When it comes to claiming car expenses, tax accountants in Melbourne often recommend the “cents per kilometre” method as a simple and effective method. This method is a popular choice for individuals and small businesses looking to maximize tax deductions on car expenses. The other option, the logbook method, requires detailed logbooks to be maintained […]
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Gifting money or assets can be a generous way to support loved ones, friends, or even charities. In Australia, there are specific tax implications to consider when making these gifts, especially if they are substantial in amount. This is a complex area, so if you are looking for accounting services, you can call us to
Tax on Gifts and Assests: What Are the Implications? Read More »
A family trust is a vehicle used to protect assets, manage wealth, and ensure financial security for loved ones. Here’s a streamlined guide to setting up a family trust. What is a Family Trust? A family trust is a legal entity where a trustee (e.g. parents) holds and manages assets on behalf of specified beneficiaries
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Capital allowances are tax deductions businesses can claim when purchasing certain assets. Capital allowances are designed to encourage investment in productive assets by allowing companies to claim tax deductions. Knowing how capital allowances work is essential for business owners who want to make informed financial decisions and minimise their tax liability. What Are Capital Allowances?
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In today’s workplace, businesses often invest in creating a supportive and engaging environment for their staff. This is where the question of staff amenities or entertainment is raised. While both expenses can boost morale, productivity, and workplace satisfaction, they are different in nature. A business accountant can help you understand the differences between these two
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Many are unaware that ATO Withholding Clearance Certificate is issued by the Australian Taxation Office (ATO). The WCC attests to the fact that, for the purposes of taxation, a property seller is an Australian resident. 15% of the purchase price will need to be withheld by the buyer at settlement if the seller is unable
Guidelines to ATO Withholding Clearance Certificates for Properties Read More »
Capital Gains Tax (CGT) is a complex area of law, and you must seek professional advice from a business accountant. Note that in some situations, you can defer paying CGT through a CGT rollover. This blog will explain what CGT rollovers are, the types available, and how they can benefit you. What is Capital Gains
CGT Rollover: All the Things You Need to Understand Read More »
Law firms, like many professional service providers, face unique accounting challenges that require specialized expertise. From managing client trust accounts to understanding complex tax regulations, law firms often struggle to stay compliant while focusing on their core legal work. As a Melbourne accountant with extensive experience in legal industry accounting, I’ve identified the common financial
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Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need
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The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank deposits,
When is a gift not a gift? Read More »
