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 […]
Is Tax Residency the same as Citizenship? Read More »
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 »
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,
Rental Property Tax Deductions Checklist Read More »
Which loan type—one with variable rates or one with fixed rates—should I choose? Many of our clients who are looking to take out a loan ask this question frequently. The optimal decision for you will rely on a variety of internal and external variables. In general, personal factors are those over which we have complete
Fixed vs Variable Interest Read More »
Inside this month, we clear the confusion (as much as possible) on the 120% deduction for skills training and technology announced in the federal Budget. We also look at the ample number of changes coming into force from 1 July 2022. Finally, can you claim a deduction for your gym membership and what the AAT
The 120% skills and training tax deduction Read More »
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
Three Tax Tips Must Know When Trading Crypto Read More »
Individuals who have been utilized in conventional work settings are thinking that it’s essential to enhance or supplant their revenue sources. While some intentionally exit their positions, others might be the result of cutting back and cutbacks. In any case, numerous who hold energy for their calling discover options, for example, redistributing, to get
Tips for Freelance Tax Preparation Read More »
Running a business is not easy since the more you earn an income, the more expenses you incur most, especially when paying taxes. However, some universal rules help the business to claim a tax deduction on various costs that the company incurs in the long run. Some may be easy to detect while others
Five Small Business Tax Deductions When Claim Tax Read More »
Acquiring a loan to finance or rather boost business is quite common among different business owners. However, one needs to be cautious when taking the loan and the kind of loan you take since the financial flow in a company is also affected by taxation. This brings us to the question whether all the
Can Business Loans Be Written Off? Read More »