You're finally your own boss, and in its early days, the business needs upstart funds. Such as a loan to a business, to sustain it until it finds its own feet. But you can't move funding sources in and out like in a bank account, and the ATO…

Australians love property. The lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is enticing for SMSF trustees. It encourages them to pursue the dream of large returns…

The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and…

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October…

From 1 July 2023 until 30 June 2024, the Government will change the instant asset write-off threshold to $20,000. Previously, 'small' businesses under a turnover of $500 million, could immediately deduct assets acquired from 6 October 2020…

The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As…

2024 update: since these electric vehicle concessions were released, the ATO's been catching out business reporting incorrectly and hybrid electric vehicles have different rules. Head to our 2024 article for all the details. Fringe benefits…

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before... 'Keeping…

As tax time for individuals comes closer, we’d like to remind you that most employers won’t be handing out what is commonly called a Group Certificate or also referred to as PAYG Payment summaries. These are now known as Income statements…

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial…

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector…

Get ready for tax time Tax time has arrived, and we have put together some practical information to help rental property owners prepare and lodge your tax return this year. There are helpful resources available for rental property…

Throughout June we will be sharing some tax tips for businesses this coming tax time. These will be short and sweet and we hope you will learn something for this upcoming tax season. 1. Working from home  If you don’t have a dedicated…

Shaun Farrugia recently created this video to explain a question that was on a few of our clients lips. Watch below to hear the difference between an offset and a redraw account on your home loan. This is a question we do get very often,…

There are two kinds of debt in this world: the kind that is tax deductible and the kind that isn’t. Knowing the difference, and planning your purchases accordingly, can significantly improve your cashflow, opportunities and overall…

Taxpayers are being put on notice by the ATO, which will be paying close attention to claims for ‘other work-related expenses’ this year. Ensuring you have appropriate records, and sound advice, will be more important than ever for…

You may have heard the PM drop a big hint earlier this week that tax cuts are coming for middle-income Aussie families. However it was all very light on detail, so here’s what to make of it. In case you missed it, here’s the tidbit…