The coronavirus pandemic has had a significant effect into the way we live, including our personal finances. In this upcoming tax season, it may also change the way we claim our tax deductions. Strict social distancing measures have forced millions of Australians to work from home in the later part of the financial year. Here […]
Guidance for managing the tax affairs of deceased estates: When a person dies, their estate is considered as an asset and can pass directly to beneficiaries, directly to a legal representative such as an executor who will need to finalise the deceased tax obligations. The ATO will need to know if the deceased person had […]
As a foreign resident, you must lodge a tax return in Australia. You must pay tax on all Australian-sourced income, except for income that has already been correctly taxed (such as interest, unfranked dividends and royalties). Australia has tax treaties with other countries and this may affect the amount of tax you need to pay. […]
Inherited dwellings If you inherit a dwelling and later sell or otherwise dispose of it, you may be exempt from capital gains tax (CGT), depending on: when the deceased acquired the property when they died whether the property has been used to produce income (such as rent) whether the deceased was an Australian resident at […]
Always remember to keep your records. Make sure you have the supporting documents of your income and expenses if you wish to claim everything you are entitled to. Claim your repairs and maintenance expenses right Repairs that relate directly to damages that happened as a result of you renting out the property can be claimed […]
Conditions which require you to lodge a tax return • Your PAYG (pay as you go) has been withheld from payments received during the year. • There is a reportable fringe benefits amount or employer superannuation contributions on your PAYG payment summary. • You are entitled to the private health insurance refund but did not […]
The 3 Golden Rules To claim for a business deduction: it must be a business expense (not for private use) claim only portion related to business if it is of mixed use (for both business and personal use) keep receipt as record and evidence to prove. What can be claimed? The following lists the allowable […]
An accountant can help you in the various stages of your business’s growth from setting it up to providing financial advice. For instance, if your work pay rate is $50 and you use 20 hours to do your taxes. Then, doing your taxes will cost you $1000 with the possibility of making errors. Is it […]
What is bookkeeping? Bookkeeping is the process of recording, organising and reporting financial transactions of an organisation on a daily basis. It may be your least favourite business matter to handle, however, it plays an important role. It is the initial step in alleviating the growth of your business by showing your business performance and […]
Generally, it is not a must to use a software for record keeping. In the following text, the importance on record keeping and features of record keeping manually and electronically will be discussed. Importance of Record Keeping According to the Australian taxation ruling, your business records must be kept or you can incur penalties. They […]
