Trust vs Company: Which One to Choose?
As a business owner, an important decision is whether to structure your business as a company or a trust, a fiduciary arrangement where a trustee holds assets to benefit beneficiaries, as what you decide will have significant financial and legal consequences. Choosing the appropriate business structure will directly influence tax, personal liability, and costs. Therefore, […]
Buying a Car as the Business Tax Write-Off in Australia: 2024 Update
Some people buy a business vehicle to receive a business tax write-off, but the process isn’t necessarily straightforward. When a business owner buys a vehicle, they need to consider various things before committing, such as depreciation, whether they’ll use it for personal trips, and how often. It’s also crucial to note where the car will […]
What is the Tax Deductibility of Interest in Australia?
Interest payments can be a big expense for individuals and businesses alike, so the tax deductibility of interest in Australia is key to maximising your tax benefits and ensuring compliance with Australian Taxation Office (ATO) regulations. This guide will walk you through the key principles, types of deductible interest, limitations, and practical tips to help […]
How to Maximise Your Tax Return
Tax season always seems to be “just around the corner”, and the biggest question we hear is always about how to get more back. With some clever strategies and good record-keeping, you can maximise your tax refund by claiming all the deductions and offsets you’re entitled to. Let’s find the best ways to get the […]
Common NDIS Accounting Mistakes to Avoid
Effective financial management is not just beneficial—it’s essential in the realm of NDIS requirements. Navigating the complexities of funding obligations, regulations, and compliance can often overwhelm providers. So, here’s a deep dive into common accounting pitfalls that NDIS providers frequently encounter and practical solutions to sidestep them, focusing on specialised accounting services tailored for NDIS […]
What Documents Do I Need for My Tax Return |Australia?
Tax time can be a stressful and overwhelming experience for many Australians. Every year, the days leading up to filing individual tax returns are often filled with dread and uncertainty, not knowing exactly what to expect from the process or how much money you’ll get back. The process of filing individual tax returns in Australia […]
Top Tips for Understanding Tax in Australia
Navigating tax in Australia can be complex. This guide helps demystify it by outlining essential aspects like income tax rates, assessable income, deductions, and filing your tax return. Whether you are an individual or a business, understanding these points will aid in managing your tax obligations efficiently. Personal Income Tax Rates in Australia Australia’s progressive […]
A Business Owners Guide to Luxury Car Tax in Australia
As a business owner in Australia, you may have heard of the luxury car tax (LCT) and wondered how it applies to your company’s cars. The luxury car tax was initially introduced to protect the Australian car manufacturing industry. This tax can be a big cost when buying or importing high-end vehicles, so it’s essential […]
Superannuation Guarantee 2024: What You Need to Know
As a working Aussie, you’ve probably heard of the Superannuation Guarantee (SG) – the system that ensures you have savings for your retirement. But what is the SG, what is the superannuation guarantee rate, and what’s changing in 2024? Let’s get into it. What are Superannuation Guarantee Contributions? At its heart, the SG is an […]
Sole Trader vs Company – A Side-By-Side Comparison
Navigating through the decision-making process of “sole trader vs company” for your business structure can be confusing because both have pros and cons, and a business has its own individual needs to prioritise. Most people initially choose to start as sole traders. However, as they start to earn more and have to pay more taxes, […]
