Tracking sales tax, also known as Goods and Services Tax (GST), is crucial for businesses operating in Australia. Accurate tracking ensures compliance with tax regulations and helps in maintaining transparent financial records. Here’s a comprehensive guide on how to track GST effectively. Understanding GST GST is a value-added tax of 10% on most goods and …
No one enjoys paying taxes, and Capital Gains Tax (CGT) often tops the list of least favourite taxes. However, CGT has some redeeming features: it’s only payable when you dispose of an asset, and if you’ve held it for at least a year, you get a 50% discount to account for inflation. Additionally, death doesn’t …
How to Minimize Capital Gains Tax with Super Contributions Read More »
Throughout their careers, many small business owners reinvest all surplus funds back into their business, intending to use the proceeds from its sale for retirement. This strategy can be highly beneficial, especially when leveraging the various small business capital gains tax (CGT) concessions available upon selling. These concessions not only significantly reduce your CGT liability …
How the 15-Year Small Business CGT Exemption Can Help Boost Your Super Read More »
A comprehensive guide on which CGT concessions you can and can’t access when considering selling your business. Selling a business often leads to a significant capital gain, which in turn, means a hefty tax bill. Luckily, there are various CGT (Capital Gains Tax) concessions available that can reduce your CGT by 50% or more. But …
Understanding CGT Concessions: Eligibility for Multiple Business Owners Read More »
Capital Gains Tax on Property in Australia Capital gains tax (CGT) is a crucial consideration for anyone buying, selling, or investing in property in Australia. Understanding how CGT works can help you make informed decisions and potentially save money. Here’s what you need to know about CGT on property in Australia. What is Capital Gains …
Running a small business comes with numerous financial responsibilities, including managing the Goods and Services Tax (GST). Understanding how GST works and whether your small business can claim it back is essential for effective financial management. What is GST? The Goods and Services Tax (GST) is a value-added tax of 10% on most goods, services, …
How Small Businesses Can Reclaim GST: A Comprehensive Guide Read More »
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 »
Embarking on the journey of investing for financial growth involves more than market analysis; it requires a keen understanding of the ever-changing tax laws and brackets. As we enter 2024, potential changes to tax rules can significantly impact how investment gains are taxed, influencing the overall returns for investors. In this extensive guide, we delve …
Capital gains, the profits reaped from selling assets like stocks, real estate, and investments, come under scrutiny when tax season arrives. Understanding the intricacies of capital gains tax rates is crucial for effective financial planning. Let’s delve into the details and explore strategies to navigate the tax landscape in 2023. Capital Gains Tax Rates: Short-Term …
Capital gains tax rates and how to calculate what you owe for 2023 Read More »
Attention investors! Changes to capital gains tax rules for 2024 have been unveiled, and while tax rates for growing assets remain steady, income thresholds are on the rise. In this article, we’ll break down the newly announced adjustments and explore their implications for investors. As you plan your financial strategies, understanding these changes is crucial …
Mastering the Shift: Your Guide to the Updated Capital Gains Tax Rules in 2024 Read More »