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Category: Accounting

tax time

Tax Time in Australia: Avoid These Common ATO Mistakes

As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors that taxpayers should avoid. Here’s what you need to know to ensure a smooth and compliant tax return process. Incorrect Work-Related Expenses The ATO is focusing on taxpayers who claim incorrect work-related expenses. Last year, the rules for working-from-home deductions changed.…
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Foreign Residents selling property in Australia

As of 7 March 2024, the Australian Taxation Office (ATO) has reiterated the application of a 12.5% foreign residents capital gains withholding (FRCGW) on all property transactions exceeding $750,000 conducted by non-resident individuals. This entails withholding a minimum of $93,750 from the sale proceeds, unless a variation is approved. Variations Vendors are eligible to seek…
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Merry Christmas

As we gather together to celebrate the Christmas season, we want to take a moment to express our gratitude to each individual who has been an integral part of our business family. We wish you and your loved ones a very Merry Christmas filled with warmth, blessings, and the love of family and friends

Small Business Landscape 2024

Looking ahead to 2024, the small business landscape is poised for significant growth and change. Are you ready to seize the opportunities?

Australian Taxation Office’s Warning Impact on Small Businesses

The ATO has recently issued a warning to small businesses regarding the misuse of unpaid tax and superannuation liabilities to support their cash flow

Tax Implications of Vacant Land: A Comprehensive Analysis

Vacant land ownership presents a unique set of considerations within the realm of taxation, both preceding and following July 1, 2019.

Mastering Cash Flow: Key Strategies for Small Business Success

Cash flow can be a major hurdle for small businesses. With limited resources and many aspects to manage, facing a cash crunch is easy. However, there are effective steps you can take to ensure your business has enough money to function and grow Watch Your Cash Flow Closely Managing your cash flow is vital for…
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New South Wales presents a safe budget in light of an economic slowdown

On September 19, 2023, Daniel Mookhey, the Treasurer of New South Wales, unveiled the first state budget under the Labor party’s governance since 2010

Revenue or capital

Investors must consider a range of tax laws dealing with income, assets and deductions. Investment returns can be on revenue or capital account. Similarly investment expenditure could also be on revenue or capital account. The distinction between revenue and capital is not aways clear and characterisation of a receipt will ultimately depend on the circumstances…
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Business Structure

Choosing the right business structure to maximise the return and to minimise the legal and economic risk for the owner(s) is important. Choice of structure can significantly affect the tax liability arising from various transactions. Sole traderA sole trader is subject to income tax on all sources of assessable income whether from business, salary and…
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