Business Tax

The Impact of Recent Tax Reforms on Small and Medium Businesses in Australia

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In recent years, the Australian government has implemented a series of tax reforms aimed at stimulating economic growth and providing relief to businesses, particularly small and medium enterprises (SMEs). These reforms, while designed to foster a more conducive environment for business operations, have introduced new complexities that SMEs must navigate. This article explores the key …

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Navigating Tax Compliance for Freelancers and Independent Contractors: A Comprehensive Guide to Managing Your Tax Obligations

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Freelancers and independent contractors enjoy the freedom and flexibility of working for themselves, but with this independence comes the responsibility of managing their own taxes. Navigating tax compliance can be daunting for those who are not familiar with the intricacies of self-employment taxation. In this guide, we will provide freelancers and independent contractors with essential …

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Want to pay less tax? This sacrifice could be worth making

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At first glance, “salary sacrificing” might sound like the last thing you’d want to do. But in reality, this strategy—also known as salary packaging—can be a smart move, especially when it comes to reducing your tax burden. By sacrificing a portion of your take-home pay in exchange for benefits from your employer, such as superannuation, …

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Exploring Different Business Structures in Australia

Exploring Different Business Structures in Australia: Sole Trader, Partnership, and Company

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When starting a business in Australia, one of the key decisions entrepreneurs face is choosing the right business structure. The business structure you select will have significant implications for your legal and financial obligations, taxation, and personal liability. In this article, we will explore three common business structures in Australia: Sole Trader, Partnership, and Company. …

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Key Changes in the Australian Taxation System for the 2024 New Financial Year

Key Changes in the Australian Taxation System for the 2024 New Financial Year

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As the new financial year dawns upon us, it’s essential to stay informed about the latest updates in the Australian taxation system. The Australian government continuously makes changes to the tax laws to ensure a fair and efficient tax regime. In this article, we will discuss the key changes that individuals and businesses should be …

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Tax Planning Strategies for Small Businesses at the End of the Financial Year in Australia

How to avoid unnecessary tax payables through Effective Tax Planning

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Tax planning is an essential aspect of financial management for individuals and businesses alike. It involves strategizing and making informed decisions to minimize tax liabilities within the legal framework. In Australia, effective tax planning can help individuals and businesses avoid unnecessary tax payables, optimize cash flow, and ultimately achieve financial goals. This article aims to …

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Common Deductible Expenses for Sole Traders in Australia: Maximizing Tax Benefits

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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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Tax Planning Strategies for Small Businesses

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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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How Crypto is Taxed?

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How should the new information -based blockchain economy be reported on tax returns? What is Cryptocurrency? A cryptocurrency is often used to describe a digital asset in which cryptography is used to regulate the generation of additional units and verify transactions on the blockchain. It usually operates independently of central banks, central agencies or governments, …

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