We are often asked if financial adviser fees are tax deductible. The answer is not simple – it is the old ‘yes and no’! Let us explain why… The answer is yes if the service relates to producing assessable income (income you include in your tax return). For example, you may claim a tax deduction on fees paid for investment advice. The following fees are generally tax deductible because they will... Source ..read more

Who’s excited, it’s Budget time again! Let us summarise our key take aways from this year for you (or check it out in more detail here). Individuals A $250 one-off cost of living payment to help eligible recipients with the higher cost o f living pressures. The payments will start rolling out in April 2022 and goes largely to taxpayers who are currently receiving a pension... Source ..read more

Simple and cheap to establish and run Speed and flexibility of changes. Can use tax free and low marginal tax rates for new or small businesses. Owner takes all profits and has access to all taxable losses. Not a separate entity so taking money from business account has no tax consequences. Less ATO compliance requirements – Individual Tax Return. Unlimited liability on sole owner (not much asset... Source ..read more

Sometimes it might feel like we’re speaking a new language, so we’ve put together a list of common accounting and taxation acronyms and terms we get asked about. If the term you’re looking for is not here, let us know and we will send you a definition. We’ve also included links to each so you can find out more, feel free to be click happy. ABN – Australian business number, you will need this if... Source ..read more