What is a Notice of Assessment?
Tax time can be a stressful and overwhelming experience for many Australians. Every year, the days leading up to filing individual tax returns or preparing your individual tax return are often filled with dread and uncertainty, not knowing exactly what to expect from the process or how much money you’ll get back, including when you […]
What Tax Documents Do I Need for My Tax Return in 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 […]
What are the Disadvantages of Salary Sacrifice Agreements?
Salary sacrifice agreements are often promoted as a smart way to boost your super, reduce tax, or access certain workplace perks like a novated car lease. On the surface, they can look like a simple win-win: give up part of your salary now in exchange for long-term benefits later. But the reality is not always […]
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 […]
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 […]
How to Use a Div 7A Calculator
Running a small business in Australia can be rewarding and profitable. However, many business owners are unaware of certain tax regulations in the Income Tax Assessment Act, such as Division 7A, which can cause financial headaches if overlooked. This particular set of rules often catches people by surprise because taking money out of your company […]
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 […]
