I have been asked numerous times “what can I do to lower my tax bill”. There are various ways to do this, but it ultimately comes down to educating yourself in this area. Lowering your tax bill can be achieved through various strategies that are legal and compliant with tax laws. Here are some tips […]
There are several strategies that businesses can review and implement before 30 June to reduce their tax liability and improve their financial position. Here are some things to consider: Prepaying expenses Businesses can review their expenses to ensure they are maximising their deductions. This includes reviewing and prepaying expenses such as rent, insurance, subscriptions, and […]
Minimise your tax liability and Maximise your tax refund, by ensuring you are claiming what you are entitled to. There are various deductions available that can be claimed on your tax return, but it’s important to ensure that you are eligible to claim them and that you have the necessary documentation to support your claims. […]
The ATO has made changes to the way that working from home deductions can be claimed by eligible taxpayers for the 2023 income year. If you have genuinely worked from home at any time from 1 July 2022 to 30 June 2023, you may be eligible to use the ATO’s revised fixed-rate (67 cents per […]
Tax planning – why do we recommend it? Tax planning is a great opportunity to look at your business trading for the year to date, assess what goals you have for next financial year, and plan for what tax bill may arise at year end so there are no surprises. Tax planning is usually done […]
By Sarah Sharples People could be missing out on hundreds or thousands of dollars when it comes to tax time with some professionals failing to claim for perks specific to their industries. Accountant Coco Hou has identified four careers where people can cash in on some unusual parts of their jobs. “The shocking thing is that far […]
There are changes to company tax rates. While the full company tax rate is 30%, your company may be eligible for a lower company rate. If you are a ‘base rate entity’, your company tax rate is: 27.5% from the 2017–18 to 2019–20 income years 26% for the 2020–21 income year 25% from the 2021–22 […]
By: Finn McHugh Australians could be hit with a tax $610 tax hike under a Medicare-style levy proposed to fix the aged care system. The aged care royal commission released its final report on Monday, outlining 148 recommendations as part of an extensive overhaul of the sector. Both commissioners – Lynelle Briggs and Tony Pagone – […]
Finn McHugh Aussies could be forced to choose between superannuation and take-home pay under a proposal being considered by the federal government. The government will mull making an increase in superannuation optional, giving workers the choice to receive a pay rise instead, in a bid to resolve internal division over the issue. The move would […]
Jade Gailberger and Finn McHugh A whopping $7bn worth of income tax cuts have flowed to millions of Aussie workers since July. New Australian Taxation Office data reveals $1.1bn of the cash injection came from the government bringing forward stage two of its tax cuts. A further $5.9bn in one-off payments of up to $1080 […]
