Commercial debt forgiveness is a financial concept that occurs when a creditor (the lender) formally forgives or cancels a debt owed by a business or individual to themselves. In simple terms, it means that the debtor (the borrower) is no longer legally required to repay the outstanding amount. This can happen for various reasons, including […]
What is Commercial Debt Forgiveness Read More »
When making payments of interest, dividends, or royalties, it is crucial to understand resident withholding tax (RWT). Understanding Resident Withholding Tax (RWT) on Interest Resident withholding tax on interest applies when a financial institution or business pays interest to a resident taxpayer and that resident taxpayer has not reported their tax file number to the
What is Resident Withholding Tax on Interest Paid? Read More »
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
Can You Claim Parking on Tax? Read More »
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
How to Lodge Tax Returns Online? Read More »
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
What is the Australian Minimum Wage for Employees Read More »
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
What is a 401k in Australia? How Does It Work? Read More »
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
What is a Defined Benefit Super Fund? Read More »
“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
Why the ATO is targeting babyboomer wealth Read More »
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
How to Find a Good Financial Advisor in Melbourne Read More »
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
Do You Need an SMSF Accountant? Read More »
