Treasurer has unveiled much anticipated federal budget for 2017-2018. The following are the key topics for the 2017 budget announcement and analysis for individuals and businesses. The key highlights are:…
A taxpayer can claim a tax deduction for donations or gifts if they meet the all of the following ATO requirements: The donation or gift must be made to a…
Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar value. In other words,…
Expenses are deductible provided they are incurred in producing taxable income or while carrying on in business. Section 32.5 of the Income Tax Assessment Act (1997) prohibits deduction for entertainment…
While we calculate the CGT, we have to be carful that some of the capital gains are exempt and some of the capital losses must be ignored, it means you…
Reporting GST to ATO can be done by using following two methods. Accruals (Non Cash) Accounting Cash Accounting Different entities use different methods of accounting. Accounting method selection is based…
Small businesses can access a range of concessions including payment and reporting options. This applies to sole traders, partnerships, companies or trusts. To work out if you are eligible for…
Before you start your new business, you need to be aware of the tax implications of your business structure, registering your business, record you need to keep and deductions you…
Temporary residents who are resident for tax purposes, are taxed at the same rates as permanent residents and they are entitled to a tax-free threshold. Unless there is an entitlement…
Capital gains tax is the tax paid on any capital gain made on the disposal of assets purchased and sold after 19 September 1985 and is included in the annual…
