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 […]
Is Your Tax Return Not Filed on Time? What Could Happen? Read More »
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?
What Do You Need to Register for GST? Read More »
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
How “cents per km” Method is Used by Accountants Read More »
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
Tax on Gifts and Assests: What Are the Implications? Read More »
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?
What You Need to Know About Capital Allowances Read More »
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
CGT Rollover: All the Things You Need to Understand Read More »
Filing your taxes in Australia can be a daunting task, and mistakes can happen to even the most meticulous taxpayers. If you’ve realized that you made an error on your previously filed tax return or omitted important information, don’t worry; there’s a solution. In this blog post, we’ll guide you through the process of amending
How to Amend Your Tax Return in Australia Read More »
