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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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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“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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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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For businesses operating in Australia, compliance with tax obligations is an essential part of business. One of the critical requirements for businesses registered for Goods and Services Tax (GST) is lodging a Business Activity Statement (BAS). But what exactly is a BAS statement, and why is it important? Understanding the Business Activity Statement (BAS) A
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By strategically managing tax liabilities, you can legally minimize the amount you owe the ATO while maximising your wealth. This blog explores strategies to help you navigate tax planning effectively. Please note that contacting and working with a competent business accountant is all that you need to ensure that you minimise tax. You don’t need
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A Self-Managed Super Fund (SMSF) is a private superannuation fund in Australia that you manage yourself (hence called ‘self managed’). It is designed to help individuals save for retirement, offering greater control over investment choices compared to traditional superannuation funds. However, with this control comes responsibility, as SMSFs must comply with strict regulations set by
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In today’s dynamic business landscape, organizations of all sizes seek professional expertise to manage their finances effectively. One essential area of support is business services accounting, a specialized branch of accounting that utilises a small business accountant to provide comprehensive financial management solutions for businesses. Defining Business Services Accounting Business services accounting refers to a
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Franchise businesses are a popular model in Australia, offering entrepreneurs an opportunity to start their own business while benefiting from the support and structure of an established brand. But what exactly is a franchise business, and how does it work? Let’s explore the concept and how it applies in Australia. Understanding the Franchise Model A
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