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.
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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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When receiving money through a gift or inheritance, many people wonder whether they are required to pay tax on it. The answer is it depends. Let’s explore how gifted money and inheritance are treated for tax purposes in Australia. Gifted Money In Australia, gifts are generally not considered taxable. If someone gives you money as
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Can you avoid giving the Australian Tax Office a gift this Christmas? The top Christmas party questions What can I do to make the staff Christmas party tax deductible or tax-free? Not have one? Ok, seriously, it’s likely that you will pay tax one way or another; it’s just a question of how. If you
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Whether you’re an individual needing help with tax returns or a business owner seeking a business accountant with business owner experience, understanding how much an accountant charges is essential for budgeting and decision-making. Accounting fees can vary widely based on the type of services you need and the accountant’s experience, and their location. Here’s a
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Running a business and managing your personal finances comes with its unique challenges and opportunities. With ever-changing tax (State and Commonwealth) laws and the dynamic economic landscape, hiring an accountant can make a world of difference. Here are seven benefits of engaging an accountant Melbourne. 1. Expert Tax Knowledge Australia’s and Victoria’s tax laws are
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Running a small business can be daunting yet both exciting and challenging. Entrepreneurs wear many hats—marketer, salesperson, manager — but one area often overlooked is financial management of the business. This is where a small business accountant plays a crucial role, acting as a strategic partner in driving small business growth. 1. Financial Planning and
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If you’re buying property in Victoria, Australia, understanding stamp duty is essential. Stamp duty is a tax levied by the state government on property transactions (as well on the sale of motor vehicles). This guide will help you understand the basics of stamp duty on property transactions, how it’s calculated, and whether you’re eligible for
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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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