The pre-mixed investment options that are available to you
Salary packaging allows you to create a ‘package’ of income and benefits. In your salary package, you can include benefits that you would usually pay for with your income after-tax. These include… Read More
Do you need to be paying luxury car tax?
Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above… Read More
Which records you need to keep for the rental properties you own
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their names on the title deed declare income and claim expenses.… Read More
3 amounts not classified as income
Amounts which are not classified as income are split into 3 categories. Exempt income This is income that you do not pay tax on, although, some exempt income may be taken into… Read More
Tax treatment of insurance payments for damaged property
The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does… Read More
Trustees and beneficiaries registering for tax in trusts
Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian business number (ABN) on the condition that… Read More
How your unused leave is taxed
When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This payment will be taxed differently from your normal income.… Read More
What are fuel tax credits?
The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price of fuel used in machinery, plant, equipment, heavy… Read More
What are business activity statements?
Businesses that are registered for GST are required to lodge a business activity statement (BAS). These assist in the reporting and payment of: Goods and services tax (GST) Pay as you go… Read More
How the ATO conducts tax audits
Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a fairly basic level or they can be… Read More
