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 […]
As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income. Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by […]
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: Pip Spibey-dodd It’s that time of year again: tax time. When the challenge of filing personal taxes is compounded by the need to sift through work-related travel expenses, it’s no wonder many workers would rather visit the dentist. Knowing how to file business travel expenses can be one of the most confusing areas when submitting expenses to the Australian […]
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 […]
By: Melissa Browne The late Kerry Packer famously said, “I don’t know anybody that doesn’t minimise their tax … Of course I’m minimising my tax. If anybody in this country doesn’t minimise their tax they want their head read. As a government I can tell you you’re not spending it that well that we should be paying extra”. […]
With End of Financial Year upon us, here are five tips to help you remain on top of your business finances at tax time. At the End of Financial Year for small to medium enterprises (SMEs), business owners can be forgiven for never wanting to pick up a calculator again, with stocktakes, tax declarations […]
By: Noel Whittaker I have executed a binding nomination in my super fund. Can you please advise me if my three children will still have to pay tax on the money from my super fund or any other money left to them in my will. A binding nomination has no effect on the tax treatment of […]
By: Max Newnham Advice for when a business is operated through a family trust and family members work in the business. When the owners of a business want the flexibility of distributing income to family members, to reduce the impact of income tax on net business income, a discretionary family trust with a company acting as […]
