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Stay Organized: Key Tax Dates in Australia for the 2024-2025 Financial Year

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Understanding the intricacies of tax dates in Australia can save your business money and ensure you avoid any penalties. Staying organized and informed about these dates will make the process smoother and help you meet all your tax and accounting obligations promptly. This comprehensive guide will equip you with the knowledge you need to navigate […]

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Experts Predict RBA to Maintain Cash Rate at 4.35%

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Mortgage payers have been warned against complacency, despite expected welcome news around Tuesday’s all-important cash rate announcement. Economists and experts have tipped that the Reserve Bank of Australia (RBA) will hold the cash rate on Tuesday, but borrowers have been advised to prepare for potential future hikes, as the board is unlikely to rule out

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Debt and Deficits: A Looming Threat to Global Financial Stability

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Persistent budget deficits may trigger the next global financial crisis, as investors could lose confidence in government debt, warned John Simon, the outgoing head of research at the Reserve Bank of Australia (RBA), in his final remarks. Dr. Simon identified the “bank-sovereign nexus” as a significant medium-term risk to global financial stability. This scenario involves

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Get Ready for Tax Season: ATO Pre-Filled Returns Available

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The Australian Taxation Office (ATO) has officially opened the gates for Australians to submit their tax returns, especially for those with straightforward tax situations. ATO Assistant Commissioner Rob Thomson announced that the ATO has pre-filled tax returns with information from most banks, employers, government agencies, and private health insurers. “Whether you lodge using a registered

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NALI/NALE: Navigating the New NALI/NALE Rules for SMSFs

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Understanding the Practical Application of SMSF Expense Regulations The Australian Parliament has recently passed significant reforms to the non-arm’s length expense rules for self-managed super funds (SMSFs), effective from the 2018-19 income year onwards. These changes are crucial for SMSF trustees and their advisors, as they introduce new compliance requirements and potential pitfalls. Key Changes

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Master Your Taxes: Essential Checklists for 2024

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Our tax tools and resources hub is proud to offer a range of practical resources to assist you with your tax obligations. Among these resources are the income tax checklists commissioned by Thomson Reuters. These comprehensive checklists cover a variety of topics, including small business CGT concessions, small and medium business entities, rental properties, and

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ATO Cracks Down on Rental Property Tax Compliance

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The Australian Taxation Office (ATO) has placed rental property owners in its crosshairs after discovering that nine out of ten tax returns involving rental income and deductions contain at least one error. This heightened scrutiny is due to the ATO estimating a shortfall of around $1.5 billion from over-claimed rental expenses and unreported rental income.

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Maximize Your Tax Savings: Claim a $20,000 Deduction in the 2024 Financial Year

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The Australian Government’s decision to increase the instant asset write-off threshold from $1,000 to $20,000 for the 2023-24 financial year brings significant advantages for small businesses. This article will delve into the implications of this change, eligibility criteria, and strategic considerations for small business owners. What Is The Instant Asset Write-Off? The instant asset write-off

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