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…
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…
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…
So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
Updated: 14 July 2020 If you’re a sole trader or in a partnership, you’re likely assessing Pty Ltd Company advantages and whether setting up a Pty Ltd Company would be suitable for your situation. Many clients ask me why they should set up a Pty Ltd company. The answer to that is – it depends….
So you or your accountant has been notified that an ATO review and/or an ATO audit will take place on your tax return. What do you do? Facing an ATO audit is unwelcome scrutiny that no taxpayers would like to be subjected to. Not only that, they can wind up costing you a significant amount…
Deciding on being engaged as an employee v contractor can be two very different things despite a lot of similarities. This can have implications on tax, superannuation, minimum pay and employment laws that may be applicable depending on how a potential employer engages you. With the emergence of the gig economy, contracting provides an alternative…
If you own property and use it as your main residence then generally you are eligible for the main residence CGT exemption when you sell the property. What is CGT? CGT is an acronym for Capital Gains Tax which refers to a form of tax that is applied at the time an asset is sold…
What types of investment property tax apply? There are two types of investment property tax that apply to investment properties that owners should be aware of. These two include capital gains tax (CGT) and income tax concerning your rental property. In this article, we go through exactly what the implications of investment property taxes are…
Super for Contractors – If you are a contractor or sub-contractor, then there is a chance that you may be entitled to super contributions for contractors made by the businesses you engage with. One of the first things we ask when we engage contractors with our accounting service is whether or not they are receiving…
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