Tax Planning

Common Deductible Expenses for Sole Traders in Australia: Maximizing Tax Benefits

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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 …

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Tax Planning Strategies for Small Businesses

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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 …

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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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Prepare for EOFY – Tax Planning Strategies

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As we enter the new fiscal year, we’ve put together a list of facts to consider when planning your EOFY tax return. If you are considering tax planning issues for June 30, 2022 and beyond, the following information will provide you with some information. Tax planning in Australia involves several considerations, including: comparing the different …

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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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