Payroll Tax July 10, 2024 Kathryn Hamilton What is it? Yes – another tax… It is a state/territory tax . Not all businesses have to pay payroll tax. You must pay when your total Australian wages are over the tax-free threshold for your relevant state or territory. Thresholds and tax rates vary between states and territories. As we are based in Victoria, […] Read More
Inherited Assets and Cost Base July 3, 2024 Karen Grainger Have you inherited shares or property from a deceased person? If you have and are planning to sell these assets, you need to know what you cost base is to calculate if you have a taxable gain or loss on the asset. Determining the cost base of an asset can be challenging. Sometimes the records […] Read More
Deductible Rental Property Expenses June 26, 2024 Emma Glover If you own a rental property that is rented or is genuinely available for rent, you can claim a deduction for certain expenses during for the period. However, you cannot claim a deduction for your personal use of the property, or any expenses covered by the tenant. Below is a list of the common tax-deductible […] Read More
Minimum Wage Increase June 19, 2024 Natasha Gardner Great news for workers in Australia it was announced on the 3 June 2024 that the Fair Work Commission will be increasing its National Minimum Wage! In a move aimed at addressing income inequality and cost-of-living pressures, the Fair Work Commission of Australia has announced a 3.75% increase in the national minimum wage. The minimum […] Read More
Maximizing Your Tax Refund: Simplifying Record-Keeping Strategies June 5, 2024 Regina Chia Introduction Hello, tax savers! Tax season can be stressful, but keeping good records can maximize your refund and reduce anxiety. Let’s explore why record keeping is crucial, how to do it effectively, and tips to simplify the process. Let’s dive in and make tax time easier! Why Good Record Keeping Matters Steps to Effective Record […] Read More
Tax Planning Tips for Australian Small Businesses May 29, 2024 Rohan Brown How to minimise your tax liability and maximise your cash flow before the end of the financial year Timing of Invoicing One of the simplest ways to reduce your taxable income is to delay issuing invoices until after 30 June. This way, you can defer the income and the tax payable to the next financial […] Read More
Updates to HECS/HELP loan. May 22, 2024 Lewis Thomas It has been announced that in the 2024 budget amendments are being made to the way HELP (Higher Education Loan Program’s) are being indexed to make it more fair for all Australians with a HELP Loan. New Legislation Previously, HELP loans were indexed based on the Consumer Price Index (rate of inflation). The new legislation […] Read More
Common Accounting Mistakes to Avoid in Small Businesses May 15, 2024 Yishu Sharma Small businesses are the backbone of the economy, but they often face unique challenges, especially when it comes to financial management. Accurate accounting is crucial for their success, yet many small business owners inadvertently make common accounting mistakes that can have significant consequences. In this blog post, we’ll explore some of these pitfalls and provide […] Read More
Why Tax Planning Matters May 1, 2024 Ryan Schirmer Unfortunately, tax is a part of life, but by doing some forward tax planning can help you reduce you tax expenses and make informed financial decisions. Everyone can benefit from tax planning from the biggest of business to an individual. Here’s why tax planning is so important: Maximize Your Deductions: You may be missing out […] Read More
Stage 3 Tax Cuts April 24, 2024 Matt Richardson How does this affect you? From 1 July 2024, the Stage 3 tax cuts will come into force for all Australian individual taxpayers. This will result in savings for all taxpayers with incomes above $18,200. What are the changes? The annual savings will be $1,679 for a taxable income of $80,000, $2,679 for a taxable […] Read More
