Latest accounting and tax updates
- 2020/21 income Tax Update, what is new and important for individuals and sole traders?
2020/21 has been challenging for almost all of us. Australian government came up with the COVID‑19 Economic Recovery Plan with specific measures to help individuals… Read More »2020/21 income Tax Update, what is new and important for individuals and sole traders? - 2020/21 Tax Return: What is new for small Business?
Small business income tax offset for small business sole trader or for share of net small business income from a partnership or trust From year… Read More »2020/21 Tax Return: What is new for small Business? - 5 misconceptions about personal income tax
We noticed these common misconceptions during our interaction with thousands of individual tax payers over the past several years. Most of these are simple matters… Read More »5 misconceptions about personal income tax - 2019/20 Tax Return – new working from home rules
Practice of working from home was on the rise, even before COVID19 caused drastic changes in our work arrangements. Certain expenses related to working from… Read More »2019/20 Tax Return – new working from home rules - What small businesses should know about Single Touch Payroll (STP)
What is Single Touch Payroll (STP)? Single Touch Payroll is a way businesses report payroll information to Australian Taxation Office. Under this new rule each… Read More »What small businesses should know about Single Touch Payroll (STP) - Working for marketing communications services companies? Know what work related deductions you can claim.
Knowing what work related deductions you can claim and working out the amount accurately will potentially save you thousands of dollars and help to avoid… Read More »Working for marketing communications services companies? Know what work related deductions you can claim. - Should you buy property using your super? Consider these facts!Buying a property using your super means setting up a Self-managed Super Fund (SMSF). There are many advantages and disadvantages of SMSF which you need… Read More »Should you buy property using your super? Consider these facts!
- Is your small business complying with Australian laws?There are a staggering number of laws and regulations that businesses in Australia must comply with. Here are the main laws and regulations applicable to… Read More »Is your small business complying with Australian laws?
- Records to be kept by individual taxpayersATO relies on self-assessment of your tax return and accepts the details you provided as true and correct. However, ATO has the right to demand… Read More »Records to be kept by individual taxpayers
- 5 tax considerations you should be aware of if you are thinking of buying an investment propertyNegative gearing A rental (investment) property is negatively geared when it is purchased with borrowed funds and the loan interest and other tax deductible costs… Read More »5 tax considerations you should be aware of if you are thinking of buying an investment property
- Working from home? Don’t miss the tax deductions you are entitled to!According to Australian Communications and Media Authority almost half (49%) of employed Australian use internet to work away from the office outside of standard hours… Read More »Working from home? Don’t miss the tax deductions you are entitled to!