Maximise your savings with energy-efficient assets using the small business energy incentive. Are you struggling with high energy bills for your small business? With the small business energy incentive, you can get a significant tax deduction for investing in...
New ATO guidelines on the revised fixed rate method for work from home claims. As a business owner or professional working from home, managing your expenses and ensuring compliance with ATO regulations can be challenging. Understanding deductible expenses and keeping...
New guidelines on home EV charging rate. Tracking the cost to charge an electric vehicle at home to determine your income tax deductions can be challenging. Fortunately, the Australian Taxation Office (ATO) has introduced new guidelines to simplify this process. This...
New additional 15% tax on Super Balance over $3 million. Starting 1 July 2025, the Australian government will introduce an extra 15% tax on superannuation balances exceeding $3 million. This move aims to limit tax benefits for those with high super balances. If your...
New rules for short term rental accommodation in WA. Western Australia is introducing new rules for short-term rental accommodation to ensure consistency and clarity across the sector. These changes will streamline the registration process and make it easier for...
How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?. Starting in July 2024, the revised Stage 3 tax cuts will impact many Australians. In recent years, Australians have faced a sharp increase in income tax, with an average increase of 8% in 2023. And if...
Understanding your trade income: The basics of Personal Services Income. If you're in the trades industry, operating as an electrician, plumber, or in construction, it's important to understand how your income is classified for tax purposes. The money you earn from...
Understanding your status as an Australian resident for tax purposes. If you're planning on entering Australia or if you're an Australian resident who is planning to travel abroad, you might need to freshen up on the recent updates from the ATO around tax residency....
How to withdraw money from your company using a division 7a loan agreement. Are you planning to use your business's funds for a personal purchase such as buying a luxury boat? It's crucial to manage personal purchases correctly to avoid steep tax implications under...