Tax season can be stressful for both individuals and businesses, but knowing about tax deductions can significantly ease the burden. In this article, we’ll explore the top tax deductions that Point Cook residents and businesses should be aware of. Along with this, we will also learn how a tax accountant can assist in maximising deductions and ensuring compliance. Introduction to Tax Deductions Tax deductions are expenses that can be subtracted from taxable income, ultimately reducing the amount of tax owed. Understanding and utilising available deductions can lead to substantial savings for ev ..read more

Setting up your own company can be a rewarding decision, but only if it is done after careful planning and sticking to the legal requirements. Setting up your company correctly from the outset is essential for long-term success. A well-structured business entity ensures compliance with legal and regulatory requirements and also provides a solid foundation for growth and scalability. But before diving into the process of setting up your company in Australia, it’s essential that you familiarise yourself with the unique aspects of the Australian business environment. Choosing the right business s ..read more

As a small business, it is essential that you avoid unnecessary expenses to save money. From leasing (instead of buying) the equipment to identifying hidden costs and eliminating them, whatever measure you take to save money in the beginning can help in the long run. A lot of business owners end up handling their finances with the hopes that they can save more by reducing the cost of hiring an accountant. If they only knew that hiring an accountant would have helped them more! Although not hiring a professional accountant may look like a cost-effective option on the surface, you’d be surprised ..read more

Share trading and investing are two popular avenues for Australians looking to grow their wealth. While both involve buying and selling assets, there are significant differences, especially regarding tax implications. Understanding these differences is crucial for maximising returns and minimising tax liabilities. Understanding the Difference Between Share Trading and Investing Share trading involves buying and selling stocks within relatively short time frames, often capitalising on market fluctuations to generate quick profits. In Australia, gains derived from share trading are typically tre ..read more

Selling property as a foreign resident in Australia demands attention to specific regulations to avoid surprises and ensure a smooth transaction. If you are also planning to sell property as a foreign resident, the following information can help you ensure there are no surprises waiting for you. Understanding Foreign Resident Capital Gains Withholding (FRCGW) Foreign resident capital gains withholding (FRCGW) is a crucial consideration for property sales exceeding $750,000. This withholding stands at 12.5%, meaning a substantial sum, at least $93,750, is withheld from the sale proceeds and rem ..read more

Starting a new business in Australia is an exciting journey, but dealing with taxes can be overwhelming. In the initial phases of launching a startup, securing funds becomes a significant part of the journey, often relying on bootstrapping – financing from personal pockets or community support. Along with this, Effective tax planning is crucial for the success of startups. By strategically managing your tax affairs, you can maximise tax deductions, reduce your tax liability and ensure a strong financial foundation for your business. This article aims to make it easier by sharing simple tax ti ..read more

Lodging your tax return each year is mandatory for the majority of income earners in Australia, but there is no need for it to be a daunting process. By staying organized and mindful of tax return deadlines, you can transform your yearly tax routine into a seamless and stress-free experience. So, here in this article, we have gathered all the essential information you would require when it comes to lodging your own tax return online here in Australia. Australian Tax Return Deadline Wondering when your Australian tax return is due? Circle October 31 on your calendar—it’s the key date to remembe ..read more

Let’s be honest, everyone enjoys surprising their loved ones with a thoughtful gift from time to time. Whether it’s a few dollars tucked into a birthday card or a grand gesture like gifting a car to your son or daughter, the options are limitless. But did you know that the tax implications of gift-giving vary depending on the type of gift and who it’s for? Although mentioning both taxes and gifts in the same sentence may be a buzzkill, understanding the rules set by the Australian Taxation Office is essential. So, in this blog post, we will understand the tax implications of gifts for both par ..read more

Running a business is a path full of challenges. Not only do you need to get the appropriate licenses to run your business, but you also have to search for the right customer base for your business. And when this is paired with a hundred (if not more) other tasks essential to keep your business going, things can be overwhelming. However, among these tasks, one thing that can’t be ignored is the cash flow. You need to look for ways that can boost your cash flow, and for that, small business concessions can be extremely helpful. Small business concessions can help you reduce your tax payments. I ..read more

A Step-By-Step Guide For You To Follow To Cancel Your ABN The reason why you decide to cancel your ABN may vary depending on your circumstances. Maybe you are no longer operating your business in Australia, you are changing your business, or you are closing your shop. Irrespective of the reason, there’s one question that remains: How can you cancel your ABN? Thus, in the following guide, we have collected all the information when it comes to cancelling your ABN and the steps you might need to take after cancelling it. But first, let’s have a quick overview of what an ABN is. What is an ABN? A ..read more