Latest
How Do You Use Cryptocurrency?
Cryptocurrency is a speculative asset, prone to market fluctuations and public opinion. Using it for investment purposes is not without risk, and those who choose to do so must also consider the tax implications of their investment. Whether you have made a profit or a...
Offsetting Business Losses In The Current Year
A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity unrelated to your primary source of income. This type of business activity could be a hobby or lifestyle benefit. There are separate non-commercial...
Tax Treatment Of Common Fringe Benefits In A Business
As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This...
When Is Income Recognised?
Arthur Murray Dance School was a landmark decision regarding tax precedent, which affects how pre-paid income derived from a contract is taxed when it straddles several tax years. In Sydney, the Arthur Murray Dance School provided lessons to its clientele after being...
SAVINGS THROUGH EXEMPTION: PLUG-IN HYBRID ELECTRIC VEHICLES PROVE CHEAPER TO OWN AND MAINTAIN
With the passing of the Electric Car Discount Bill 2022 in December 2022, electric vehicles with a value of less than $84,916 (and first held for use at or after 1 July 2022) are eligible for an exemption from fringe benefits tax. A car must be classified as a zero or...
The A To Z Of Why Paying Tax Is Important
The truth is, we all despise paying taxes. Some people will even go to great lengths to avoid it. After all, if you earn $200,000 for the year and pay no tax on it, surely you will end up richer than the taxpayer - right? Actually, it’s wrong. What you will have is a...
Warning Signs Of A Tax Scam
Scammers are constantly looking for new and subversive ways to trick people into giving them their money. Impersonating trusted organisations has become a common feature of scams being sent (email, phone or text). Unfortunately, even the Australian Taxation Office...
What To Do If You Lose Your Tax File Number
Your tax file number (TFN) is an incredibly important piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN is misplaced or forgotten. What are you supposed to do? If you forget your TFN or...
What Kind Of Legal Expenses Are Tax Deductible?
Claiming a legal expense as a tax deduction differs on whether or not you are a business or an individual. When a legal expense is incurred concerning the operation of a business to produce assessable income, it is generally allowable as a deduction. Legal expenses...
STP PHASE 2 – ACTION NOW
Under STP Phase 2, the Australian Government requires all employers to report additional information through STP on or before each payday. This information will include details such as an employee’s employment or income type and the reason for any cessation of...
SAVINGS THROUGH EXEMPTION: PLUG-IN HYBRID ELECTRIC VEHICLES PROVE CHEAPER TO OWN AND MAINTAIN
With the passing of the Electric Car Discount Bill 2022 in December 2022, electric vehicles with a value of less than $84,916 (and first held for use at or after 1 July 2022) are eligible for an exemption from fringe benefits tax. A car must be classified as a zero or...
The A To Z Of Why Paying Tax Is Important
The truth is, we all despise paying taxes. Some people will even go to great lengths to avoid it. After all, if you earn $200,000 for the year and pay no tax on it, surely you will end up richer than the taxpayer - right? Actually, it’s wrong. What you will have is a...
Warning Signs Of A Tax Scam
Scammers are constantly looking for new and subversive ways to trick people into giving them their money. Impersonating trusted organisations has become a common feature of scams being sent (email, phone or text). Unfortunately, even the Australian Taxation Office...
What To Do If You Lose Your Tax File Number
Your tax file number (TFN) is an incredibly important piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN is misplaced or forgotten. What are you supposed to do? If you forget your TFN or...
What Kind Of Legal Expenses Are Tax Deductible?
Claiming a legal expense as a tax deduction differs on whether or not you are a business or an individual. When a legal expense is incurred concerning the operation of a business to produce assessable income, it is generally allowable as a deduction. Legal expenses...
STP PHASE 2 – ACTION NOW
Under STP Phase 2, the Australian Government requires all employers to report additional information through STP on or before each payday. This information will include details such as an employee’s employment or income type and the reason for any cessation of...
PAYG Withholding Or PAYG Instalments?
As a taxpayer, you may have come across the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both. Both are amounts by which...
Why Do I Have To Fill Out A Tax Return For My Deceased Loved One?
At the worst time of your life, the last thing you want to think about is tax. When a loved one dies, however, their affairs must be dealt with at some stage. This includes their tax obligations. To deal with a deceased loved one’s affairs, the help of a solicitor is...
End Of The Lamington (LMITO)
Next year’s tax return may look slightly different to previous years for low and middle-income earners, with an end to the Low-Middle Income Tax Offset (LMITO). It has been confirmed that the 2021-22 income year will be the final year for the LMITO to be applied to...
The Housing Market – Risk Or Reward?
Any time could be the worst time for you to buy a property or the best time to buy. There is no ‘right time’ to be a part of the market when purchasing or selling a property. When it comes to deciding the right time to buy or sell, at the end of the day, it’s your...
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.