Blog

Money Doesn’t Come Without Guidance ...

Blog Image
13
Jun

WHAT ARE THE COMMON JOBS AVAILABLE FOR BACKPACKERS

Are you concerned about finding work in Australia? You don’t need to be worried because lots of backpacker jobs are available and they are easy to get into. Just find out the most common and popular...

Read More

Blog Image
13
Jun

THINKING OF SAYING THAT YOU ARE A RESIDENT, WHEN ACTUALLY YOU ARE NOT? THEN THINK AGAIN…

Tax return is an important legal documentation. So, if you say you are resident even if you are not an actual resident, then it will be legally and morally wrong on your behalf. BAD IDEA!! Because a...

Read More

Blog Image
13
Jun

FIND OUT WHO ARE WORKING HOLIDAY MAKERS

The Australian Government's Working Holiday Maker (WHM) Programme has two types of visas, which includes the Working Holiday visa (subclass 417) and the Work and Holiday visa (subclass 462). Under...

Read More

Blog Image
13
Jun

AS A BACKPACKER EMPLOYER WHAT YOU NEED TO DO…ACKPAKERS? THEN LET US TELL YOU…

Are you a backpacker employer? And you want to lodge tax return online? Then this is what you need to do: As an employer, you need to register with the Australian Taxation Office (ATO) to withho...

Read More

Blog Image
13
Jun

DO YOU WISH TO KNOW THE CHANGES GOVENRMENT HAS MADE FOR BACKPAKERS? THEN LET US TELL YOU…

Australian government has made number of changes for you. Some may benefit you and some not. But let’s see the changes and then decide – Eligible age limit increased to 35 (effective date: “i...

Read More

Blog Image
13
Jun

GOVERNMENT HAS MADE SOME CHANGES TO FOR THE BACKPACKERS… ARE THEY ANY GOOD???

Any government works for the betterment of its country and people. Hence, the Australian government has also made some changes to the backpacker tax to make a working holiday more available and more a...

Read More

Blog Image
13
Jun

WHAT IS ANNUAL INVESTMENT INCOME REPORT (AIIR)? HOW CAN ONE LODGE AN AIIR?

Annual Investment Income Report (AIIR) An Annual Investment Income Report (AIIR) is such a report which investment bodies are required to lodge if them meet any of the following criteria:   I...

Read More

Blog Image
13
Jun

EXPLAIN EXPLORATION DEVELOPMENT INCENTIVE (EDI). HOW CAN AN INDIVIDUAL CONTRIBUTE IN SUCH INCENTIVES?

From July 1, 2014, the Australian Government had decided to create an Exploration Development Incentive (EDI) to support small and mid-sized companies undertaking greenfields mineral exploration. It a...

Read More

Blog Image
13
Jun

WHAT ARE GST BRANCHES? HOW CAN ONE REGISTER A GST BRANCH?

Goods and service tax is commonly known as GST. A GST branch is a formation of branch that has a separate entity from its parent organisation. Many organisations register their branches to suit the ...

Read More

Blog Image
13
Jun

WHAT IS REDUNDANCY PAYMENT? WHAT PAYMENTS ARE INCLUDED AND WHAT ARE NOT INCLUDED IN A REDUNDANCY PAYMENT?

If employment is terminated by the employer because the employer no longer requires the job to be performed, the employee will get a termination payment or redundancy payment under the industrial agre...

Read More

Blog Image
13
Jun

HOW TO CLAIM AN EXEMPTION FROM QUOTING A TFN OR ABN?

Tax File Number (TFN) is a unique number that helps you decide the amount of tax you need to pay and permits you to submit it in time every year to ATO. If you are running your own business in Austral...

Read More

Blog Image
13
Jun

EXPLAIN THE PAYG INSTALMENT CONCESSION

The small businesses with an annual turnover of less than $2 million may qualify for a range of PAYG instalment concessions. In place of a small business, you may be entitled for the following PAYG in...

Read More

Blog Image
13
Jun

AS AN EMPLOYER, WHAT ARE YOUR PAYG WITHHOLDING OBLIGATIONS FOR EMPLOYEES WHO WORK IN A FOREIGN COUNTRY?

