Category: Tax

Written by seriously good accountants. For business owners who want to understand their numbers, make good decisions & grow.

Image for 3 ways to maximise your super for the best results

3 ways to maximise your super for the best results

Maximising your super is an important part of managing your finances. The amount you put into it, the way you invest, and how you use the tax concessions available to you can make a big difference in how much money accumulates in your super account over time. Some of the…

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Filed Under: Accounting, Tax

Image for How to have a tax-deductible Christmas party

How to have a tax-deductible Christmas party

If you’re looking for an easy way to give your employees a gift this year, consider throwing them a Christmas party! The best part? Your end of year function could be tax-deductible. Here are some tips for throwing a festive and tax-deductible Christmas party without breaking the bank. Venue When…

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Filed Under: Accounting, General, Small Business Tax, Tax

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How having multiple jobs affects your taxes

If you earn income through more than one job, a common misconception is that each employer withholds taxes from your paycheck in the same way. This is not necessarily true; they may use different tax withholding methods which could lead to an underpayment of income taxes with one employer, and…

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Filed Under: Financial Awareness, General, Tax

Image for Tax implications of rent concessions, property and commercial enterprises

Tax implications of rent concessions, property and commercial enterprises

If you’re a landlord, property owner or commercial enterprise operator who has been affected by the downturn in the economy, you may be wondering how to deal with your tax obligations. There are various schemes available from state and federal governments for landlords and property owners as well as commercial…

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Filed Under: General, Tax

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Image for Supercharge your super with spousal contributions

Supercharge your super with spousal contributions

Whether you’re married or in a de facto relationship there are many benefits to having a partner, including tax write-offs. You might share things with your partner like a mortgage or a car, but did you know you also might be able to help them boost their super? If you…

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Filed Under: General, Tax

Image for Thinking about becoming a contractor? Here’s what you need to know

Thinking about becoming a contractor? Here’s what you need to know

If you are an employer looking for a contractor or if you are considering becoming one yourself, it’s critical that you understand what legal obligations contractors have as well as what sham contracting entails so that you avoid falling into illegal practices. What is the difference between a contractor and…

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Filed Under: Business Advisory, Compliance, Tax

Image for Why you should never breach the complex laws that surround SMSFs

Why you should never breach the complex laws that surround SMSFs

Your super is your nest egg for retirement. So why would you risk losing almost half of it by not complying with the laws around SMSFs? The common question of “what should I do about my super?” has seen more and more people turn to Self Managed Superannuation Funds…

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Filed Under: Compliance, Tax

Image for Are you a property investor? Here’s the tax information you need to know

Are you a property investor? Here’s the tax information you need to know

One of the most important aspects about investing in property is ensuring that you maximise your return on investment. However, while both repairs and renovations can be claimed as tax deductions, it’s vital to know how to do so correctly or else it can be costly and unlawful. Rental property…

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Filed Under: Compliance, Tax

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Rental Income and Tax

Income from a rental property is generally assessable, meaning that it counts as your income for tax purposes. Likewise, common expenses such as repairs and maintenance can be deducted from the profit at the end of the financial year. However, be warned that if you rent out part of your…

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Filed Under: Small Business Tax, Tax

Image for I have just started share trading; how do I pay tax?

I have just started share trading; how do I pay tax?

With many ‘safe’ investments such as term deposits offering very low-interest rates, more people are turning to the share market in pursuit of higher returns. For new share investors, this means understanding not only the risk profile of share investments but also the different ways in which the returns on…

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Filed Under: Tax