Tax planning is an essential aspect of financial management for individuals and businesses. It involves taking steps to minimise tax liability and maximise tax benefits, while also ensuring compliance with tax laws and regulations. Tax planning can provide significant benefits, including financial savings and better control over your finances. We will discuss the importance of […]
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 […]
We are nearing the end of financial year again. Here are some things to consider to reduce the tax bill or defer some of it to next year: Immediate deduction for assets – due to COVID19, the government has temporarily increased the instant asset write off to $150,000, to 30 June 2020. This also […]
By Kerrie Sadiq and Bronwyn McCredie Treasurer Scott Morrison is quick to spruik the shareholder benefits of cutting corporate tax rates further, as the usual logic goes that if a corporation pays less tax, shareholders should get a greater return. But in a recent pilot study, we found companies that paid a greater percentage of their sales or revenues […]
With the October 31 tax lodgment deadline looming large on the horizon, many taxpayers may be scrambling to patch together a few possible tax deductions they hope to be able to claim. Of course most taxpayers are keen to find out about any extra tax deductions that may not have been revealed before. But […]
By: Melissa Browne More than six weeks have passed since the end of the financial year and by now many of you have completed your tax returns and are anxiously waiting for your tax refund. Which at an average of just more than $3000 a refund is quite a nice chunk of change. In my […]
By: Melissa Browne If you’re one of the many Australians who purchased a rental property during the 2016 financial year, moved out of their home and rented it out, or are using part of your home for holiday lettings, it’s important to know what you can and cannot claim. You don’t want to miss out on […]