If an employer has any Australian resident employee working outside of Australia with foreign incomes and that does not meet any exemption clauses, but are subject to Pay As You Go (PAYG) withholding ...

Read More

Blog Image
13
Jun

WHAT IS GOODS AND SERVICES TAX (GST) - MARGIN SCHEME? WHEN CAN AN INDIVIDUAL USE GOODS AND SERVICES TAX (GST) - MARGIN SCHEME?

You’re planning to sell a property of your business but you are not sure about the GST implications. There is a margin scheme which is also a way of working out the GST you must pay when you trade p...

Read More

Blog Image
13
Jun

WHAT ARE THE DEATH BENEFITS FOR THE DEPENDENTS OF THE DECEASED?

After a person passes away, his dependent beneficiary or trustee of the deceased estate will receive a payment for the deceased’s death benefit. This payment should be made soon after his/her death....

Read More

Blog Image
13
Jun

EXPLAIN THE DIFFERENT TYPES OF CROWDFUNDING

To finance projects and/or business ventures, one can raise capital using the crowdfunding method. Fundraisers can collect such capital from a large group of people via online platforms, charity event...

Read More

Blog Image
13
Jun

WHAT IS AUSTRALIAN BUSINESS REGISTER (ABR) AND HOW DO YOU UPDATE IT?

The Australian Business Register (ABR) is a nationwide database of all the registered businesses and other organisations of Australia who register for an Australian business number (ABN). The ABR help...

Read More

Blog Image
13
Jun

WHAT IS RIDE-SOURCING AND WHAT ARE THE GST CONSEQUENCES IN PROVIDING RIDE-SOURCING SERVICES?

What is ride-sourcing? Ride-sourcing is an ongoing arrangement where a third-party facilitator provides a technology platform to facilitate a transaction between a driver and a passenger. The arrang...

Read More

Blog Image
13
Jun

HOW CAN YOU DO TRUST TAX RETURNS FOR A DECEASED ESTATE?

Under Australian law there are no death duties, however, income and some capital transactions may be taxed as a result of a person’s demise. Tax consequences may differ from the perspective of the: ...

Read More

Blog Image
13
Jun

HOW CAN AN INDIVIDUAL CLAIM REFUNDS FOR EXCESS FRANKING CREDITS? HOW HE/SHE IS ELIGIBLE FOR SUCH REFUNDS?

You may be thinking about investing in the stock market in Australia but not sure about the tax implication of the earnings you receive as dividend. Australian Taxation Office (ATO) is encouraging inv...

Read More

Blog Image
13
Jun

WHAT ARE THE SPECIAL TAX CONCESSIONS FOR PRIMARY PRODUCERS?

In Australia if you are operating a primary production business individually or in a partnership or as a trust then you will be considered as a primary producer. It could be maintaining animals for th...

Read More

Blog Image
13
Jun

FUEL TAX CREDITS FOR BUSINESS

Fuel tax credits provide you with a credit for the fuel tax (excise or customs duty) included in the price of fuel used in business activities, machinery, plant, equipment and heavy vehicles. Eligi...

Read More

Blog Image
13
Jun

EXPLAIN THE FRANKING CREDITS FOR NOT-FOR-PROFIT ENTITIES

Franking Credits also known as Imputation Credits are a type of tax credit which allows companies to pass on tax paid at the company level to shareholders. Usually, company pays tax on their income an...

Read More

Blog Image
13
Jun

APPLYING FOR COMPENSATION CLAIM

If you think Government agencies like ATO have made a mistake that caused you financial loss or some other detriment, you may be able to make a claim for compensation from the ATO. Before you make a c...

Read More

Blog Image
13
Jun

WHAT IS TAX CRIME? HOW CAN AN INDIVIDUAL DEAL WITH IT?

Tax crime occurs when people intentionally abuse the tax and superannuation systems to evade tax and enjoy illegal financial benefits. It encompasses a broad range of non-compliant activity that can r...

Read More

Blog Image
13
Jun

WHAT IS DEMERGER? WHAT ARE THE DIFFERENT WAYS OF DEMERGING?

Demerger is the strategy of splitting off a part of an existing company to become a new company. A demerging company operates completely separate from the original company. Shareholders of the origina...

