Important Update The $20,000 instant asset write-off threshold has been extended to 30 June 2026, following a government announcement on 4 April 2025. This means sole traders and small businesses with a turnover under $10 million can continue to immediately deduct the full cost of eligible assets under $20,000 throughout the 2025-26 financial year. However,…
Knowing about the tax deductions for your home office expenses will certainly boost your small business tax return. However, many small business owners miss out on these expense claims because they aren’t equipped with the knowledge presented by the Australian Tax Office (ATO). Home-based businesses are a large part of the Australian business community, with…
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…
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…
So you’ve heard all the hype about negative gearing in Australia and want to know what it’s all about? Or maybe you’re buying a property and trying to decide if negative or positive gearing is for you. This article will explain what it is and who it’s for, share some tips, and debunk some myths…
The government has confirmed that the Stage 3 tax cuts are in place for most Australian workers as of 1 July 2024. These tax cuts were announced as part of the federal budget and aimed to provide financial relief to Australian workers. This article explains the Stage 3 tax cuts, how they affect employees at…
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…
As a business owner, you have a lot of responsibilities. Not only do you need to worry about tax obligations and payroll, but you also have to stay on top of financial reporting. Although it can be a lot to keep track of, it’s important to make sure that your business is compliant with all…
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…
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