Today, buying low and selling high is not just for those in the top-end of town. In fact, over the last 10 years local and international share markets have become…
As a business owner you most likely created your business, and have a vision for it that requires your attention nearly all of the time. So, unless under that top…
The Australian Tax Office (ATO) have just released four tax rulings that will stop commonly used trust distributions to family members. It’s one of the most significant developments for the…
While the thought of doing more reporting to the ATO might seem rather annoying, Single Touch Payroll – introduced by the Australian government in 2018 to encourage small businesses to…
You’ve probably heard of GST before – it stands for goods and services tax and is added to nearly everything you buy in Australia. If you purchase goods and services…
Setting up a family trust is a great way to optimise your tax position and share assets and distributions with family members. In saying that, it is important that you…
Crypto tax in Australia can be complicated. You should be aware of two key areas – your individual (or business) tax, and crypto capital gains tax obligations. Understanding how these…
Mention the word Business Activity Statement to most business owners and they often look as though they’ve just been told their biggest client has gone off with their closest competitor.…
Whether you’re an individual or business looking to source some cash, taking out a loan is a potential way to secure finance. In recent years, crypto loans have become more…
Tax can be one of the trickiest things to get your head round when running or starting a new business. But it is especially important to understand your tax responsibilities…
If you could pick out a few buzzwords about cryptocurrency in 2021, NFTs, DOGE, SHIB and Ethereum are probably some of the big ones you can think of. Whilst NFTs…
With the end of the calendar year almost upon us, many business owners will be pretty glad to see the back of 2021. With Covid-19 restrictions effecting many businesses, it’s…
As a part of your profession, you may be a member of a trade union which you pay fees for in order to access member benefits. Union fees are typically…
Most people when they think of trusts think about the terms “trust funds” or “family trusts”. In Australia, there are 3 common types of trusts, these are discretionary, unit and…
Trusts are a valuable tool that can protect assets and make things more tax efficient. This is especially so of unit trusts here in Australia; however, they can be complex…
Trusts, and in particular Trust Funds, tend to conjure up images of young people driving around in Porsches and having never-ending champagne lunches. And while that may sound like heaven…
If you were lucky enough to be working in the 80’s and 90’s, you may have enjoyed many a ‘business expensed’ boozy lunch with clients or staff members. And while…
Personal Services Income vs Business income – what’s the difference and what personal services income deductions can I claim? To explain this, we have to first dive into something called…
Despite the fact ‘negative gearing’ sounds like something that should be used on an episode of Star Trek, it is in fact a much more down to earth tool that…
Firstly, you’ve probably guessed by now that we love accountancy, it’s our thing! But we also love helping businesses no matter their size, learn and understand about what we do…
When it comes to tax, its often easy for business owners to become overwhelmed by trying to keep up with thresholds, inclusions, exclusions, and reporting. This can be especially true…
The regulations, reporting and obligations around crypto mining tax can often be quite difficult to understand. Even the information on mining cryptocurrency taxes provided by the ATO, who are leading…
In June 2020, the ATO commenced the ATO cryptocurrency letter notification system. For many people, they believe that cryptocurrency trading is anonymous, however this isn’t entirely true. The ATO is…
Cryptocurrency tax is normally assessed using the capital gains system. However, it’s important to note that depending on your cryptocurrency activities, the ATO may consider these as business-like behaviour. This…
Most business owners know they need to calculate asset depreciation as a cost of doing business but are unsure of where to start In this article, we’ll take you through…
How to get ready for EOFY (2021) Key Deadlines June 5 – The final lodgements for 2019-2020 Company Tax Returns are due. This is the deadline for accountancy agencies to…
Are you looking to buy an asset for your business? If so, figuring out the potential impact on your financial statements before making the purchase would be a wise move.…
Not claiming the full capital allowances you’re entitled to is like throwing money away. Capital allowances can offset your business income and reduce the amount that ends up in the…
As a sole trader there are many items you may claim as deductions to offset your operating expenses and reduce your taxable income. In this article we will cover what…
What is an ESIC – Early-Stage Innovation Company? As a small business or start-up looking to expand, you may qualify as an Early-Stage Innovation Company or ESIC. This initiative was…
If you’re about to embark on a ride-sourcing side hustle, or have already started one, then you might be wondering how you can keep your Uber driver tax return right…
Hire purchases, leases and their differences Making the correct financial decisions is a difficult but integral component to running a successful business. Often, your decisions may revolve around the purchase…
Keeping your tax affairs in order is usually the last thing on your mind when you’re building a client’s house or fixing a drain pipe. But if you’re a small…
The financial year for 2019 has ended which means your company tax return 2019 will need to be prepared and lodged with the ATO. In this article we will explore…
If you operate your business as a partnership, the partnership will lodge a partnership tax return for 2019 financial year. The Return will report the partnership’s net income (assessable income…
As an Uber driver, you are responsible for your own tax obligations and the income you receive will be taxed. This is further complicated due to the transparent nature of…
THE BASICS OF GST FOR ABN REGISTERED AUSTRALIAN BUSINESSES ANSWERED What is GST How to register for GST What is a BAS What are the options to record GST How…
