If you’re new to the property investment sphere, being aware of the main residence exemption 6-year rule could help you avoid capital gains tax and save you thousands of dollars on the eventual sale of your investment property. Yet, so many first-time investors remain uninformed of the benefits of the 6-year rule. For example, some…
A bucket company, also known as corporate beneficiaries or a dumping company, are an incredibly useful strategy for tax planning and minimisation if done correctly suited for the right situation. This is because it can help you “cap” the amount of tax you pay at 30% (or 27.5% for small business entities) by moving as…
Get clarity on ‘Pty Ltd meaning’ and its implications for your Australian business, highlighting key benefits and guidelines for a sturdy enterprise foundation.
A common question we receive from clients who are starting their own businesses for the first time is whether financial statements are needed and what they do. For an accountant, this is a self-evident answer (yes, you need them!), but we think it’s important to clarify the objectives of financial statements and their purpose. Financial…
Trying to find out the difference between Chartered Accountants and Accountants? When you’re looking for an accountant for your business, you’ll inevitably run into accounting firms that spout about how they have Chartered Accountants. But what exactly is a Chartered Accountant, and what’s the difference between a Chartered Accountant and a regular Accountant? This is…
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…
If you’re planning a construction or building project in New South Wales (NSW), you might come across the Long Service Levy, which applies to building and construction work. This levy is designed to support long-service benefits for workers in the construction industry, and it applies to projects that meet certain criteria. Understanding how the levy…
Knowing how Australia’s full company tax rate works may not seem like a major priority, but it goes a long way to successful financial planning. This guide covers these rates and explains how they might impact your business. Overview of Company Tax Rates in Australia In Australia, companies are subject to two main corporate income…
We hear it all the time: “how much tax will I get back this year?” The truth is, estimating your tax refund can help you plan your finances and get an idea of what to expect at tax time. The Australian income tax system features progressive tax rates, starting at 0% for low-income earners and…
Every year, millions of Australians submit their tax returns hoping to reduce their taxable income through tax deductions. Tax deductions can lower the amount of your assessable income that’s subject to income tax, potentially saving you thousands of dollars each year. But understanding what expenses you can claim and how to claim them correctly can…
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