by Investment Plus Accounting Group | Nov 14, 2023 | ATO, Income Tax, Tax & Accounting
It’s quite common for people to structure their professional affairs by setting up an entity to run their business through. This could be a trust, a partnership or, most often, a company. Clearly, this could be a very effective way of sheltering profits for a small...
by Investment Plus Accounting Group | Nov 14, 2023 | ATO, Tax & Accounting
You’ve bought the car of your dreams after negotiating the price like a pro. You think you’re done and dusted until you receive the final invoice and it’s not what you expected. There’s an extra amount you have to pay on the car to the Australian Taxation Office (ATO)...
by Investment Plus Accounting Group | Nov 5, 2023 | ATO, Small Business, Small Business Tips, Tax & Accounting
If you operate some or all of your business from home, you may be able to claim tax deductions for the business portion of expenses. These may include: occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums) running...
by Investment Plus Accounting Group | Nov 5, 2023 | ATO, Capital Gains Tax (CGT), Small Business Tips, Tax & Accounting
Did you find working from home during COVID-19 lockdown to be a success? Are you considering giving up your leased commercial business premises to instead run your business from home? This choice may result in the Australian Taxation Office taking a slice of the...
by Investment Plus Accounting Group | Oct 30, 2023 | ATO, Tax & Accounting
If you’re an Australian resident for taxation purposes, don’t forget you’ll need to declare any income you earn from overseas in your Australian tax return. Foreign income is commonly known as your ‘worldwide income’. This includes and income you receive from: Salary...
by Investment Plus Accounting Group | Oct 23, 2023 | ATO, Tax & Accounting, Tax Deductions, Tax Refunds
You must have come across the term tax offset being used in conversations regarding taxes, especially around tax time. As per the Australian Taxation Office (ATO), a tax offset will directly reduce or offset the amount of tax payable on a person’s taxable income in a...
