Claiming parking expenses on tax can be a tricky subject, as it depends on various factors such as the purpose of travel, the nature of your work, and whether the expenses are directly related to work. Understanding the Australian Taxation Office (ATO) rules can help ensure you claim what you’re entitled to without falling foul […]
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Lodging your tax return online in Australia is a convenient and efficient way to ensure you meet your tax obligations. The Australian Taxation Office (ATO) provides various online options to help individuals and businesses submit their tax returns accurately. This guide outlines the steps involved in lodging your tax return online and provides useful tips
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The minimum wage is a fundamental aspect of employment law in Australia, ensuring that employees receive fair compensation for their work. This article explores the current minimum wage, how it is determined, and its implications for employers and employees. Current Minimum Wage in Australia As of July 1, 2024, the national minimum wage in Australia
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Land tax is a recurring cost for property investors and owners in Victoria, calculated based on the total taxable value of land holdings. While land tax is unavoidable for many, there are legal strategies to minimise or avoid it. In this guide, we’ll explain how land tax works, who is liable, and strategies to reduce
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If you’ve ever come across the term 401(k) while researching retirement plans, you might be wondering what the Australian equivalent is and how it works. In the U.S., a 401(k) is a tax-advantaged retirement savings plan, but Australia has its own system for retirement savings: superannuation (super). In this article, we’ll break down what a
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A defined benefit superannuation fund is a type of super fund where the retirement benefits are predetermined based on a specific formula, rather than being directly linked to investment returns. Unlike accumulation funds, where retirement savings depend on investment performance, defined benefit funds provide more certainty for members regarding their retirement income. How Defined Benefit
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“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) thinks that wealthy babyboomer Australians, particularly those with successful family-controlled
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Finding the right financial advisor can make a significant difference to your financial well-being. Whether you need assistance with retirement planning, wealth management, or tax strategies, a professional financial advisor can help you achieve your financial goals. Here’s how to find a good financial advisor in Melbourne. Why You Need a Financial Advisor A financial
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Managing a Self-Managed Super Fund (SMSF) can be a rewarding way to take control of your retirement savings. However, SMSFs come with significant compliance, reporting, and investment responsibilities. This blog explores whether hiring an SMSF accountant Melbourne is the right choice for you. What is an SMSF Accountant? An SMSF accountant is a financial professional
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In certain circumstances, individuals or businesses may not be required to lodge a tax return with the Australian Taxation Office (ATO). However, failing to notify the ATO of non-lodgement can lead to unnecessary compliance actions. This blog explains the process of advising the ATO when a tax return is not required. When is a Tax
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