Choosing an accountant can be one of the most important decisions in your life. If you are thinking about starting a business; or 3 years behind on your personal income tax returns; or planning to build your wealth for retirement - choosing the right accountant can have a huge impact on your success! Deciding on...Read More
Whether you have an accountant already or you are completely new to the idea, this ones for you… If you rely solely on free or inexpensive accounting tool or advice, instead of a trained professional accountant, it could be a costly mistake for you or your business. Investing in a professional accountant that has the…Read More
Australian taxpayers unlucky enough to receive one of the ATO’s ominous “data matching” letters this year are being urged to act quickly or face being thousands of dollars worse off. The tax man uses sophisticated technology to sift through mountains of data from third-party institutions such as banks to sniff out whether any information, such…Read More
It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of the tax problems that can occur. The taxpayer in this case had become the owner of their main residence as…Read More
Hospitality tax deductions can put a big chunk of your hard earned cash back in your pocket – but too often we hear of individuals in this industry say “I didn’t know i could claim that?” Whether you’re a waitress, event manager, barista or mixologist, hospitality is not an easy field to work in. Endless…Read More
From 1 July 2019, new laws commenced preventing superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances are now moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation funds or small...Read More
As we begin to complete our tax returns, individuals may or may not be aware that business related expenses incurred are subject to tax deductions. If your employer does not reimburse their employees for these expenses, then the construction worker can deduct those items. Let’s take a look at a few tax deductions that...Read More
Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time and money. Apportioning expenses and income for co-owned properties If you own a rental property with someone else, you must declare rental income and claim expenses according to your legal ownership of...Read More
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be legitimate, we don’t think that half...Read More
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Common problem areas that people feel...Read More
- Blog: How to choose an Accountant
- Tip Tuesday | Top 10 questions you need to be asking your accountant
- Blog | ATO’s ominous “data matching” letters, what to do if you get one!
- Blog | Who Owns the Assets of a Trust?
- Tip Tuesday | Hospitality tax deductions: Are you claiming everything you’re entitled to?