If you own a rental property, there’s a good chance you’re claiming interest expenses as part of your tax deductions. It’s one of the most common (and often one of the largest) claims for landlords. But there’s a catch – you can only claim interest to the extent that it relates to earning assessable rental…
Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders. The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business. However, small businesses with fewer than 19 employees have…
It’s important to know how the tax-free threshold works, especially if you’re earning income from more than one job. Many people mistakenly claim the tax-free threshold from multiple employers, which can lead to an unexpected tax bill. This guide will help you understand how to manage the tax-free threshold while juggling multiple sources of income,…
Making the most of available tax deductions for your business can be an important aspect of starting the new financial year. It’s why planning and strategising with your tax advisor could lead to different and new perspectives regarding tax in areas of your business. One area where you can significantly benefit is through claiming motor…
Charitable donations are a wonderful way to support causes you care about while also potentially reducing your tax burden. Understanding how to properly claim these donations on your Australian tax return ensures you can maximise the benefits while staying compliant with the Australian Taxation Office (ATO) regulations. Here’s a comprehensive guide on charitable donations and…
Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns. This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed opportunities for tax savings. Here’s…
In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months. This extension, part of the 2024–25 Budget released on 14 May 2024, will see the measure continue until 30 June 2025. This initiative allows small…
Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If part of your role allows you to work from home, you may…
