The term “recession” often makes headlines and stirs concerns about the economy, businesses, and households. But what does it really mean, and how can Australians prepare for it? What is a Recession? In simple terms, a recession is a significant decline in economic activity across the economy, lasting for an extended period, typically two consecutive […]
What is a Recession in Australia and How Can You Prepare? Read More »
For Australians pursuing higher education, the HECS-HELP loan system offers a way to fund tertiary studies and pay back the debt once their income reaches a certain threshold. But what happens if you move overseas? Are you still required to repay your HECS-HELP debt? Here’s everything you need to know. Understanding HECS-HELP Debt HECS-HELP is
Do You Have to Repay HECS-HELP Debt if You Leave Australia? Read More »
Cryptocurrency has grown exponentially in popularity over the last decade, attracting both seasoned investors and newcomers. Along with this rise in adoption comes an important question for many: do you only pay tax on cryptocurrency when you cash out? This blog explores the tax implications of cryptocurrency transactions in Australia. Understanding Cryptocurrency and Tax in
Do You Only Pay Tax on Crypto When You Cash Out? Read More »
Starting your own business in Australia can be both exciting and rewarding. However, to set yourself up for success, you need to set yourself up properly. Making a mistake in the early stages can become costly down the track. This blog will guide you through the process of starting a business in Australia, from ideation
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When it comes to property investment in Australia, understanding tax implications is crucial to ensuring that capital gains tax, if any, is kept to a minimum. One such key tax rule which you may have heard of is the 6-year rule for capital gains tax (CGT), which can provide significant tax relief to property owners.
What is the 6-Year Rule for Capital Gains Tax? Read More »
When buying, selling, or renting property in Australia, one key consideration for both buyers and sellers is the Goods and Services Tax (GST). While GST is a well-known part of many commercial transactions, its treatment when it comes to residential property can often cause confusion. While it is always best to consult a property accountant
Is GST Payable on Residential Property in Australia? Read More »
Running a business as a sole trader offers simplicity and flexibility, but it also comes with tax responsibilities and potentially tax disadvantages that must be managed carefully. Lodging a tax return as a sole trader may seem overwhelming, especially if you’re new to running your own business, but understanding the process can make it far
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Self-Managed Super Funds (SMSFs) are a powerful tool for Australians looking to take control of their retirement savings. However, managing an SMSF comes with significant responsibilities, ATO requirements, and strategic decisions. Whether you’re considering setting up an SMSF or already managing one, the expertise of SMSF accountants Melbourne can make all the difference in ensuring
When Should You Consult an SMSF Accountant? Read More »
Properly managing an inheritance is crucial to ensure it benefits you and possibly future generations. Here are seven critical steps to take when you receive an inheritance: 1. Pause and Reflect Grieving the loss of a loved one is an emotional process. It’s important to give yourself time to reflect and not rush into major
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Investing in shares can be a great way to grow wealth. It is also important to have an accountant Melbourne by your side who can help you plan and strategize to save Capital Gains Tax (CGT). In Australia, CGT is payable when you sell shares for a profit. However, there are legal strategies to minimize
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