At the worst time of your life, the last thing you want to think about is tax. However, when a loved one dies, their affairs must be dealt with at some stage. This includes their tax obligations. You must lodge a date of death tax return if any of the following apply to the deceased…
Ensure you are doing the right thing with your property-related claims this tax return season. The tax office is paying close attention to rental property owners, especially those who own a holiday home, who incorrectly claim for initial repairs to recently acquired rental properties. One key concern is people claiming expenses when the property is…
In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, further complications can result from incorrect understandings of how the income tax and goods & services tax may apply to those individuals. ‘ The sharing…
While lodgement of your tax return can begin from 1 July, you have a much higher chance of submitting a return with incorrect or missing information. This is because some information that will automatically be pre-filled on your return (such as PAYG or STP information from your employer) will likely not have been lodged with…
Small business owners may be able to claim deductions for the costs of using their home as a principal place of business when filing their income tax returns. A home-based business is one where an area of your home is set aside and used exclusively as a place of business. If you do not have…
Are you involved in a trade, or do you know someone who is involved in one? It’s vital that these individuals understand what they can claim work-wise on their tax returns this year (and that they should be preparing for it sooner rather than later). Car Expenses You can claim a deduction for the cost…
As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023. At the end of every financial year, business owners should be reviewing and measuring their performance in comparison to the previous year. By regularly reviewing this information,…
The 2022-2023 tax return may look different to your previous returns, but there’s a reason – and it’s probably due to an expiry date. Here are our top reasons that your tax refund this year might not feel as bountiful as the previous year (and a few others to remember when lodging) Work From Home…
If you’ve made a major investment in the last financial year, any income made from it will need to be included on your tax return. Any income earned from investments and asses must be declared in your tax return. This may include amounts from interest, dividends, rental income, managed investment trust credits, crypto assets and…
If you are a small business owner, you might think that you can handle everything on your own, including your finances. There are a lot of things you need to work on in your business such as generating sales or income, marketing your products as well as managing your team if you have any. When…