It’s essential for property owners to understand the intricacies of deductions associated with their cherished holiday retreats. However, as the holiday season approaches, they may find that their holiday retreats become a valuable source of income. To ensure you make the most of your potential deductions, it’s crucial to navigate the rules surrounding holiday home…
In the realm of taxes and financial matters, it’s crucial to tread carefully and stay within the bounds of legality. The Australian Taxation Office (ATO) recently uncovered a surge in GST refund fraud attempts, amounting to a staggering $850 million involving around 40,000 individuals. This eye-opening revelation sheds light on the consequences of fraudulent activities…
As a business owner, one of the perks is the ability to claim tax deductions for expenses related to motor vehicles used in your business operations. This includes cars and certain other vehicles that play a role in running your business smoothly. The good news is that claiming motor vehicle expenses can help reduce your…
As Australia braces for another bushfire season, it’s crucial to be prepared for a range of challenges, from evacuation plans to emergency-go-bags. Amidst all the chaos, you might wonder if your tax obligations should be a top priority. While it may not be your primary concern, understanding how to handle your tax records in the…
Could your small business claim a 20% bonus deduction on technology expenditure that supports their digital operations or the digitisation of their operations? The small business technology investment boost is a broad measure intended to cover a wide range of business expenses and assets; however, questions may arise when you go to claim. Can I…
If you haven’t finalised your tax return, you need to do so before October 31 2023. However, sometimes the form can be daunting, particularly if you’re unsure what to declare regarding income. Certain types of income must be declared on your tax return. Whether your income results from a side hustle, a full-time or part-time…
An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT discount purposes, affordable…
The popularity of the digital currency known as crypto often leads to many questions when it comes to tax time. However, it’s encouraged that you speak with your accountant about your obligations as soon as possible to be prepared for what you are expected to do. The ATO classifies cryptocurrencies as property, specifically as a…
In the realm of tax law, a critical concept revolves around understanding the notion of “entities connected with you.” This concept serves as a linchpin in several aspects of taxation, from determining one’s status as a Small Business Entity to ascertaining the value of assets when seeking eligibility for Small Business Capital Gains Tax (CGT)…
Like how individuals and businesses must complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) which should be used to complete tax returns. Trusts can also apply for an Australian business number (ABN) if the trust carries on an enterprise. If a trustee applies for…