The Medicare Levy Surcharge (MLS) is an additional tax that applies to Australian taxpayers who earn over a certain income and don’t have private hospital cover. Most Australian taxpayers pay the standard Medicare Levy, which is 2% of their income, but the MLS is imposed on higher earners without private hospital cover. Australian taxpayers are…
If you’re a GST-registered business, it’s that time of year again when you (or your accountant) need to prepare and submit a business activity statement to calculate your GST obligations or the GST refund you’re entitled to from the Australian Tax Office (ATO). Hiring a BAS agent or tax agent can provide extended due dates…
As a savvy business owner or entrepreneur, you’re always looking for ways to reduce your tax burden and increase your bottom line. One such opportunity lies in the realm of business tax write-offs. Understanding motor vehicle expenses is crucial, as these costs can be eligible for tax deductions and significantly impact your tax filings. Unfortunately,…
Get clarity on ‘Pty Ltd meaning’ and its implications for your Australian business, highlighting key benefits and guidelines for a sturdy enterprise foundation.
Protect your wealth with practical asset protection Australia strategies for small business owners, from discretionary trusts to insurance and business structures.
A clear, practical guide to sole trader superannuation—how it works, tax benefits, common mistakes to avoid, and tips to boost your retirement savings effectively.
Effective tax minimisation strategies for Australia’s high-income earners, focusing on maximising deductions, strategic superannuation contributions, and smart investment planning.
Temporary full expensing allowed businesses to instantly deduct asset costs, but it ended in 2023. Here’s what’s changed and how small businesses can plan ahead.
Did you know that teachers and those working in education are entitled to various industry-specific teacher tax deductions? Understanding common expenses that teachers can claim is crucial for maximising these deductions. These teacher tax deductions can significantly benefit your annual tax return, so it’s worth equipping yourself with the knowledge presented by the Australian Taxation…
New sole trader or partnership businesses often operate at a loss for the first few years as they grow. To keep the business growing, sole traders and partners often have to cover the loss with other forms of income, usually salary income. Typically, in the initial stages of growing their new business, these individuals continue…
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