Not For Profit Sporting Organisations amp; Tax

Not-For-Profit Sporting Organisations & Tax

Starting from the 2023-24 income year, not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income tax exemption status. It’s time to ensure that, if this applies to you, you are aware of the critical steps and considerations…

7 Mistakes Often Made At EOFY You Can Rectify

Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns. This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed opportunities for tax savings. Here’s…

Keeping Up With The Instant Asset Write Off

Keeping Up With The Instant Asset Write-Off

In a move aimed at bolstering small business cash flow and reducing compliance costs, the Government has announced an extension of the $20,000 instant asset write-off for another 12 months. This extension, part of the 2024–25 Budget released on 14 May 2024, will see the measure continue until 30 June 2025. This initiative allows small…

Tax amp; The Federal Budget

Tax & The Federal Budget

The Federal Budget dropped last week (14 May), with several key updates involving current measures, rebates and confirmation of the stage 3 tax cuts. Energy Bill Relief Fund: The Energy Bill Relief Fund is introducing a $300 rebate for households and a $325 rebate for eligible small businesses on their 2024-24 bills. This initiative extends…

Tax Planning Vs Tax Schemes: Where’s The Line?

Tax Planning Vs Tax Schemes: Where’s The Line?

As your trusted accountant, we’re here to help you navigate the complex landscape of tax planning and ensure that you make informed decisions about your financial future. Tax planning is a legitimate practice that allows you to arrange your affairs to minimise your tax obligations. Still, it’s essential to be aware of the distinction between…

What Your Tax Return Needs When Dealing With A Trust

What Your Tax Return Needs When Dealing With A Trust

Managing a trust comes with its share of responsibilities, especially regarding tax compliance. To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with tax regulations. Let’s…

A Deceased Estate’s Tax Affairs: What You Need To Know

A Deceased Estate’s Tax Affairs: What You Need To Know

Finalising the tax affairs of a deceased estate is a crucial step in the estate administration process, ensuring compliance with tax obligations and providing closure for beneficiaries. To streamline this process and avoid potential liabilities, it’s essential to follow a comprehensive checklist. Lodging and Finalising Tax Returns The first step in finalising the estate’s tax…

Navigating Eligibility: Medicare Levy Exemptions

Navigating Eligibility: Medicare Levy Exemptions

The Medicare levy, an additional payment atop your taxable income tax, serves to support Australia’s public health system, Medicare. Ordinarily, your employer includes this levy, typically set at 2% of your taxable income, in the pay-as-you-go amount withheld from your salary or wages. But what about the additional Medicare levy surcharge (MLS)? You’ll encounter the…