Read More

Blog Image
13
Jun

FIVE SIMPLIFIED ACCOUNTING METHODS (SMAS) FOR GST PURPOSES

Estimating your net GST payable becomes a bit difficult when you deal with both taxable and GST-free sales and purchases. To overcome this impediment, ATO has introduced five Simplified Accounting Met...

Read More

Blog Image
13
Jun

EXPLAIN THE DIFFERENT TYPES OF LOANS FOR A STUDENT TRAINING AND STUDYING IN AUSTRALIA

The secret behind a successful nation is how knowledgeable the citizens are. Having said that, the Government of Australia aids its citizens with numerous kinds of loan for higher education, trade app...

Read More

Blog Image
13
Jun

HOW IS GST AND INSURANCE RELATED?

As per ATO (Australian Tax Office), now all the GST registered businesses can claim credits for the insurance premium. If you hold an insurance policy for an asset which you use in your business, then...

Read More

Blog Image
13
Jun

WHAT ARE THE PENALTIES AND INTEREST CHARGES ARISING FROM VOLUNTARY CORRECTIONS? HOW TO REMIT THEM?

If you realise you have made a mistake in the information you have given to ATO in a tax or super return or activity statement, then you should correct any error as quickly as possible. When you tell ...

Read More

Blog Image
13
Jun

WHAT IS CONSOLIDATION? WHAT ARE THE ELIGIBILITY CRITERIA FOR CONSOLIDATION?

Consolidation is treated as a group of wholly owned or majority-owned companies that can operate as a single entity for income tax purposes. The purpose of consolidation is to decrease the organisat...

Read More

Blog Image
13
Jun

WHAT ARE THE REASONS DUE TO WHICH REJECTION OF INDEMNITY MAY OCCUR?

When an indemnity request fails to meet the minimum standards then the Deputy Commissioner of Taxation (DCT) will notify to the insolvency practitioner stating that the indemnity has been rejected. ...

Read More

Blog Image
13
Jun

WHAT ARE THE FOUR TESTS TO CLAIM NON-COMMERCIAL LOSSES

If you are in a sole trader or partnership business, the risk is too high as this business has unlimited liabilities. Thus, ATO recognises this and passed a rule where if your business makes any loss ...

Read More

Blog Image
13
Jun

WHAT ARE THE REQUIREMENTS FOR INDEMNITY REQUESTS?

In relation to the expenditure of public money, there are some strict legal and policy obligations imposed on government agencies. Therefore, all indemnity requests from insolvency practitioners must ...

Read More

Blog Image
13
Jun

WHICH IS BETTER BETWEEN ACCOUNTING FOR GST ON A CASH BASIS AND ACCOUNTING FOR GST ON A NON-CASH/ACCRUAL BASIS

The two methods of accounting for GST are cash-basis and accrual basis. The method you use will affect when you must report GST. The primary difference between cash and accrual basis of accounting is ...

Read More

Blog Image
13
Jun

WHY DO SHARES AND OTHER SECURITIES BECOME WORTHLESS?

When a liquidator or administrator declares that the shareholder or bondholder will receive no further distribution in case of winding up the company, then securities of that company become worthless....

Read More

Blog Image
13
Jun

WHAT IS REMISSION OF PENALTIES AND HOW CAN AN INDIVIDUAL REQUEST A REMISSION OF PENALTY?

Now and then, you may find that you have been penalised by the Australian Tax Office (ATO) for misconduct. This misconduct may arise for not taking reasonable care in claiming a deduction to which you...

Read More

Blog Image
13
Jun

REVISING AN EARLIER ACTIVITY STATEMENT

If you think you made a mistake in your activity statement that has been already lodged, you may correct it by completing a revised activity statement rather than correcting it on a later statement. T...

Read More

Blog Image
13
Jun

LIVING AWAY FROM HOME ALLOWANCE FRINGE BENEFITS

A living-away-from-home allowance (LAFHA) is an allowance that as an employer you pay to your employee to cover additional expenses incurred or any disadvantages suffered due to their living away from...

Read More

Blog Image
13
Jun

HOW MANY FOREIGN EXCHANGE (FOREX) REALISATION EVENTS ARE THERE?

