Navigating the ever-changing world of technology is no small feat for IT professionals. Whether you’re managing systems, coding software, or implementing the latest cybersecurity protocols, your role demands both time and resources. With tax season looming, the good news is that many of your work-related expenses are tax-deductible, allowing you to keep more of your …
Tax Deductions Every IT Professional Should Know About Read More »
High-income earners often find themselves facing a hefty tax bill, which can be overwhelming. However, there are several effective strategies to not only reduce your tax but also build your wealth. At BOA & Co. Chartered Accountants, we specialize in guiding high-income professionals and executives to save tens of thousands of dollars every year through …
7 Smart Strategies for High-Income Earners to Cut Taxes and Boost Wealth Read More »
As a medical professional, your day-to-day involves diagnosing and treating patients, but have you given the same level of attention to your personal finances? Whether you’re a general practitioner, surgeon, nurse, or chiropractor, managing your financial health is just as important as caring for your patients. If you’re not up to date with what you …
Tax Time for Doctors: What Can You Deduct and How to Maximize Your Refund Read More »
The Australian Government’s decision to increase the instant asset write-off threshold from $1,000 to $20,000 for the 2023-24 financial year brings significant advantages for small businesses. This article will delve into the implications of this change, eligibility criteria, and strategic considerations for small business owners. What Is The Instant Asset Write-Off? The instant asset write-off …
Maximize Your Tax Savings: Claim a $20,000 Deduction in the 2024 Financial Year Read More »
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 …
How to offset business losses for tax deductions Read More »
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 …
Maximizing Returns: A Comprehensive Overview of Rental Property Tax Deductions Read More »
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 …
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 …
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. …
Tax residency and why people should be aware of this Read More »
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 …
What Are the Tax Consequences of Changing Trustees? Read More »