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 […]
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 Olivia Maragna Tax time is a stressful period for many Australians. Even seemingly simple tax returns can escalate into a madcap scramble through personal records to make sure everything is in order. Is this really any surprise, given that the complete Income Tax Assessment Act 1997 comes in at over 5000 pages? But even without […]
By: Christine Long If your tax planning usually consists of joining a queue to buy stationery shortly before midnight on June 30, it might be time to think ahead. Some deductions require more forward planning, particularly as the financial year-end falls on a Saturday in 2018. Bates Cosgrave director Matt Zhou says: “Tax planning should start […]
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 […]
By: Steve Burnham The ATO says that last year about half a million Australians lodged a tax return for the first time, with a similar number if not more expected to lodge by the time the looming October 31 deadline arrives for getting your tax return in to the ATO. Of course given that close deadline, […]
All of a sudden it’s tax time again. Yes, it’s 12 months since you started collating your receipts and giving your tax agent a call. Tax time can be quite stressful, especially because we’re all looking for ways to maximise our tax return. Obviously, getting the basics right is the most important part of […]
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 […]
