Over the last 12 months, there have been many notable schemes promoted by state and federal governments to assist businesses and individuals with much-needed tax relief. Numerous relief schemes have been put into place to assist those with rent relief for their businesses. Rent is a major business expense. It is one that many businesses…
If you were the recipient of the COVID-19 Disaster Payments For Individuals due to your situation resulting from the impact of COVID-19, there are certain things you may need to know about it. The COVID-19 Disaster Payments were provided by the Australian Government to support eligible individuals who are unable to earn an income due…
In the business world, employees can leave your business for various reasons. Sometimes as the employer, you may have to step in and terminate their employment (as a result of circumstances). At other times it could be a result of redundancy or resignation. Regardless of the how or why employers who terminate their employee’s positions…
Doing the numbers might not necessarily be your thing if you work in sales or marketing – especially when it comes to your tax. Tax time might seem like a distressing situation in that case, but that’s when you can come to someone like us (a tax professional) for the help that you need when…
In spite of the many challenges that have faced many industries across the country during COVID-19’s persistence and ongoing effects, the retail industry through their continued, adapted operations has continued to progress. As a result, retail workers across many stores may find that the taxable income from their work may have been affected by the…
One of the ways that many Australians may be looking to recoup or maximise their tax refund’s potential is in spending money on assets for themselves or their business that can be ‘written off” as a tax deduction. Doing so might help save you on the tax that you have to pay after lodging your…
Did you know that the Low and Middle Income Tax Offset (LMITO) is also known colloquially as “Lamington”? Are you curious about the Low and Middle Income Tax Offset, and if you might be eligible for it this tax time? It might be worth starting a conversation with us about this tax offset, and how…
If you have disposed of any assets (which can include the loss, destruction or sale of an asset) which are subject to capital gains tax, you need to let us know as soon as possible. These are known as capital gains events, which can affect the way in which a capital gain or loss is…
Though you may not be expecting a tax bill, having one turn up in your inbox does not have to be an unexplainable mystery. The Australian Tax Office may send you a tax bill after you have lodged your income tax return for a number of reasons. You may receive a tax bill if: Your…
As a property investor, you might find yourself implementing repairs and renovation work onto a property to ensure that you are maximising its value on the market. However, though both can be claimed on your tax return, it’s of paramount importance that you know how to claim them. Getting it wrong can be both costly,…