The calculation of taxes and then filling of tax return is perhaps one of the most stressful activities that an individual has to face. It is therefore absolutely essential to know when and how you can possibly reduce the total tax liability. For this very purpose, the concept of tax deductions is introduced which means [...]
All individuals who are living and working in Australia are most likely paying taxes. Now with the ever increasing prices of commodities and constant pressure of maintaining a specific lifestyle, who doesn’t want to pay less tax. I am sure we all do! One of the most common methods by which one can reduce their [...]
Tax deduction is an important term used to refer to the amount of money that is reduced from the annual income of a taxpayer. There are certain conditions that must be met to ensure this process is carried out smoothly and that the required goal is achieved. Nowadays, with the ever-growing popularity of Uber as [...]
There are new repayment obligations for people with a HELP or TSL debt who are living and working overseas. These overseas repayment arrangements apply to the following study loan schemes: HECS-HELP, FEE-HELP, OS-HELP and SA-HELP. They also apply to VET FEE-HELP, VET Student Loans for vocational education and training and Trade Support Loans (TSL) for [...]
Tax return as the name suggests refers to the refund of the income tax that a taxpayer once submitted to the government. This case is applicable when the actual tax that was to be submitted is less than the amount paid. There are various steps that are taken to reduce the taxes you owe to [...]
The goods and services tax, known as GST, is a broad-based tax charging 10% on goods and services sold in Australia. This tax affects businesses regarding their revenue. As a businessman, it is your responsibility to get your business registered for GST in three situations. Your business' income is $75,000 or more. It is advised by [...]
So you're travelling around for work and want to know what you can and can't claim with your travel? In order to claim travel expenses as a tax deduction, you need to ensure that the correct substantiation is maintained. The type and length of the business / work-related travel will affect the documentation you require [...]
There are 5 key things all business owners must consider right now. Some of them are brilliant wealth creation ideas. Please read on… 30 June will be here before we know it. Let us help you get the most out of the upcoming months. Too often, we end up suffering because we have procrastinated and [...]
Is Cash Flow a concern in your Business? One consideration is the instant tax deduction for assets costing less than $20,000 (i.e. up to $19,999 excluding GST), which allows Small Businesses to bring forward tax deductions that would otherwise be deductible over a number of years. Example: Ben runs a painting business with an aggregate [...]
Jaynesh Gounder, Director The Abbott Government’s Temporary Budget Repair Levy on high-income earners may have been given the green light, but there are ways to plan around it. This debt levy will be introduced from July 1 to slug a 2 per cent tax on those of you in the top-income tax bracket earning over [...]
