The 9 Best Tax Deductions For Doctors

ByDavie Mach August 26, 2021July 20, 2024

Doctors are among the highest-earning professionals in Australia. And the higher the income, the higher the marginal tax rate. But did you know that as a medical professional, you’re eligible for a pretty long list of deductions? Unfortunately, however, many doctors are missing out because they don’t know what tax deductions they can claim. So,…

BAS, Tax Returns & Financial Statements | Contractor Handbook

How Tax on Cryptocurrency Australia Works

ByDavie Mach May 20, 2021August 7, 2024

Cryptocurrency has undoubtedly experienced explosive growth over the last couple of years – but how does tax on cryptocurrency in Australia work? With governments worldwide cracking down on managing the tax implications of cryptocurrency, you would likely have had to start reporting cryptocurrency on your annual tax return. In Australia, it’s no different – if…

Contractor Handbook

Discretionary Trusts: Everything You Need to Know

ByDavie Mach May 7, 2021August 7, 2024

Discretionary trusts are widely used for asset protection purposes and tax management. But, by transferring your assets into a discretionary trust, you will no longer own the assets. So, how exactly do discretionary trusts work? What are the advantages and disadvantages? How do you set up a discretionary trust in Australia? It’s worth being equipped…

Contractor Handbook

The Luxury Car Tax Guide: Must Read Before Buying

ByDavie Mach March 17, 2021August 7, 2024

If you’re thinking of buying that brand new Mercedes-Benz S-Class, you’ll need to also think about luxury car tax. You might change your mind when you hear just how heavily luxury cars are taxed in Australia. Either way, it’s good to know what tax consequences you’re going to be liable for when you drive that…

Contractor Handbook

The 4 Best Asset Protection Strategies You Should Know

ByDavie Mach March 16, 2021August 7, 2024

Asset protection strategies are arguably as significant as purchasing the assets in the first place. Many Australian’s dream of owning multiple assets such as investment properties and companies, but unfortunately, there is a lack of education around the importance of protecting those assets once you own them. So, we’ve created this list of the best…

Contractor Handbook | BAS, Tax Returns & Financial Statements

The Ultimate Guide on Uber Tax Deductions

ByDavie Mach January 28, 2021August 7, 2024

Did you know that as an Uber driver, you’re considered an independent contractor? This means that you’re entirely responsible for fulfilling your own tax obligations each year. The income you earn as an Uber driver is assessable income and must be reported in your annual tax return. What’s more, the Australian Tax Office (ATO) requires…

Contractor Handbook | Tax Planning

8 Ways on How to Reduce Taxable Income for Individuals in Australia

ByDavie Mach December 22, 2020August 7, 2024

Although paying tax is inevitable, most people want to determine how to reduce taxable income. Did you know that through effective tax planning you could pay less tax and walk away with more money in your pocket each financial year? But what does effective tax planning entail? What are the simplest ways to determine how…

Contractor Handbook | Tax Planning

6 Working From Home Deductions You Can Claim

ByDavie Mach December 21, 2020August 7, 2024

If you’re an employee who works from home, you may be able to claim a deduction for your working from home expenses. 2020 brought about many changes due to the worldwide coronavirus pandemic. One of the most predominant changes was seen in the work industry – many employees had to alter their work arrangements so…

Contractor Handbook | Small Business Handbook | Tax Planning

The 6 Sole Trader Deductions You Can Claim

ByDavie Mach December 18, 2020July 31, 2024

Knowing about your sole trader tax deductions will undoubtedly boost your tax return each year. Many of the costs that you incur from running your sole trader business can be claimed as a tax deduction. Yet, many sole traders miss out on expense claims because they aren’t equipped with all the knowledge presented by the…

Contractor Handbook | Business Structure | Tax Planning

Personal Services Income: 4 Steps To Tell If You’re Subject to PSI Rules

ByDavie Mach November 1, 2020August 7, 2024

Following the Review of Business Taxation report in 1999, various recommendations were made due to growing concerns that individuals were sidestepping the tax implications of personal services income through the use of interjectory companies. contract As a result, many individuals were getting away with paying less income tax and having access to greater tax deductions…

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