Browsing Category

Tax

The pre mixed investment options that are available to you
Tax

The pre-mixed investment options that are available to you

By On 4 March 2021

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
Tax

Do you need to be paying luxury car tax?

By On 25 February 2021

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
Tax

Which records you need to keep for the rental properties you own

By On 18 February 2021

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

Tax

3 amounts not classified as income

By On 15 February 2021

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
Tax

Tax treatment of insurance payments for damaged property

By On 4 February 2021

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
Tax

Trustees and beneficiaries registering for tax in trusts

By On 28 January 2021

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
Tax

How your unused leave is taxed

By On 21 January 2021

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
Tax

What are fuel tax credits?

By On 14 January 2021

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
Tax

What are business activity statements?

By On 7 January 2021

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

How the ATO conducts tax audits

By On 18 December 2020

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