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What is PAYG withholding and How does it work?

  • On July 1, 2021
PAYG Withholding PAYG Withholding is the tax that the employer holds back from the Employees’ wages and remits to the tax office. You collect PAYG withholding amounts from payments you made to: Wages paid to employees Other workers such as contractors Businesses that don’t quote their ABN. How does it work? You must first register […]
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Common Tax Deductions for Small Business

  • On June 11, 2021
Are you claiming all the business tax deductions that you are entitled to? There are many expenses common to most small business, and there are other expenses that are specific to the nature of the goods or services that your business provides. Operating expenses include accounting, administration, advertising and marketing, office premises, office running expenses, […]
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Tax Tips for Individuals

  • On June 11, 2021
Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2021 tax return so you can get your tax done quickly and get any refund due to you in your bank! Income The Australian […]
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My GovID App: Things you need to know

  • On February 8, 2021
Introduction The Australian Government through The Australian Tax Office has introduced “My GovID”, a new & safer way to access public services for individuals & businesses. Launched in January 2020, My GovId has replaced the earlier “Auskey” as the government approved digital identification method for using Australian Government websites. With the coming of My GovId, […]
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What is Capital Gains Tax?

  • On November 12, 2020
A capital gain or loss is the difference between what you paid for an asset and what you sold it for. Capital assets include Shares, Real Estate, Precious metals etc. Capital gains tax applies to Capital gains made when you dispose of any asset. By the end of this article you’ll get to know: What […]
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Contractor or Employee – What You Need to Know

  • On October 27, 2020
What is the difference between a contractor and an employee and whose responsibility is it to get right? An employee works in the business and is integral to that business has rights and entitlements under the Fair Work Act 2009 has a reasonable expectation of ongoing work, agreed hours and duties is covered by the […]
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6 Common Tax Mistakes That Small Business Owners Make

  • On September 21, 2020
Managing tax is indeed a pain for many self-employed individuals and small business owners. There are so many tasks that you have to manage, and the last thing on your mind is to sit and look through your books for hours. However, it’s vital to keep your tax under control if you want to avoid […]
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Common Tax Deduction for Health Professionals

  • On September 14, 2020
Working in the healthcare industry can be daunting and physically exhausting. The work demand makes it understandable why nurses, pharmacists, and other health care professionals don’t have the time to worry about their tax deductions. Some of them are working for long hours, double shifts, and in emergencies, leaving them with little to no time […]
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JobKeeper Scheme extended and Amended

  • On August 8, 2020
The government has announced changes to the JobKeeper payment scheme, which will see it continue until March 2021. The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants. However, from 28 September the changes will apply. There are several amendments that business owners […]
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New Super Carry Forward Rules – Maximise Your Contributions

  • On August 7, 2020
If your superannuation fund balance is less than $500,000, a new rule means you are now able to carry forward any unused concessional contribution from prior years into following years. This allows you to maximise the tax benefits of contributing the upper limit concessional amount. It also gives you some flexibility with being able to […]