The Ins and Outs of Salary Sacrifice and the Tax Implications

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 […]

The Small Business Income Tax Offset Demystified in Detail

Small businesses are vital to the Australian economy, providing employment opportunities and contributing significantly to the nation’s economic growth.  Despite the exciting prospects of owning and operating a small business, the journey takes work. Small business owners must navigate complex challenges, including fierce competition, limited resources, and regulatory compliance.  Thankfully, the Australian Taxation Office (ATO) […]

What is the CGT Rollover Relief?

What is the CGT Rollover Relief? The Australian Tax Office (ATO) recognises small businesses’ important role in the economy. As such, they provide many small business tax concessions to help the success of their operations. These concessions include simplified depreciation rules, a reduced company tax rate, and access to capital gains tax concessions.  The capital […]

How GST on Commercial Rental Properties Works

The Goods and Services Tax (GST) is a value-added tax (indirect tax) levied on most goods and services sold in Australia, including GST on rent and commercial rentals.  The GST is levied at a rate of 10% and is paid by consumers when they purchase products, receive a given service or pay rent for commercial […]

5 Things To Know About Gifting and Inheritence Taxation

5 Things To Know About Gifting and Inheritance Taxation Giving gifts is a time-honoured tradition that is enjoyed by people of all ages. Whether it’s a birthday, holiday, or just to offer your appreciation, giving gifts is an excellent way to show your loved ones how much you care. And while there’s no doubt that […]

How to Pay Crypto Taxes in Australia

crypto tax

There’s no doubt that cryptocurrency has seen a surge in popularity in recent years, with more and more people investing in Bitcoin, Ethereum, and other popular digital currencies. Australia is mirroring the trend, with Bitcoin’s value rising from around $300 in 2015 to over $80,000 in 2021.  The appeal of cryptocurrency lies in its decentralised […]

Everything You Need To Know About Tax Record Keeping

No matter how small, anyone running a business in Australia needs to keep accurate records of their income and expenses. This is not only important for compliance with income tax return laws, but it also helps to keep track of your financial performance over time. The best way to stay on top of your record-keeping […]

How Do Tax Deductions Work? The Only Guide You Need

Business owners can claim a tax deduction for most of the expenses incurred in running their business, provided the expenses are directly related to earning taxable income.  This sounds simple enough, but many people don’t understand how to claim maximum tax deductions as they don’t know what constitutes an eligible deduction for business expenses. We’ve […]

Import Tax Australia – Everything You Need to Know

Import tax may apply to goods brought into Australia from overseas with the intention of being sold in Australia. While personal goods and software downloaded from other countries don’t require a formal import declaration, goods with a value of over 1000 Australian dollars require an import declaration, and Australian customs duty and taxes are charged […]

The Australian Goods and Services Tax Explained

Most goods and services sold or consumed in Australia include a goods and services tax (GST) of 10%. GST is also referred to as Value Added Tax or VAT. Small businesses generally aren’t required to pay GST when they’re just starting up, but as the business grows, they will have to register online to do […]