How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?. Starting in July 2024, the revised Stage 3 tax cuts will impact many Australians. In recent years, Australians have faced a sharp increase in income tax, with an average increase of 8% in 2023. And if...
Understanding your trade income: The basics of Personal Services Income. If you're in the trades industry, operating as an electrician, plumber, or in construction, it's important to understand how your income is classified for tax purposes. The money you earn from...
Understanding your status as an Australian resident for tax purposes. If you're planning on entering Australia or if you're an Australian resident who is planning to travel abroad, you might need to freshen up on the recent updates from the ATO around tax residency....
How to withdraw money from your company using a division 7a loan agreement. Are you planning to use your business's funds for a personal purchase such as buying a luxury boat? It's crucial to manage personal purchases correctly to avoid steep tax implications under...
How to pay yourself bonuses and commissions as a company director. Paying bonuses and commissions effectively can ensure you reap benefits while staying compliant with the Income Tax Assessment Act. These types of payments are not only a direct reward for exceptional...
How to make loan repayments to shareholders for Division 7a. Are you aware of the benefits of using loan repayments to return funds to shareholders, compared to other methods like dividends? This approach involves repaying funds that shareholders initially lent to the...
How to pay director fees and allowances as a company director. Are you confident that your compensation as a company director aligns with the required standards and laws? Director's fees are not just payments for your leadership and advisory roles; they also align...
Tax cuts starting July 2024. Starting 1 July 2024, the Australian Government is set to roll out significant updates to the personal tax rates and thresholds, affecting virtually all taxpayers in the country. These updates are part of the government's commitment to...
How to pay yourself a salary as a company director. Are you a company director looking to draw your salary in the most tax-efficient way? Managing your income as a business owner can significantly affect both your personal cash flow and your company's financial...
