming to reallocate and extend the benefits of these tax cuts to a larger segment of the Australian population. What are the…
A Comprehensive Guide to Staff Parties and Gift Giving
The festive season is upon us, and as businesses prepare to celebrate with staff parties and express gratitude through gift-giving, it’s essential to navigate the intricate landscape of tax implications. In this guide, we’ll focus on the deductibility and Fringe Benefits Tax (FBT) aspects, ensuring your celebrations are not only joyful but also tax efficient.…
The Benefits of a Pay As You Go (PAYG) Withholding Variation
Choosing to use a Pay As You Go (PAYG) withholding variation, can provide property Investors the opportunity to optimise their cash flow by altering the amount of tax their employer withholds each pay cycle. This article sheds light on the mechanisms, benefits and the interplay of depreciation, in enhancing cash flow through a PAYG withholding…
How to Avoid the Expensive Medicare Levy Surcharge for 2024
August 7, 2023 | Tax, Tips and Tricks The Medicare Levy Surcharge (MLS) is a charge for medium to high-income earners to pay in addition to the Medicare Levy. Similar to the Medicare Levy, the surcharge helps pay for the public health system encourages those who can afford it to take out a private health cover…
Here’s where the ATO’s focus is this tax time
June 8, 2023 | Tax Tax season is just around the corner, and it’s time to gear up for what the ATO has on its radar. From making sure your tax returns are accurate to keeping an eye out for potential red flags, staying informed can help you navigate this season smoothly. So, let’s dive…