You can legally reduce taxable income in Australia through superannuation contributions, work-related deductions, salary sacrifice, negative gearing, charitable donations, and strategic asset timing. High-income earners can save up to $30,000 per year in tax — or significantly more with the right structure — by using ATO-compliant strategies that most Australians either overlook or underuse. This…
Managing your finances well does not require an accounting degree. The right software for accounting puts accurate, real-time financial control directly in your hands — whether you run a solo consultancy, a growing retail operation, or a team of tradespeople spread across multiple sites. This guide walks you through everything you need to know: what…
Choosing the best accountant for your small business means partnering with a professional who understands your industry, uses modern technology, and acts proactively to improve your financial health. A good accountant helps you stay compliant, reduces your tax bill, and supports your growth whilst giving you clarity, confidence, and fewer surprises. The best accountant for…
The financial year brings stress and complexity for Australian taxpayers, with 56% of small business owners and companies—including startups and small businesses—making costly errors during end-of-year preparations. These mistakes range from misplaced receipts to misclassified workers, each carrying the potential for missed deductions, ATO penalties, and unnecessary financial strain. The cost of these mistakes for…
The weekly tax table is the ATO’s tool for working out how much PAYG withholding your employer takes from your weekly wages each pay cycle. The amount withheld is calculated using the ATO’s weekly tax table, based on the employee’s week’s pay. This means your PAYG withholding is calculated according to your week’s pay as…
The Medicare Levy Surcharge (MLS) threshold for 2025–26 is $101,000 for singles and $202,000 for couples and families. If your income exceeds this and you don’t hold eligible private hospital cover, you’ll pay an extra 1% to 1.5% of your income on top of the standard 2% Medicare Levy. Taking out qualifying hospital cover is…
The Federal Budget for 2025–26, handed down by Treasurer Jim Chalmers on 25 March 2025, puts a strong emphasis on easing cost-of-living pressures and delivering targeted support to individuals and businesses. As we approach an election, many of the measures are designed to deliver practical benefits without introducing sweeping changes. For small business owners, investors,…
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…
It’s a common misconception that throwing out those piles of receipts and invoices is permissible once tax season is over. On the contrary – keeping accurate tax records is not only a good idea, but also a legal requirement. If the Australian Taxation Office (ATO) ever questions your tax affairs, it’s up to you to prove the…
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…
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