Accountant Archives | Page 6 of 8

How Superannuation Works in Australia: A Guide to Retirement Savings

Accountant, Business Tax, Small Business Accountant, tax / Nobel Thomas

Superannuation, often referred to as “super,” is Australia’s retirement savings system. Established by the Australian federal government, it helps Australians build savings throughout their working life, so they can support themselves and their loved ones financially once they retire. Here’s a breakdown of what you need to know. What Is Superannuation? Superannuation is a long-term […]

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Is Your Tax Return Not Filed on Time? What Could Happen?

Accountant, Business Tax, tax / Nobel Thomas

Tax time can be a stressful time for many individuals and business owners. With multiple lodgements and deadlines to navigate, it’s easy to understand why some may procrastinate or, worse still, forget to lodge altogether. However, missing the tax return deadline can lead to a range of consequences, from penalties to more severe actions by

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What Do You Need to Register for GST?

Accountant, Business Tax, Small Business Accountant, tax / Nobel Thomas

Starting a business in Australia means understanding Goods and Services Tax (GST) – a 10% consumption tax on most goods and services. Knowing when and how to register for GST is important to ensure you stay compliant with Australian Taxation Office (ATO) rules. Here’s what you need to know about GST registration: What is GST?

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How “cents per km” Method is Used by Accountants

Accountant, tax / Nobel Thomas

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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Tax on Gifts and Assests: What Are the Implications?

Accountant, tax / Nobel Thomas

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

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How to Set Up a Family Trust: A Simple Guide

Accountant, Budgeting, Small Business Accountant / Nobel Thomas

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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What You Need to Know About Capital Allowances

Accountant, Business Tax, tax / Nobel Thomas

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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Staff Amenities vs Entertainment: Workplace Culture

Accountant, Workplace / Nobel Thomas

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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Guidelines to ATO Withholding Clearance Certificates for Properties

Accountant, Property Development / Nobel Thomas

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

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CGT Rollover: All the Things You Need to Understand

Accountant, Business Tax, tax / Nobel Thomas

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

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Accountant

How Superannuation Works in Australia: A Guide to Retirement Savings

Is Your Tax Return Not Filed on Time? What Could Happen?

What Do You Need to Register for GST?

How “cents per km” Method is Used by Accountants

Tax on Gifts and Assests: What Are the Implications?

How to Set Up a Family Trust: A Simple Guide

What You Need to Know About Capital Allowances

Staff Amenities vs Entertainment: Workplace Culture

Guidelines to ATO Withholding Clearance Certificates for Properties

CGT Rollover: All the Things You Need to Understand

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