Business owners in Brisbane can now claim up to $20,000 for tools, equipment, or work vehicles on their tax returns. Here’s what you need to know: Who Can Claim? You can immediately claim these deductions if you are a: ✔ Businesses with <10 million annual turnover ✔ Bought tools, equipment, or work vehicles between 1st July…
Want to pay less tax in the 2025 financial year (FY)? Here are 3 easy ways to increase your refund – and 3 common mistakes to avoid. 3 Smart Tax Moves 1. Grow Your Super & Save Tax Best for: those under 75 and looking to build retirement savings What: Add extra money to your super before…
Fringe Benefits Tax (FBT) can be confusing, and missing deadlines is costly. Here’s what you need to know about FBT in 2025, plain and simple. Key Dates Who Needs to Lodge FBT? If you provide benefits like car, or travel for employees, then you’ll need to lodge an FBT return. You’ll also need to report…
Running your business takes hard work. The last thing you need is trouble with the ATO. Right now, the ATO (Australian Taxation Office) is cracking down on small businesses for breach of Division 7A of the Income Tax Assessment Act 1936, by using money and assets belonging to a business company for personal use or…
ATO Enforces Monthly GST Reporting for Some Small Businesses Starting April 1, 2025, the Australian Taxation Office (ATO) is shifting certain small businesses from quarterly to monthly GST reporting. This move primarily targets businesses with a history of non-compliance, such as late payments, missed Business Activity Statement (BAS) lodgments, or incorrect tax reporting. If your…
Beware of ATO Impersonation Scams: How to Stay Safe Scammers are getting smarter, and the Australian Taxation Office (ATO) is warning businesses to stay alert against impersonation scams. These scams often trick individuals into revealing sensitive information or making payments to fraudsters. Here’s how you can protect yourself and your business. Red Flags to Watch…
Extra super contributions are payments you put into your superannuation fund to grow your retirement savings. The nature of the extra super contributions could save you a great deal of money on taxes when you retire. Those 55 and older have a unique way of boosting their superannuation when selling their home. The downsizer contribution…
Inherited a home or property? You may be liable for Capital Gains Tax (CGT). Here’s a simple guide to help you understand the basics of inheritance tax in Australia. When do You Owe CGT on Inherited Property? Inheriting property can be complicated. It may take several weeks or months to iron out all the legal…
When gifts are taxed In Australia, most gifts (freely given without expecting any returns) aren’t taxed by the ATO (Australian Taxation Office). But there are some exceptions. Gifts from Foreign Trusts can be taxed If you get money or assets from a foreign trust, you may need to report it on your tax return. You’ll…
New rules in Australia are changing how tax advisers work with their clients. These changes aim to make the tax system fair and transparent. If you work with an accountant or tax agent, here’s what you need to know. Why the Rules Changed The new rules for tax advisers in Australia came about after a…