There are a total of five Forex realisation events which have been described in details below: Forex realisation event 1 Forex realisation event 1 occurs when there is a disposal of foreign curre...

Read More

Blog Image
13
Jun

EXPLAIN THE OFFSETS OR REBATES IF YOU HAVE MAINTAINED AN INVALID OR INVALID CARER

In Australia, if you maintain certain people, who are of 16 years of age or above and enjoying particular government payments, then you may be entitled to a tax offset (sometimes referred to as tax r...

Read More

Blog Image
13
Jun

EXPLAIN THE INSTRUCTIONS FOR ENDORSEMENT AS TAX CONCESSION CHARITY (TCC)

You might be eligible for tax concessions as a charity if you are registered with the Australian Charities and Not-for-profits Commission (ACNC). When you are registered with the ACNC you need to use ...

Read More

Blog Image
13
Jun

WHAT TO DO WITH YOUR TAX REFUND?

Are you thinking what to do with your tax refund? Here are some of the things that we have come up with that effectively utilises your tax refund- Pay off debt Paying off debts means a taxpayer w...

Read More

Blog Image
13
Jun

WHAT IS WINE PRODUCER REBATE AND ARE YOU ELIGIBLE FOR IT?

As a wine producer, a taxpayer might be entitled to a rebate of $500,000 each financial year. The rebate is based on the wine equalisation tax (WET) amount of wine deal or the amount that would have b...

Read More

Blog Image
13
Jun

WHAT IS THE REGISTRATION PROCESS OF LAND FOR FOREIGN INVESTMENT IN AUSTRALIA?

If you are a foreigner and wanted to invest in Australian residential land or agricultural land, you need to register first. From 1st July 2015, ATO is responsible for the land register. You need ap...

Read More

Blog Image
13
Jun

WHAT IS LUXURY CAR TAX (LCT)? WHO NEEDS AND/OR NEEDS NOT TO PAY LCT?

Luxury Car Tax (LCT) is a tax on luxury cars that is payable by businesses that sell or import luxury cars – businesses include retailers, wholesalers, manufacturers and other businesses that sell l...

Read More

Blog Image
13
Jun

WHAT DOES THE CHECKLIST TO ASSIST INSOLVENCY PRACTITIONERS INCLUDE?

ATO has developed an indemnity checklist and Annexure A to assist insolvency practitioners when preparing the indemnity request. These forms contain required information so that the insolvency practit...

Read More

Blog Image
13
Jun

HOW WILL AN INDIVIDUAL MAKE ADJUSTMENTS ON HIS OR HER BAS?

On the Business Activity Statement (BAS), you have to adjust the GST that you pay for a reporting period. This is called an adjustment. There are two types of adjustments – increasing adjustments an...

Read More

Blog Image
13
Jun

HOW TO DO TAX RETURN FOR A DECEASED PERSON

In general, a deceased person's individual tax returns are prepared and filed in the same manner as when they were alive. Even death doesn't save a person from having to pay taxes! If you’re...

Read More

Blog Image
13
Jun

ARE YOU ELIGIBLE FOR ZONE TAX OFFSET OR OVERSEAS FORCES TAX OFFSET?

The zone tax offset (ZTO) is a tax rebate offered by the Australian Tax Office (ATO) for taxpayers who live in remote areas of Australia whereas, the overseas forces tax offset is for members of the A...

Read More

Blog Image
13
Jun

SMALL BUSINESS INCOME TAX OFFSET FROM 1 JULY 2015

each year. This is called the small business income tax offset which is basically offered to benefit and help small businesses by reducing their tax payable amount. To avail the small business inco...

Read More

Blog Image
13
Jun

TAX TREATMENT OF EMPLOYEE SHARE SCHEMES FROM 1 JULY 2015

Australian Government has made some changes in tax treatment of Employee share schemes (ESS) which was applied from 1 July 2015. There are changes to some existing rules as well as some new concession...

Read More

Blog Image
13
Jun

HOW TO REPAY YOUR HELP OR TSL LOAN FROM OVERSEAS

Do you know how to repay your Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) if you already live or intend to move overseas for a total of more than six months in any 12-month peri...

