Latest updates on accounting and taxation

• 2020/21 income Tax Return, 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 and small businesses financially impacted by COVID-19. As a result, 2020/21 tax return has some changes individuals and sole traders should be aware of.Here are some of the changes more… Read More »2020/21 income Tax Return, 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 2020/21 this offset has been increased to 13%, with a limit of $1000. The offset is available for small business with turnover less than $5 million. Lower tax rate for… 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 and majority of tax payers have the right understanding. Myth#1 What you claim as work related expense is what you get as refund Claiming deduction for work related expense is… 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 home for your income generating activities are deductible when you do your tax return. Because of this change in working arrangement due to COVID19, ATO has introduced a temporary shortcut… 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 time a business pays its employees the salary and wage, PAYG withholding and super information will have to be sent through STP enabled software or solution. Who are currently affected… 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 tax penalties. ATO’s golden rules for claiming work related expenses are: you must have spent the money yourself and weren’t reimbursed it must be directly related to earning your income… Read More »Working for marketing communications services companies? Know what work related deductions you can claim.
• Practical accounting training program
  The program is designed for recently employed graduates, graduates looking for accounting jobs and accountants without local experience. The candidates will actually perform core accounting tasks including creating and maintaining project accounts, invoicing, maintaining fixed assets register and fixed asset accounting, month end journals, revenue recognition, GL review and fixing common errors, bank and GL… Read More »Practical accounting training program
• 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 to understand if you are considering setting up one. As you can see an SMSF may not be a right choice for everyone. What is Self-managed Super Fund (SMSF)? Usually… 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 Australian businesses. Please note that this is not an exhaustive list. Business Registration and taxation laws Fair Trading Laws – Fair Trading Laws include Australian Consumer Law, Competition and Consumer… Read More »Is your small business complying with Australian laws?
• Records to be kept by individual taxpayers
  ATO 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 proof of your income and expense deductions included in your tax return. Therefore, your tax return may be subject to further review. You need to keep adequate records of income… 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 property
  Negative gearing A rental (investment) property is negatively geared when it is purchased with borrowed funds and the loan interest and other tax deductible costs related to the property exceeds the rental income. Negative gearing is considered as a tax planning tool as the losses incurred on a rental property can be offset against other… 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 or they are teleworkers who work away from the office for a part or full day. Practice of working from home is clearly on the rise. More and more businesses… Read More »Working from home? Don’t miss the tax deductions you are entitled to!