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The Bottom Line Business Advisory Pty. Ltd.
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WHAT IS PSI?

PSI is income produced mainly from your personal skills or efforts as an individual. Working as a consultant for other firms or organisations would be Personal Services Income.  There are special tax rules ensuring you cannot reduce your income tax by diverting income received from your personal services through companies, partnerships, or trusts. Results test … Continue reading WHAT IS PSI?

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ATO New super tool

Have you ever tried to find out if your super fund best for you? Do you find comparing funds complex and confusing? The ATO’s new super fund comparison tool can help maximize your retirement saving. The ATO has launched a new super fund comparison tool From September 2021, The YourSuper comparison tool will help you … Continue reading ATO New super tool

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Borrowing Capacity assessment

Looking to buy your first home?! You bad habits might undermine your dream. Banks are now using actual living expenses since the royal commission. They will scrape every statement of every account; they will add up everything you’re spending on. Gambling, Uber Eats and your buy now pay later debts can be the reason that … Continue reading Borrowing Capacity assessment

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Top-performing suburbs of Melbourne’s south

According to a recent article published by realestate.com Carrum has been ranked the top-performing house market of Melbourne’s south, with buyers priced out of more blue-chip suburbs closer to the city keen to secure a beachside lifestyle for less. The suburb’s median house price jumped 24.4 per cent in the past 12 months to $930,000, … Continue reading Top-performing suburbs of Melbourne’s south

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ATO/AUSTRAK DATA MATCHING

The Australian Taxation Office (ATO) will acquire AUSTRAC transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027. Approximately nine million individuals will be obtained each financial year. The data will be acquired and matched to ATO data to support the administration and enforcement of tax and … Continue reading ATO/AUSTRAK DATA MATCHING

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Your Questions answered-What is the JobMaker Hiring Credit?

The JobMaker is an incentive announced by the Federal government on the 6th of October to encourage businesses to employ additional staff esp. young people. Eligible business will have access to the scheme for 12 months from 7 October 2020. Employers must register with the ATO and claims will commence in February. The JobMaker Hiring … Continue reading Your Questions answered-What is the JobMaker Hiring Credit?

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Your Questions answered-I am an employee; can I claim my travel from home to work and vice versa?

  In most Cases you can’t claim travel between home and work because it is considered private in nature, except for the following travel; Directly between two separate workplaces. To an alternative workplace that is not a regular workplace If you need to carry bulky tools or equipment but you can’t leave at your workplace … Continue reading Your Questions answered-I am an employee; can I claim my travel from home to work and vice versa?

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Changes to Job Keeper and Jobseeker payments and other Government support measures.

JobKeeper Eligible businesses have got the Job Keeper payments extended till 28th of March 2021 with the payments reduced after 28th of September 2020 as follows: $1,500 a fortnight until 27 September 2020 to pay eligible employees $1,200 a fortnight from 28 September 2020 to 3 January 2021 to pay eligible employees (or $750 a … Continue reading Changes to Job Keeper and Jobseeker payments and other Government support measures.

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Apportioning GST annually for business and private purchases

The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for business owners to occasionally make purchases that contain a private use component. Where expenses are … Continue reading Apportioning GST annually for business and private purchases

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What is Superannuation and how does it work.

What is Superannuation and how does it work.  Super is basically the saving for retirement all employers in Australia are required by law to pay a percentage from your salary and wages (currently 9.5%) into your superannuation account. Super in Australia is semi-compulsory which means if you are an employee, your employer is required by … Continue reading What is Superannuation and how does it work.

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