When running a small business, managing taxes can be overwhelming. Working with a business accountant simplifies the process and ensures you’re compliant with tax regulations, but knowing what to expect and what you need from your accountant is key to a smooth tax season. In this blog, we’ll explore the essential things you should expect […]
Business Accountant for Small Business Taxes Read More »
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are
The changes to how tax practitioners work with clients Read More »
Navigating the complexities of taxation can be a daunting task for individuals and businesses alike. With ever-changing tax laws and regulations, staying compliant while maximizing your financial benefits requires expert guidance. This is where a tax accountant in Melbourne becomes invaluable. Let’s explore how a tax accountant can help you throughout the financial year. 1.
How a Tax Accountant in Melbourne Can Help Financial Year Read More »
Welcome to our blog dedicated to helping you master your finances with the assistance of a skilled tax accountant in Melbourne. In today’s fast-paced world, managing your finances effectively is essential for achieving your financial goals and securing your future. Whether you’re a business owner, a freelancer, or an individual taxpayer, understanding the nuances of
How to Master your Finance through Tax Accountant in Melbourne Read More »
Small and Medium Enterprises (SMEs) form the backbone of Melbourne’s bustling economy, driving innovation, creating jobs, and contributing to local communities. However, managing the financial aspects of an SME, especially taxation, can be a daunting task without the right expertise. In this blog post, we’ll delve into the importance of partnering with a specialized tax
Tips for Choosing the Right Tax Accountant for Your SME Read More »
In the fast-paced and competitive world of sports, success isn’t just about what happens on the field or court; it’s also about what happens behind the scenes. One of the critical players in this behind-the-scenes action is the accounting team. Their strategic insights and financial expertise are instrumental in driving the success of sports organizations.
Maximizing Your Accounting Game Plan for Sports Industries Read More »
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps
How to take advantage of the 1 July Super Cap Increase Read More »
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited situations (e.g., where payment
The ATO Debt Dilemma Read More »
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use.
The Fringe Benefit Tax traps Read More »
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013,
The problem when the evidence doesn’t match what the taxpayer tells the ATO Read More »
