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How to Invoice in your business if you have an ABN
Invoicing is a critical component of running a successful business. It ensures you get paid on time and maintains a clear record of your financial transactions. If you have an Australian Business Number (ABN), there are specific guidelines you need to follow when...
Why Australian Taxpayers Should Avoid Lodging Their Tax Return in July
As the financial year wraps up on June 30, many Australian taxpayers are eager to lodge their tax returns in July, hoping for a quick refund. However, rushing to submit your tax return as soon as possible may not be the best strategy. Here are several reasons why you...
SMSF Capital Gains Tax: How To Minimise or Eliminate Tax
SMSF capital gains tax can vary significantly based on how your SMSF is structured and how long the asset being sold was owned. By understanding the application of SMSF capital gains tax, you can manage the sale of assets within your SMSF in a way that minimises tax –...
What’s ahead for 2024-25?
As you may know (especially after a $40 million public education campaign), personal income tax cuts took effect on 1 July 2024. Simultaneously, the superannuation guarantee (SG) rate increased by 0.5% to 11.5%. For employers, it’s crucial to ensure your payroll...
Investing in Houses or Apartments – Which is Better?
When it comes to property investment in Australia, one of the pivotal decisions investors face is choosing between houses and apartments. Both property types offer distinct advantages and potential drawbacks. Understanding the key factors can help investors make an...
Last Minute Business Tax Tips
As 1 July rolls around it’s time to wrap up your financial year. The end of the financial year is fast approaching. Check out last minute tax tips for small business this EOFY So, get organised now, tick tax time off your to do list, and get back to running your...
When can I access my super?
Generally, superannuation is designed to provide retirement income and your savings can’t be accessed until you reach a certain age and retire. In this article we look at how you can access your super. It sounds simple enough, but in practice there are multiple ways...
Cryptocurrency and Tax Obligations
What is Cryptocurrency? Cryptocurrency, commonly referred to as crypto, is a digital or virtual currency. Unlike traditional currencies, it is not controlled by any central authority, and there are no physical coins or notes involved. Transactions are purely digital,...
The ATO is targeting Trust Distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who. Find out how to avoid penalties this EOFY. The distribution of income by trusts has faced intense scrutiny in recent years. Trustees must carefully consider trust distribution...
Tax Tips for Individuals this EOFY
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. OPPORTUNITIES Take Advantage of 1 July 2024 Tax Cuts: Maximize the benefit of the upcoming tax cuts by...
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