3 Steps To Help You Change Accountants
From having a strained relationship to outdated services, high fees, and lack of experience, there are countless reasons why people decide it’s time to change accountants. A good accountant should provide support, punctual service and response times and always keep your best interests in mind. If your accountant is no longer living up to expectations, […]
What are the Transition to Retirement Disadvantages?
Transitioning to retirement can seem like an ideal way to ease into your golden years. Many Australians view the ability to cut back their work hours while still earning income as an appealing “best of both worlds” scenario. The transition to retirement (TTR) programme allows those over preservation age (55-60 years old) to open a […]
Do Retirees Pay Capital Gains Tax in Australia?
Retiring to Australia’s sunny shores may seem like a dream come true, but understanding the tax implications is a must before packing your bags. Capital gains tax (CGT) is one tax that catches many retirees off guard. You may be envisioning lazy days spent beachcombing, not worrying about asset sales and tax returns. However, Australia’s […]
What are the Potential Disadvantages of Salary Sacrifice Agreements?
What are Salary Sacrifice Contributions? As previously mentioned, in a salary sacrifice arrangement, you agree to reduce your gross salary in return for certain benefits. These benefits might include things like a company car, childcare vouchers, or additional pension contributions. These arrangements can be quite attractive, as the benefits you receive are often exempt from […]
What Is An Accountant?
“What is an accountant?” We often hear this, especially in the context of whether they’re any different from bookkeepers. Well, the truth is, accountants are responsible for a lot. So, in this article, we’re looking at everything you can expect yours to undertake, and how they quickly become the backbone of successful businesses […]
The Ins and Outs of Salary Sacrifice and the Tax Implications
When you hear the word “sacrifice,” it might sound like a negative thing. After all, who wants to give up something they’ve worked so hard for? However, when it comes to salary sacrifice and taxes, the opposite is true. Sacrificing a portion of your salary can actually be an excellent way to gain an advantage […]
What Happens When the ATO Audits Someone?
Getting a notice from the Australian Tax Office (ATO) that you will need to undergo an audit is one of those moments that can make you break out in a cold sweat. The thought of someone scrutinising your financial records and asking difficult questions is enough to cause anxiety in even the most organised taxpayer. […]
9 Working From Home Tax Deductions You Might Not Know About
The past few years have been unprecedented for many people and businesses alike. With entire countries in lockdown, many employees had to quickly adapt to a new working arrangement: working from home. According to the Australian Bureau of Statistics, over 40% of employed people were regularly working from home during the last quarter of 2021. […]
How to Pay Off HECS Debt Earlier?
HECS-HELP debt collectively refers to various types of educational loans in Australia, encompassing: HECS-HELP FEE-HELP VET FEE-HELP OS-HELP SA-HELP VET Student Loans Eligible students regularly utilise these interest-free loans, through which the Australian Government pays the course fees for their educational programs with a higher education provider. Once you have finished studying, landed your coveted […]
6 Sole Trader Deductions Everyone Should Know
If you operate as a sole trader business, staying on top of your taxes and knowing what allowable deductions are relevant to you can save you a lot of money in the long run. You should certainly seek professional advice from a registered tax agent when the financial year-end rolls around, to ensure all your […]
