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Key information on work from home deductions…

Fixed Rate For the 2023–24 income year, you can claim 67 cents per hour for working from home. This rate may change each year, so always check the ATO website for the most current information. No Minimum Hours Needed Great news! There’s no minimum number of hours you need to work from home to claim … Continue reading Key information on work from home deductions…

Starting a business? You’ll need to choose a business structure…

If you are starting a business, it’s important to choose the right business structure to suit your needs. As your business grows, you may decide to switch structures as well. To help decide which is most suitable for you, consider the following: required licenses amount of tax you pay being an employee compared to being … Continue reading Starting a business? You’ll need to choose a business structure…

Reducing capital gains tax

Did you know you can reduce your capital gains tax (CGT) bill by offsetting your capital gains with capital losses? Here’s how it works: 1. Offsetting with Past Losses: Start by using any capital losses you’ve carried forward from previous years. These losses will help reduce your current year’s capital gains. If your past losses … Continue reading Reducing capital gains tax

Bookkeeping for small businesses

Why Bookkeeping Matters for Small Businesses: Organizing Information: Bookkeeping helps organize financial data, making it easier to understand and analyze. Tax Compliance: Accurate bookkeeping ensures you have the necessary information for tax reporting (gross receipts, expenses, assets, etc.). Budgeting and Resource Allocation: Tracking cash flow allows you to allocate resources effectively. Informed Decision-Making: Well-organized books … Continue reading Bookkeeping for small businesses

Own an investment property? Implement this from the get-go to make taxation easier…

Don’t make the mistake of going into an investment without thinking about taxation. Let’s say your property is being used to generate income at any time. Ensure to: figure out which expenses you can claim as deductions work out whether you need to pay tax instalments throughout the year declare all rental income in your … Continue reading Own an investment property? Implement this from the get-go to make taxation easier…

Growing your superannuation

Personal Super Contributions: You can boost your super by adding your own personal contributions directly to your super fund. If you claim a tax deduction for these contributions, they’re considered concessional contributions and come from your pre-tax income. These contributions are taxed within the fund at a rate of 15%. Growing Your Super: Your superannuation … Continue reading Growing your superannuation

Lodging your tax return

A tax return is a document you submit to the tax authorities (such as the Australian Taxation Office, ATO) that outlines your income, expenses, and other financial details for a specific period (usually a year). It helps determine how much tax you owe or if you’re eligible for a refund. Keep in mind that the … Continue reading Lodging your tax return

ATO advises not to lodge too early…

The Australian Taxation Office (ATO) advises against early tax return lodgment. Here’s why: Avoid Mistakes: Taxpayers who lodge in early July are twice as likely to make errors. Rushing increases the chances of missing crucial information, especially if you have income from multiple sources. Automatic Loading: From late July, employers, banks, government agencies, and health … Continue reading ATO advises not to lodge too early…

New financial year is approaching!

Get ahead of the new financial year by preparing, especially considering the latest tax cuts! Here’s how… Review Your Income and Expenses: Take a close look at your income sources, including salary, investments, and any other earnings. Also, track your expenses to understand where your money is going. Consider any changes in your financial situation, … Continue reading New financial year is approaching!

Types of Super Funds

Choosing a superannuation fund can be confusing, here’s a good starting point… Industry Funds: Run by industry associations or unions. Tailored to specific industries. Costs are usually low to medium. Profits get reinvested for the benefit of members. In-House Corporate Funds: Managed by a board of trustees chosen by the employer and employees. Designed for … Continue reading Types of Super Funds