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Children may seem to get the short stick of tax law when it comes to taxation. Children under the age of 18 years can only earn $416 in a year before they pay the top rate of tax (47%) on their income. For example, if a 15-year-old earns $2,000 in interest for the...

The rules regarding the capital gains exemption for your main residence have changed, which could impact your current situation (if you’re not aware of them). You may already be aware that purchasing a house to live in as your main residence will result in no capital...

TOPIC OVERVIEW:   For this State administered tax, the recent decision in the case of Thomas and Naaz v Chief Commissioner of State Revenue [2021] NSWCATAD 259 (“Thomas and Naaz”) is yet another case that gains our attention given its relevance to the medical and...

There are a number of methods that tax deductions can be calculated for car usage or the fringe benefits value of a car. One of these methods requires a logbook to be completed. The purpose of the logbook is to help determine what proportion of the usage of the car is...

One of the most common things that people approach accountants about is tax, or rather, that they’re paying too much of it. How can they reduce it? However, if your only goal is to reduce tax, that’s easy. There are plenty of ways to realise this, such as making most...

Choosing the proper structure for your practice means smooth operations, but getting to that stage can be a long and confusing journey. You need to decide on a suitable model for your business and your needs but not everybody’s business will run the same. That is why...

What Is Never Tax-Deductible? There are special provisions in tax law that provide that certain items will never be tax-deductible. Even if you feel that you have necessarily incurred this expense in earning your income, they will still not be tax-deductible. In...

From 1 July 2022, employers will need to pay super for employees who earn less than $450 per month provided they meet certain eligibility requirements, In addition, employers will also need to pay super for employees under 18 years old who work more than 30 hours a...

On 1 January 2022, the STP Phase 2 was introduced. This phase expands the obligatory employer reporting requirements as well as making it easier to provide specific employee information to multiple government agencies. STP Phase 2 has many benefits for employers, and...

Personal Services Income (PSI) is ordinary or statutory income that has resulted from an individual’s personal efforts and skills; income that is intended as a reward. It is a way to combine company and trust structures to transfer income from one person to lower tax...