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, […]
Want to pay less tax? This sacrifice could be worth making Read More »
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.
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
Key Changes in the Australian Taxation System for the 2024 New Financial Year Read More »
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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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 According to this rule, an investment held for ten years can be withdrawn tax-free, given that the following conditions are met: • The investment must be held within a life insurance-wrapped platform.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
Common Deductible Expenses for Sole Traders in Australia: Maximizing Tax Benefits Read More »
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
Tax Planning Strategies for Small Businesses Read More »
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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Key takeaways: If you contribute some of your after-tax income or savings into super, you may be eligible to claim a tax deduction Making a ‘salary sacrifice’ contribution could see you pay less tax than if you received the money as take-home pay If your spouse is not working or earns a low income, making
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Are you a Queensland business wanting to build a new website or promote your business online? The Queensland government just made it easier for you. QLD businesses can now apply for business grants up to $5,000 (Excl. GST) under the Business Basics Grants Program, and use it towards website design and development, as well as SEO
Queensland Small Business Grant – Updated May 2022 Read More »