Every year, tax time comes around in Australia, bringing out a mix of anticipation and apprehension. Even though the process may seem overwhelming initially, gaining a thorough understanding of the Australian tax refund system can speed up your refund and make sure you’re getting all the benefits you’re entitled to. This blog will touch upon the nuances of the Australian tax refund process and provide you with the know-how to confidently navigate this yearly financial journey. Understanding the Basics Before we explore the intricate details, let’s establish the fundamentals. The Australian Ta ..read more

Own an investment property? Or planning to buy an investment property? What is depreciation? Depreciation is the wear and tear that occurs as things get older. As items get older, the value of these items also decreases in value. This is called depreciation. When it comes to your investment property, these items are categorised into 2 categories – Plant and Equipment or Capital Works. The wear and tear of either plant and equipment or building in an investment property is called tax depreciation. Depreciation that you as an investor can claim as tax deductions enabling also increased tax ..read more

Introduction: Taxes become inevitable in our financial lives, requiring a crucial understanding of taxation nuances to make informed decisions. When managing wealth, individuals often regard trusts as a strategic instrument capable of providing financial security and tax advantages. In Australia, trusts assume a substantial role in estate planning, asset protection, and wealth distribution. What is a Trust? At its core, a trust establishes a legal entity enabling one party to hold assets for the advantage of another. The trustee, responsible for managing the trust, oversees the process, and th ..read more

Starting a business? Decided to set up a Company for your new business venture? Companies are the most commonly used business structure in Australia. The key benefit of company structure is asset protection that is offered by the limited liability feature available to companies. Let’s know more about setting up a company in Australia. 1. Choosing A Company Name A company name is required as a first step. The name should resonate with the services or products you plan to offer. The company name should not be similar to a name already registered by another company. Having a name similar to ..read more

Millions of tax returns are lodged every year – and for majority of taxpayers the best part of the process is the possibility of getting a refund. The tax refund for returns lodged via tax agents is higher compared to tax refund for self-preparers. Put simply, tax agents are better suited and qualified to do tax returns. Due to change in legislation this year, many taxpayers will now receive significantly lower refunds or may even have to pay compared to previous tax years. If this includes you, you might want to know some of the reasons for this change and what you can do about it, now and i ..read more

Posting make-up tutorials to social media? Writing for a blog or streaming gaming for others to see? You’re a content creator! If you start making money from your online content, you’ll have income to declare, and you’ll need to consider whether you’re in business. If you are, or you want to start your own business, it’s imperative you know what income you need to report, the deductions you can claim, and what registrations you may need. The income you receive could be: Cash Money for advertising or appearance fees Goods like a new gaming console, clothes, or make-up From Australia, or overs ..read more

Don’t let increasing indexation on study and training loans catch you unaware this year. You can reduce your study loan balance by utilising following strategies – Let your employer know if you have started studying or have a study loan. Check the amount your employer is withholding. Is there enough withheld to cover their compulsory repayment? If not, you can ask your employer to increase the withholding amount. This will reduce your chances of getting a tax bill. Advise your employer to calculate the correct withholding amount using the repayments calculator. Check your loan balance. You c ..read more

Wash sales: How does it work? Wash sales typically involve the disposal of assets such as crypto and shares just before the end of the financial year, where after a short period of time, the taxpayer reacquires the same or substantially similar assets. This is a wash sale and is done to create a loss to offset against a gain already derived, or expected to be derived, in certain circumstances, in a tax return. A wash sale is different from normal buying and selling of assets because it is undertaken for the artificial purpose of generating a tax benefit for the current financial year. Th ..read more

It is vital to keep good records for all your transactions with cryptocurrency, whether you are using cryptocurrency as an investment, for personal use or in business. You need to keep the following records in relation to your cryptocurrency transactions: the date of the transactions the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange) what the transaction was for and who the other party was (even if it’s just their cryptocurrency address). The sorts of records you should keep include: receipts of purchas ..read more