Audits can be scary, but there is a lot you can do to prepare in order to have the best possible experience. Here’s what happens during an ATO audit.
Medical professionals constantly juggle their day-to-day practice with the business side of things. But let’s face it, as a doctor, you’ve got your hands full with patient care, so management and financial planning tends to take a backseat. While a doctor’s primary goal is to focus on providing health services to their clients, they mustn’t…
This guide will walk you through some of the most common tax deductions that Australian business owners can claim, so you can be sure you’re getting the most out of your tax return.
An accountant letter is a document that is used to verify an individual’s or company’s financial status. Banks, landlords, and other institutions often request it when someone is applying for a loan or credit card, trying to rent a property, or seeking other financial assistance. An accountant’s letter can be a valuable tool in obtaining…
Did you know that as an Australian taxpayer, you could legally reduce your tax liability through a salary sacrifice or salary package agreement? It involves making before-tax contributions to superannuation, which reduces your taxable income. And while the word ‘sacrifice’ might not necessarily sound like a positive implication, salary sacrificing can be. Salary sacrificing can…
An SMSF (self-managed superannuation fund) is an attractive vehicle for retirement savings for many Australians. Though the setup and administration of an SMSF can be daunting, with proper planning, it can offer tax advantages and greater control over your retirement savings. However, if you decide to go along the route of winding up an SMSF…
Considering the current state of the worldwide economy and the effects of the pandemic, it’s no surprise that business owners are rethinking their exit strategies, particularly in terms of liquidation. Some business owners have seriously weighed up the option of closing their doors to avoid possible negative consequences. But for others, the negative impact of…
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,…
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…
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…
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