Why Superannuation is Important
Superannuation is an essential part of every working Australian’s financial life. Also known as “super,” it is a long-term savings account designed to provide income in retirement to supplement or replace the “Age Pension.” But despite superannuation’s importance, recent surveys show that only 1 in 10 Australians are actively engaged with their super accounts beyond […]
How To (Legally) Minimise Capital Gains Tax on Investment Property?
Many Australians enter the property market with the expectation that property prices will rise. This means that you make a healthy amount of money, which is great – until capital gains tax comes into play. Capital gains tax (CGT) is the contribution of the profit you’ve made to the Australian Taxation Office (ATO). Unfortunately, tax […]
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 […]
A Tax Depreciation Schedule Guide: Maximise Your Deductions
As a property investor, a tax depreciation schedule is an often-overlooked tool that can help you maximise your returns and minimise your tax liability. This report outlines the tax deductions you can claim for the annual depreciation of your investment property. In this comprehensive guide, we will explore what a tax depreciation schedule is, why […]
SMSF Audit Guide: Ensuring Compliance and Accuracy
If you operate a Self-Managed Superannuation Fund (SMSF), you’ll know that there’s no shortage of regulations and requirements to keep track of, including the crucial SMSF audit. One of the most crucial, yet often dreaded, aspects of operating an SMSF is the annual audit – a process that can be intimidating for many trustees. But […]
Navigating Division 7A Loans in Australia
As a business owner, strategic financial decisions form the bedrock of your day-to-day operations. Among these considerations, you may evaluate whether to provide a loan to a shareholder or forgive an existing one. If this notion has ever crossed your mind, knowing that such transactions, while seemingly straightforward, can have significant tax implications is imperative. […]
Division 293 Tax Explained
For most Australian taxpayers, Division 293 tax is not ordinarily on their radar until they receive an unexpected tax bill at the end of the financial year. And this is because it’s not a tax that gets factored into PAYG payments. In other words, it’s not something your employer withholds from your salary and pays […]
How to Set Up a Payment Plan With the ATO
In the dynamic world of business, the obligation to meet tax liabilities can occasionally prove to be a significant hurdle, adding to the operational and financial stress already inherent in running a company. Cash flow constraints, unexpected expenditures, or periods of lower-than-anticipated revenue can leave business owners facing the daunting prospect of large tax bills […]
Understanding PAYG Withholding
In the comprehensive framework of the Australian tax system, one key term resonates with all businesses: ‘PAYG withholding’. This term encapsulates a vital principle that businesses and their employees must abide by to ensure compliance with tax obligations. For businesses, achieving a comprehensive understanding of PAYG withholding is imperative. This blog post seeks to provide […]
