Tax
What are car allowances and the valuable tax benefits that come with them?
July 8, 2021 | Tax Car allowances are offered by employers across Australia and far too many people are unsure of how they work from a tax perspective. You need to determine what is the best way to use this car allowance, whether that comes in the form of own vs lease, or own vs…
6 common expenses people didn’t know were tax deductible
June 9, 2021 | Tax The end of financial year (EOFY) means more than plenty of sales from local car yards and at shopping centres. It is the last chance for Australians to make any decisions regarding changes to their finances that could affect their next tax return. This article details what you should be…
Deductions on the ATO watchlist and what you need to know
June 4, 2021 | Tax If you have been working from home and are planning to claim all those new expenses that you normally would not claim when you were in the office? Continue reading as the ATO will be focusing on four types of expenses relating to working from home this year: Personal expenses…
Cash in hand payments on the ATO watchlist
May 25, 2021 | Tax The ATO has reminded employers that any ‘cash in hand’ payments made to workers will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. For example: failing to assess that the employee has the…
8 Tips to prepare for your 2021 tax return
May 18, 2021 | Tax 30 June is approaching and perhaps you are keen to get it lodged with the ATO as soon as possible. Perhaps you have a refund and you are keen to receive it soon for your next project. You may have to pay some tax but you would like to know…
What you need to consider with crypto and tax
May 14, 2021 | Tax With the rising interest in Cryptocurrency (crypto) by the general population, there are a few things that need to be addressed. It must be noted that this increased interest is shared by the Australian Taxation Office (ATO). How you are taxed depends entirely on how you invest in crypto, what…
4 advantages of using a tax agent
May 11, 2021 | Tax It is extremely important to get a Tax Agent to lodge your business and individual tax returns as the benefits are substantial. This article details the serious advantages of lodging your tax return with a Tax Agent such as a long deadline extension, quality assurance and ensuring you pay as…
How Christmas can save your business money on tax
December 2, 2020 | Tax Christmas is the perfect time of the year to acknowledge your employees’ and clients’ efforts by celebrating and providing gifts. Although the entertainment rules can be blurry, a lot of gifts are certainly tax deductible. The rules need to be considered on a case by case basis, as there are…
Annual Financial Reporting: The QBCC
November 13, 2020 | Tax The QBCC requires majority of licence holders to lodge their financial information on an annual basis. Why does the QBCC need your financial information? The QBCC requires the financials of your business for to maintain your licence category each year. The information they gather helps ensure that every building…
Budget 2020 income tax cuts: The time has come to update your payroll
November 10, 2020 | Tax The Australian Taxation Office (ATO) has updated its Pay as You Go Withholding (PAYGW), to reflect the personal tax cuts announced in this year’s federal budget. The tax cuts apply to the 2020-21 financial year and came into effect late October. Now, employers must adjust their payroll systems to ensure the…