Hybrid trusts are on the rise in Australia, combining the best of different trust structures. Understanding hybrid trusts could be the key if you’re setting up a trust or looking to get the most out of your current financial arrangements. So, let’s dive in and cover everything you need about hybrid trusts in Australia for…
When running a business, you’re always looking for ways to reduce costs and maximise your bottom line. One often overlooked opportunity is claiming fuel tax credits. Diesel fuel, being a significant part of fuel expenses for many businesses, plays a big role in this context. So, by understanding how fuel tax credits work and following…
Get the latest information on ATO audits, including what happens during an audit, what can be audited, and why
Are you wondering what expenses you can claim as tax deductions in Australia? Understanding how to claim tax deductions for work-related expenses can help you reduce your taxable income and potentially get a bigger tax refund. This comprehensive guide will cover everything you need to know about claiming deductions on your Australian tax return. How…
Ready to start a business in Australia? Learn about the most common types of business structures and the advantages and disadvantages of each type.
If you’re an Australian who attended university, there’s a good chance you have a HECS-HELP debt. The Higher Education Loan Program (HELP) is a key component of Australia’s education loan program help, designed to assist students in managing their university tuition fees. This government loan scheme has helped countless students afford their tertiary education, but…
As a business owner or manager in Australia, one of the most crucial responsibilities you’ll encounter is managing your Business Activity Statement (BAS). Having an Australian business number (ABN) is essential for registering for GST and receiving a BAS automatically when it’s time to lodge. These regular tax obligations are fundamental to running a compliant…
Do you know that most Australians pay a 2% Medicare Levy on their taxable income? This is essentially how our country funds the public health system. Thanks to this levy, essential medical services are available to everyone. It’s a vital part of our tax system and keeps our healthcare stable and high-quality. What is the…
The different types of trusts in Australia are widely used as a preferred business structure when it comes to investments, managing the financial affairs for families as well as business purposes. But did you know that there are a handful of different types of trusts in Australia? If you’re looking to open a trust, it’s…
Did you know that teachers and those working in education are entitled to various industry-specific teacher tax deductions? These teacher tax deductions can significantly benefit your annual tax return, so it’s worth equipping yourself with the knowledge presented by the Australian Taxation Office (ATO). How do you qualify to claim teacher tax deductions? What are you…
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