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 […]
Do You Have to Pay Tax on Gifted Money or Inheritance? Read More »
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
Tax and tinsel Q&As Read More »
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
How Much Does an Accountant in Melbourne Charge? Read More »
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
7 Benefits of Hiring an Accountant in Melbourne Read More »
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
The Role of Accountants in Small Business Growth Read More »
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
How Much Is Stamp Duty in Victoria? Read More »
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
How Superannuation Works in Australia: A Guide to Retirement Savings Read More »
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 »
