Tax deduction

How to offset business losses for tax deductions

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If your business has incurred losses, leveraging them for tax deductions requires navigating through specific tests designed to prevent misuse of tax benefits. Here’s a step-by-step guide: 1. Income Requirement: 2. Tests to Claim Loss: 3. Exceptions: 4. Grouping Business Activities: 5. Carrying Forward Losses: 6. Special Consideration: Navigating these tests ensures legitimate deductions without …

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Maximizing Returns: A Comprehensive Overview of Rental Property Tax Deductions

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Owning a rental property can be a lucrative investment, but it also comes with financial responsibilities. One key aspect of managing a rental property is understanding the various tax deductions available to property owners. In this article, we will provide a comprehensive overview of rental property tax deductions, empowering landlords with the knowledge they need …

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Uncovering the Recent Changes in Australian Tax Returns: Why Your Refund Might Be Affected

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Recent developments in the Australian taxation landscape have sparked concern among taxpayers as nearly 300,000 individuals might experience reduced or even wiped-out tax returns this year. This shift comes after the Australian Taxation Office (ATO) decided to reactivate debts that were previously put on hold due to the challenges posed by the COVID-19 pandemic and …

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Australian Tax

Is Tax Residency the same as Citizenship?

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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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Tax residency and why people should be aware of this

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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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What Are the Tax Consequences of Changing Trustees?

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A trustee is the legal entity that holds the assets of a trust. Trustees have significant power as they have the authority to distribute trust income, sometimes at their own discretion. Throughout the life of the trust, there may be circumstances which require you to change the trustee controlling the trust. This article sets out …

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Rental Property Tax Deductions Checklist

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Deductible Expenses Fees for bookkeeping services, accountants, and accounting software Renting out the property is advertised Agent commissions and fees for property management Bank fees for accounts used for paying bills and collecting rent Fees for body corporate (excl special purpose levy contributions for improvements, initial repairs) Borrowing costs, such as broker commissions, valuation fees, …

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Three Tax Tips Must Know When Trading Crypto

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Under Corporation Act 2001 (Cth), Cryptocurrency is categorised as a financial product. If you’ve bought, sold, or traded any goods in cryptocurrency you have a tax obligation to retain the record. Cryptocurrencies are also known as virtual currencies or digital currencies. There are many different types of cryptocurrency such as Bitcoin, Tether, Ether, and so …

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