Read More

Blog Image
13
Jun

HOW TO BE ELIGIBLE FOR TAX OFFSET FROM EXPLORATION DEVELOPMENT INCENTIVES?

The Australian Government has committed to introduce an Exploration Development Incentive (EDI) to encourage investment in small exploration companies undertaking Greenfields mineral exploration in Au...

Read More

Blog Image
13
Jun

DOES TEMPORARY BUDGET REPAIR LEVY APPLY TO 2016 INCOME YEAR?

The Government introduced Temporary Budget Repair Levy as a part of 2014-2015 Federal budget that enables employers to withhold additional tax from individuals having more than $180,000 taxable income...

Read More

Blog Image
13
Jun

YOUR MYGOV ACCOUNT

To use Australian Government services online, or to lodge your tax return online, a fast and simple way is to have an account in myGov. It gives you the benefit of getting secure access to online serv...

Read More

Blog Image
13
Jun

ELECTRONIC RECORD KEEPING AND REQUIREMENTS

Now-a-days in Australia, some business owners still prefer manual record keeping systems, but most of the modern business persons prefer to use an electronic record keeping system. Now you can lodge y...

Read More

Blog Image
13
Jun

LEAVING AUSTRALIA? HOW TO LODGE YOUR TAX RETURN EARLY?

It’s no secret that Australia is one of the most beautiful countries in the world. And if you are leaving Australia means your time as an Aussie has come to an end and you’re faced with the bitte...

Read More

Blog Image
13
Jun

THINGS TO CONSIDER WHEN USING ONLINE TAX RETURN SERVICE

While considering using online tax return service individuals must always keep in mind the following few facts: Don’t miss out any deductions: An individual needs to claim all the deductions ...

Read More

Blog Image
13
Jun

WHAT IS FARM MANAGEMENT DEPOSITS SCHEME (FDMS)? WHAT ARE THE BASIC RULES AND ELIGIBILITY CRITERIA FOR SUCH SCHEME?

Farm management deposits (FMDs) are plans that are designed to help primary producers to better manage their uncertain cash flows and build cash reserves for future uncertainties. For example, low inc...

Read More

Blog Image
13
Jun

WHAT IS THIN CAPITALISATION AND WHAT RULES DOES IT FOLLO

A company is naturally financed through a blend of debt and equity. Thin capitalisation refers to the condition in which a company is financed through a relatively elevated level of debt compared to e...

Read More

Blog Image
13
Jun

ZONE TAX OFFSET

The zone tax offset is a tax concession. Zone tax offsets is offered by the Australian Tax Office for people who live and work in remote areas of Australia. This tax offset can provide significant tax...

Read More

Blog Image
13
Jun

WHAT IS NEGATIVE GEARING?

Negative Gearing Negative gearing is a form of financial leverage. It is a practice of borrowing money to make an investment. Here, the interest and allowable deductions exceed the investment income...

Read More

Blog Image
13
Jun

KEY TAX CHANGES IN 2016

The main drive of the budget is simple: enhance job growth by targeting small to medium business with tax cuts and incentives, then pay for it through refinements to the superannuation system. Unlike ...

Read More

Blog Image
13
Jun

TAX INFORMATION EXCHANGE AGREEMENTS

Tax Information Exchange Agreements (TIEA) is a bilateral agreement on the exchange of information with respect to taxes. The Agreement provides or exchanges information only on a proper request for c...

Read More

Blog Image
13
Jun

WINE EQUALISATION TAX

A tax on tipple If you make wine, import wine into Australia or wholesale it, you'll generally have to account for wine equalisation tax. Wine Equalisation Tax (WET) is one kind of tax on wine l...

Read More

Blog Image
13
Jun

FROM APRIL 1, 2016, WHAT ARE THE CHANGES MADE TO THE FRINGE BENEFITS TAX (FBT) OF SALARY PACKAGED MEAL AND OTHER ENTERTAINMENT BENEFITS FOR EMPLOYEES?

Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee. There have been some changes of tax rate on the fringe benefits of salary packaged meal and other entertainmen...

Read More

Blog Image
13
Jun

SOME COMMON TAX MISTAKES

When you lodge tax return, you can make quite a number of mistakes, but there are some very common mistakes that many people make while lodging tax returns. Described below are some of the common mist...

