Starting your own business can be an exciting and rewarding experience, and one of the simplest ways to do it is by becoming a sole trader. As a sole trader, you’ll have full control over your business and be solely responsible for its debts and liabilities. But, while it may seem like the most straightforward…
As of 27 July 2022, the Australian Government is introducing the Treasury Laws Amendment (Electric Car Discount) Bill 2022 to exempt cars that are provided to employees for private use with zero or low emissions from fringe benefits tax (FBT). These include battery electric, plug‑in hybrid electric, and hydrogen fuel cell electric cars.
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…
At the start of September 2022, the Reserve Bank of Australia (RBA) raised interest rates once again, pushing it to 2.35%. This marks the fifth consecutive increase since May 2022, making it the most rapid cash rate growth that Australians have seen since 1994.
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,…
Claiming fuel tax credit can provide a significant reduction in the amount of tax you pay on your business’s operating costs. Yet, claiming these fuel tax credits is often overlooked by many small business owners. To help make the claiming process a bit easier, we’ve put together an article that breaks down everything you need…
If you’re an entrepreneur or director of a small business, I’m sure you’ve heard about setting up a holding company to reduce risk and minimise tax while your business grows. Many people end up setting up holding companies for the protection it offers, but it’s worth noting that there are limits to that protection. For…
Wine equalisation tax is levied on wine consumption in Australia. Wine production makes up a considerable part of the agricultural industry, contributing over $45 billion annually to the Australian economy., What’s more, according to Wine Australia, the wine industry employs around 163,790 full and part-time employees across the 65 wine-growing regions. Wine equalisation tax (WET)…
As an investor, there are several property taxes that you need to be aware of, one of them being a land tax. While there may be some exemptions, paying land tax is an inevitable part of owning a property. It can often be overwhelming trying to navigate land tax and how it’s assessed – especially…
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