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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 […]
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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 […]
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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 […]
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Working from home expenses

  • On March 26, 2020
With social distancing policies in full force in Australia due to COVID -19, a lot of employees are required to work from home. Working from home has its own challenges and it definitely leads to increased costs like electricity, heating, cleaning, Mobile etc.  But thankfully, you are entitled to claim expenses incurred because of working […]
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Summary of Stimulus packages: COVID-19

  • On March 23, 2020
Over the past six months, Australians has faced devastating natural disasters including drought, fires, floods, and now, the outbreak of coronavirus (COVID-19). Governments, businesses and communities all around the world are facing unprecedented challenges. In the midst of these difficult times and to keep the cash flowing through the economy, the central Government has released […]
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The Stimulus Package: What you need to know

  • On March 18, 2020
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy. An updated package was announced on 23rd march 2020 For Businesses: Business investment Increase […]
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Christmas Parties and Presents – and Tax!

  • On December 17, 2019
Christmas is a splendid time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment […]
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Do you run your business from home?

  • On December 10, 2019
ATO has issued some new guidance to businesses claiming home office expenses for home-based businesses. What are Home-Based Businesses? A home-based business can be run at home like a boutique or from home like an electrician who visits the client’s site but does all the admin work from home and stores tools etc. Home Office Expenses Normally, if you […]
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Personal Services Income. What is it?

  • On November 29, 2019
This article aims to cover Personal Services Income (PSI) issues faced by contractors, freelancers, medical professionals etc. Though Personal service income act has been in existence for a while, it is still a deeply misunderstood tax act. The article starts by explaining what PSI is and why was it introduced. Then it goes onto cover PSI rules […]
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Cash vs Accrual Accounting – It’s All About Timing

  • On September 2, 2019
What are the two methods? Understanding cash and accrual accounting comes down to timing. In a cash-based accounting system you recognise income and expenses when they happen, that is, when the money arrives into or leaves your bank. In an accrual-based accounting system, income is recognised at the date the customer is invoiced and expenses […]