Read More

Blog Image
13
Jun

SOME COMMON TAX LODGEMENT STATISTICS

Every year ATO publish their annual Australian tax lodgement publication named “Taxation Statistics” which provides a comprehensive statistical summary of information taxpayers report to ATO. The ...

Read More

Blog Image
13
Jun

WHEN DO I HAVE TO LODGE MY TAX RETUR

People of Australia need to lodge a tax return from 1st July - 31st October for the 2014-2015 financial years. Retirees, teenagers and non-citizens all have to lodge tax returns if they meet certain...

Read More

Blog Image
13
Jun

THE FOUR PILLARS OF COMPLIANCE

Measuring effectiveness in managing a tax system is not an easy task. You need to understand the level of compliance with tax obligations in a community as a whole. This is an area of research that ma...

Read More

Blog Image
13
Jun

WHAT IS A HOUSING FRINGE BENEFIT? WHAT ARE THE TAXABLE VALUE OF A HOUSING FRINGE BENEFIT PROVIDED IN AUSTRALIA?

A housing fringe benefit occurs when an employee is provided with a house by his/her employer and is provided the right to use the unit as his/her common place of residence. If an individual also shar...

Read More

Blog Image
13
Jun

ATO ELECTRONIC LODGEMENT SYSTEM

If you are hiring an agent to lodge your tax return, then he/she may lodge your tax return electronically. Your agent may lodge tax returns and fringe benefits tax returns electronically through elect...

Read More

Blog Image
13
Jun

TAX ON CROWDFUNDING

The practice of raising fund and finding supports using internet and/or social media is known as Crowdfunding. Any individuals involved in crowdfunding needs to be aware of the tax consequences. Based...

Read More

Blog Image
13
Jun

PAYG INSTALMENTS AND WHO NEEDS TO PAY PAYG INSTALMENT

PAYG Instalments The Pay as You Go (PAYG) instalment system is a program of pre-paying tax instalments towards your expected tax liability on your business and investment income. It is the ATO’s w...

Read More

Blog Image
13
Jun

TAX ON GOVERNMENT ASSISTANCE, ALLOWANCES AND PAYMEN

As an individual taxpayer if you received any government assistance, allowances and payments you are entitled to a beneficiary tax offset. So if you are getting one or more number of allowances, benef...

Read More

Blog Image
13
Jun

DEPRECIATION ON YOUR INVESTMENT PROPERTIES

Your home is usually exempt from tax. But if you have an investment property there may be implications for income tax, capital gains tax and goods and services tax (GST). Depreciation is the reductio...

Read More

Blog Image
13
Jun

WHAT IS GENERAL INTEREST CHARGE (GIC) AND HOW IS IT REMITTED?

The interest on overdue tax debt is known as general interest charge (GIC). GIC is tax deductible. Now and then, individuals experience circumstances where they cannot pay the tax bills and the intere...

Read More

Blog Image
13
Jun

WHAT ARE THE TAX IMPLICATIONS FOR INCORPORATING YOUR BUSINESS?

Business incorporation will be subject to tax, reporting and compliance implications for individual taxpayers as well as for the business. A registered tax agent, accountant or a solicitor can help ta...

Read More

Blog Image
13
Jun

HOW WILL AN INDIVIDUAL BE ELIGIBLE FOR DEPENDENT (INVALID AND CARER) TAX OFFSET?

The invalid and carer tax offset is an offset which will be entitled if you maintain certain people who are 16 years or older and who receive particular government payments. You can’t claim this of...

Read More

Blog Image
13
Jun

HOW DO YOU WORK OUT THE TAXATION FOR TERMINATION PAYMENTS?

When your job has been terminated by your employer, they have to give you a redundancy payment. The amount is calculated by your employer depending on your employment condition. It can include- the pa...

Read More

Blog Image
13
Jun

EXPLAIN GDP ADJUSTED PAYG AND GST INSTALMENT AMOUNTS AND WHY ARE THEY ADJUSTED?

ATO calculates the PAYG and GST instalment amounts that, as an eligible taxpayer you have to pay and these amounts are printed on your quarterly activity statement or instalment notice. These instalm...

