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...
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,...
Tax Payments Annual Report, otherwise known as TPAR, is a specific report that must be lodged by businesses to the Australian Taxation Office (ATO) detailing payments your business has made to contractors in specific industries. This includes submitting information on...
Many people hear about tax deductions but don’t exactly understand how tax deductions work in Australia. In a nutshell, tax deductions can assist with increasing your tax refund. As a business owner, you can claim tax deductions for the majority of expenses you...
One of the most common questions in relation to tax minimisation is that I get asked from small business owners and contractors are whether I think they are paying too much tax when they report their quarterly business activity statements (BAS) to the ATO. There are...
Dealing with tax debts can be stressful, especially with those unpaid monthly and quarterly amounts incrementally building very quickly. In fact, many small and medium-sized business owners in Australia have a lot of tax to pay to the tax office and can’t afford...
