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 […]
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 […]
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 – […]
AAP If you get a call from a robotic voice telling you your tax file number has been suspended and you need to move all your cash to a safer account, don’t do it. The Australian Taxation Office is warning that there’s been a spike in fraudsters using robo-calls to impersonate tax authorities and swindle […]
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 […]
By: Steve Burnham From 1 July 2018 the ATO says it will not apply penalties to tax returns and activity statements where your clients have made an inadvertent error by failing to take reasonable care or due to the fact that they have not taken a “reasonably arguable” position (more below). It says that if it […]
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: Eloise Keating It’s that time of the year again. You’re (hopefully) well on your way to getting your tax affairs in order as June 30 approaches, and come Saturday, your finance team will be putting their feet up for a well-earned rest. But amid the mad rush of the end of the financial year, it can hard […]
By: DOMINIC POWELL The skies are dark, the sales are on, and every ringing phone strikes fear into the hearts of Australia’s accountants. Yep, it’s that time of year again — tax time. For the handful of small business owners who are confidently across their finances and tax obligations (must be nice), the end of financial year […]