Read More

Blog Image
13
Jun

WHAT HAPPENS WHEN YOU HAVE A “TAX PAYABLE” OR “TAX REFUNDABLE”

At the end of the financial year tax is calculated, when all the income is calculated and all the deductions are made. When the amount of tax withholdings is less than the tax calculated then we have ...

Read More

Blog Image
13
Jun

KEEPING YOUR TAX RECORDS

As an individual taxpayer, you are responsible for the amount you declared or claimed on your tax return as Australian tax system relies on taxpayers’ self-assessment system. Keeping your tax record...

Read More

Blog Image
13
Jun

WHAT IS YOUR NOTICE OF ASSESSMENT?

Once ATO processes your tax return, you will be issued a Notice of Assessment which will show your entitlement to a refund or if you have a tax debt to pay. The notice of assessment is an itemised acc...

Read More

Blog Image
13
Jun

Tax offsets

Tax Offsets or Rebates are not same as the tax deductions. It directly reduces the tax payable. Usually, offsets cannot get us refund on their own, but can reduce our tax payable to zero. The tax offs...

Read More

Blog Image
13
Jun

Other work-related expenses

Income tax is calculated on the basis of a taxpayer’s taxable income. The taxable income is calculated by deducting allowable deductions from the taxpayer's total assessable income for the year ...

Read More

Blog Image
13
Jun

Common documents for individual tax return

As an individual tax payer to make the tax return process smoother you are required to have certain important documents which need to be lodged for income tax return while approaching the end of the f...

Read More

Blog Image
13
Jun

Who is ‘resident for tax purpose’?

Tax residency is different from immigrations and border protective terms and conditions of Australia. A person can be considered as resident for tax purpose though he is not an Australian citizen or p...

Read More

Blog Image
13
Jun

TFN (TAX FILE NUMBER)

Are you an Australian resident? Are you planning to work in Australia? Then, you must have your Tax File Number to declare your income and pay taxes. A tax file number (TFN) is a unique personal refer...

Read More

Blog Image
13
Jun

How to do tax return for a deceased person

In general, a deceased person's individual tax returns are prepared and filed in the same manner as when they were alive. Even death doesn't save a person from having to pay taxes! If you’re...

Read More

Blog Image
13
Jun

Sharing Economy and what things to consider

A sharing economy is a marketplace that connects demand and supply. It is an umbrella term with a range of meanings. Moreover, it is an economic model that allows individuals to borrow or hire assets ...

Read More

Blog Image
13
Jun

Are you eligible for Zone tax offset or overseas forces tax offset?

The zone tax offset (ZTO) is a tax rebate offered by the Australian Tax Office (ATO) for taxpayers who live in remote areas of Australia whereas, the overseas forces tax offset is for members of the A...

Read More

Blog Image
13
Jun

Small business income tax offset from 1 July 2015

Are you a small business owner? If yes, we have some good news for you! From the 2015-2016 financial year, the ATO is reducing the tax payable of small businesses by up to $1,000 each year. This is ca...

Read More

Blog Image
13
Jun

Tax Treatment of Employee Share Schemes from 1 July 2015

Australian Government have made some changes in tax treatment of Employee share schemes (ESS) which was applied from 1 July 2015. There are changes to some existing rules as well as some new concessio...

Read More

Blog Image
13
Jun

How to repay your HELP or TSL loan from overseas

Do you know how to repay your Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) if you already live or intend to move overseas for a total of more than six months in any 12-month peri...

Read More

Blog Image
13
Jun

How to be eligible for Tax offset from Exploration development incentives?

The Australian Government has committed to introduce an Exploration Development Incentive (EDI) to encourage investment in small exploration companies undertaking Greenfields mineral exploration in Au...

Read More

Blog Image
13
Jun

Does Temporary Budget Repair Levy Apply To 2016 Income Year?

The Government introduced Temporary Budget Repair Levy as a part of 2014-2015 Federal budget that enables employers to withhold additional tax from individuals having more than $180,000 taxable income...

Read More

Latest Posts

Popular Post

We provide the fastest, easiest and most effective online tax return solution

trustedsite