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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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Taxable payments annual reporting(TPAR)

  • On August 1, 2020
The TPAR details payments made to contractors for providing services. Some government entities also need to report the grants they have paid. If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. TPAR reporting is applicable for the following Industries: Building & Construction services Cleaning […]

Individual Tax Return Checklist – 2020

  • On June 24, 2020
It is that time of the year again and being organised can help you in maximizing your tax refund. Have you captured all your work-related deductible expenses to make the most of your 2020 tax return? You can download our 2020 checklist here. Income The Australian Taxation Office (ATO) automatically receives information from your employers […]

15 Tips to Save Money on your 2020 Tax Bill

  • On June 12, 2020
The end of the 2020 financial year is fast approaching. Have you looked at the financial performance of your business to date? What about your year to date personal/family income and expenses? Now is the right time to take stock and review all this. Over the next few days, you can take appropriate steps to […]

Australian Tax System

  • On May 31, 2020
Taxation is one of the primary income streams for a government. It’s levied upon almost all working individuals and businesses operating in the country. The most significant form of taxation in Australia is the income tax. Australian Tax System is based on progressive rates, which simply means the more an individual’s income is, the more […]