$18,200. That is the amount every Australian resident can earn in a financial year without paying a single cent of income tax. For the 2024–25 and 2025–26 income years, this figure stays at $18,200 — unchanged since 2012–13. This article covers exactly how it works, who can claim it, common traps to avoid, and what…
As an Australian taxpayer, getting a handle on the personal income tax brackets is key to managing your money wisely. With some big shifts in the tax cuts, income tax rates and thresholds that kicked in from 1 July 2024, now’s the perfect time for a refresher. In this guide, we’ll break down what’s changed,…
Are you looking to change accountants? Is your accountant not responding or taking far too long to get back to you? We often have clients sign up for our services due to a negative experience with their previous accountant or accounting firm. For example, we picked up a new client in the Formwork industry. When…
As a physiotherapist in Australia, you have a unique set of expenses that can be claimed as tax deductions. Understanding what you can claim helps reduce your taxable income and ensures you’re not missing out on any entitlements. This guide will walk you through the most common deductions available, practical tips for record-keeping, and answers…
As a business owner in Australia, you are likely familiar with Business Activity Statement (BAS) payments. Every quarter, you report your business’s Goods and Services Tax (GST), Pay-As-You-Go (PAYG) withholding, PAYG instalments, and possibly other taxes via your BAS. For many businesses, this can feel like a heavy financial burden, particularly if your cash flow…
Can I use my super for a house deposit? For many people, the biggest obstacle to buying a home is coming up with a deposit. In Australia, the average deposit is around 20%, which can be a lot of money to save up. However, there is another way to come up with a down payment:…
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….
What to look out for when hiring your first employee Looking at hiring your first employee? Achieving entrepreneurial success isn’t just about picking anyone for your company. It’s also about making sound decisions and implementing the right strategy in attracting the best prospective employees. The first few stages in the life of your business are…
It’s never too early to have business risk management processes in place. No matter the size of your business, it’s important to identify where the potential pitfalls exist within your business that can put not only your profits at jeopardy but your entire business’ existence. When I first started my business, this was extremely high…
When winding up a company, you must follow the correct process to ensure that your proprietary limited company has officially ceased to exist. Without doing so, you are still obligated to perform regulatory reporting and incur fees on an annual basis. Furthermore, the company will be at risk for exposure to future liabilities that may…
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