Navigating the Shift from Temporary Full Expensing to Instant Asset Write-Off for the 2024 Financial Year. The impending expiration of the Temporary Full Expensing (TFE) at the close of the 2023 financial year means that businesses will revert to the Instant Asset...
Understanding Capital Gains Tax on Inherited Property in Australia. If you are an individual beneficiary or a Legal Personal Representative (LPR) who has inherited Australian residential property from a deceased estate, you may be eligible for comprehensive or partial...
Guide to Claiming Fuel Tax Credit for Your Business. Claiming Fuel Tax Credits is an opportunity for businesses who have bought fuel, such as petrol, diesel, or other eligible fuels, for business activities. The tax credit, determined in cents per litre, can be...
Why You Need an SMSF Accountant for Effective Fund Management. Managing a Self Managed Super Fund (SMSF) offers unparalleled control over your investments, but it comes with complex compliance and taxation obligations. With stringent requirements set by the Australian...
Important Deadline for Director ID. A Director Identification Number (DIN), also known as a Director ID, serves as a unique identifier for individuals serving in director roles within various types of organizations. This identification number is a legal requirement...
What is a Notice of Assessment?. What is an Income Tax Return?The Australian Taxation Office requires all persons, both residents and non-residents, to file their income tax returns. The tax return summarises your income and claimable expenses during the financial...
Making Sense of the Tax Free Threshold: Clarity for Taxpayers. The tax-free threshold is the amount of income you can earn each year without paying income tax. For most Australian residents, this threshold is set at $18,200. This means that if your total income for...
Understanding the New Tax on Super Over 3 Million. Starting from 1 July 2025 the new tax on super over 3 million will be subjected to a 30% tax rate, meaning any surplus earnings will generally be liable to an overall tax rate of 30%. Income linked to Total...
How to pay yourself a salary as a company director. Are you considering setting up a company in Australia? is it needed for establish your own business, acquire an existing business, or contract through a Pty Ltd company for job opportunities? Maybe your Trust or SMSF...
