The 10-Year Tax Rule is a tax incentive policy that benefits Australian individuals and those planning to relocate to Australia. According to this rule, an investment held for ten years can be withdrawn tax-free, given that the following conditions are met: • The investment must be held within a life insurance-wrapped platform. • The annual […]
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As a sole trader in Australia, understanding deductible expenses is essential to optimize your tax benefits. By identifying and claiming legitimate deductions, you can reduce your taxable income, ultimately minimizing your tax liability. In this article, we will explore some of the most common deductible expenses for sole traders in Australia. 1. Home Office Expenses
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While the end of the financial year is fast approaching, there is still time for business owners to be proactive with their tax planning. This can help to maximise returns and reduce liabilities. As part of an effective tax planning strategy, you should consider the following opportunities: Loss carry-back scheme On 6 October 2020, the
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A Comprehensive Guide In Australia, the concept of superannuation holds tremendous significance for individuals’ financial well-being in their post-retirement years. Understanding how Australian superannuation works and optimizing its benefits is crucial for long-term financial security. In this article, we delve into the ins and outs of Australian superannuation, exploring its features, contribution options, investment strategies,
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Why is it important to determine your Tax Residency? Australia’s tax laws treat Australian residents and Non-Resident differently. Australian tax residents are generally taxed on all of their worldwide income. Non-Australian tax residents are only taxed on income from Australia. Hence determining your tax resident status correctly will prevent accidental tax evasion or overpayment of
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Some of the high-net-worth clients we have served have misconceptions about international tax regulations, believing that as long as they do not reside in any country for 183 days or more, they will not be considered tax residents. Determining tax residency is a highly complex process and the 183-day rule is only a preliminary criterion.
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People commonly believe that keeping their money in a bank is the safest option, but this is not the case. Consider the bankruptcy of Silicon Valley Bank, the bank invested in a large amount of seemingly safe long-term U.S. government bonds, but when the Federal Reserve began to raise interest rates to fight inflation, these
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Superannuation is an important component of personal wealth growth and long-term financial planning for many Australians. By contributing to their superannuation accounts over time, individuals can accumulate a significant amount of wealth that can be used to support their retirement lifestyle. The favourable tax treatment of superannuation also means contributions made by employers and
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Behind interest & inflation, how is your wealth being affected？ Inflation and interest rates tend to move in the same direction, and in the long term, raising interest rates and inflation can reduce the purchasing power of your income and wealth. This implies that even if you invest and save money, the wealth you accumulate
Raising interest rates? the untold point of view from a Tax Agent. Read More »
What is Fringe Benefit Tax (FBT) and how it affecting your business? Employers pay Fringe Benefits Tax on certain benefits they provide to their employees or associates, in addition to their salaries. FBT is distinguished from income tax and is calculated on the taxable benefit of fringe benefits. The use of a vehicle for personal
What’s new with buying an electric car for your business? Read More »