Tax Stress in Australia: A Growing Pandemic for Small Business Owners Across Australia, small business owners are grappling with a tax crisis that’s almost as prevalent as any health pandemic. Sleepless nights, mounting anxiety, and the weight of tax-related problems are taking a heavy toll on countless entrepreneurs. At BOA & Co. Chartered Accountants, we […]
Breaking Free from Tax Stress: How Boa & Co Helps Businesses Read More »
Starting next month, Australian earners are set to benefit from the long-anticipated stage three tax cuts, potentially enhancing their home-buying prospects. New analysis from PRD Real Estate reveals that these tax cuts could significantly impact the borrowing power of homebuyers, especially those with higher incomes. For instance, an individual earning $80,000 per year will pay
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Good news for Australian homeowners: mortgage stress is showing signs of easing, and one key driver behind this is the recent implementation of the stage three tax cuts. These cuts have given Australians a break by reducing their tax burden, providing some much-needed relief in a challenging economic environment. According to Roy Morgan research, nearly
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As the cost of living continues to rise in Australia, many families are exploring ways to reduce their financial burdens. One topic of discussion has been whether joint tax returns could benefit couples by allowing them to split income and take advantage of lower tax rates. This potential change, if introduced, could offer significant tax
Joint Tax Returns for Couples: Key Insights & Guidance Read More »
Tax residency is a critical factor in determining an individual’s tax obligations in Australia. Whether you are a resident, non-resident, or temporary resident, your residency status significantly influences the types of income and gains you will be taxed on. However, for many individuals with ties to multiple countries, determining residency status can be complex and
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Related party transactions often pose unique challenges for practitioners working with private groups. These transactions require careful consideration of tax implications to ensure compliance with integrity rules and to avoid mismatches between the economic substance of the arrangement and the resulting tax outcome. Understanding and applying these rules is essential to managing the tax impact
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The recent PwC scandal has spurred a wave of regulatory changes impacting registered tax and BAS agents across practices of all sizes. As a practitioner, staying informed about these updates is essential to maintain compliance and protect your practice. This article explores the key changes and offers practical insights to help you navigate the new
2024 Tax Practitioner Regulatory Changes You Must Know Read More »
As we move through 2024, staying informed about the latest tax updates is crucial for Australian businesses. The tax landscape is continuously evolving, and keeping up with these changes can help businesses optimize their tax strategies, ensure compliance, and make informed financial decisions. In this article, we highlight some of the most relevant tax updates
Key 2024 Tax Updates Australian Businesses Must Know Read More »
In recent years, the Australian government has implemented a series of tax reforms aimed at stimulating economic growth and providing relief to businesses, particularly small and medium enterprises (SMEs). These reforms, while designed to foster a more conducive environment for business operations, have introduced new complexities that SMEs must navigate. This article explores the key
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Understanding Share Disposal Disposing of shares is an essential aspect of managing your investment portfolio. Whether you’re selling, gifting, or transferring shares, it’s crucial to understand the financial implications, particularly in terms of capital gains and losses. Here’s a breakdown of the common ways to dispose of shares and the associated tax considerations. Methods of
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