Claiming Car Expenses- The Logbook Method
Small business owners when using their car for work purposes can claim car-related expenses on their tax returns. One can use either ‘Cents per Km’ method or ‘Logbook” method to…
Self-Education Expense: Claiming Tax Deduction
You may be able to claim a deduction for self-education expenses if your study is work-related. However, certain aspects need to be kept in mind before claiming the same. Your…
Small Businesses: Changes introduced in Federal Budget 2017
The Federal Budget has delivered some good news for business owners wanting to continue investing in assets to improve business profitability. The Government has extended the current instant asset write-off ($20,000…
Superannuation Guarantee
As an employer you have to pay superannuation to your employees. If you pay an employee $450 or more (before tax) in a calendar month, you have to pay super…
Fraudulent use of ABN
Treasury’s black money taskforce has unearthed a scam where in many tradies have been found to have quoted incorrect ABN on the invoices issued by them. This is costing the…
Changes in Super
From 1 July 2017 superannuation changes will commence to improve the sustainability, flexibility and integrity of Australia’s super system. The changes are categorised by the situation they apply to. Change…
Investment and Tax implications
If you are in investment business any profit or return you make is your income for tax purposes, whether you have investments in Australia or overseas. It is a good…
Division 7A
Any payment made to the shareholder or an associate can be treated as a dividend for income tax purposes under Division 7A. It include gifts or writing off a debt…
Working Holiday Makers
According to ATO from 1st January 2017, new tax rates commenced for people in Australian on working holiday visas (417 or 432 visa). Two different tax rates will apply to…
Federal Budget 2017: Assessment of the impact on small businesses and individuals
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:…
Load More