Whether one is a current or aspiring business owner, tax-related questions could cause many to have sleepless nights. The Business Activity Statement (BAS) is sometimes at the centre of concerns. As a small business owner, one is in good company. There were over 2.3 million small businesses registered in Australia in June 2018.  If this is the first entrepreneurial venture of a small business, many things must be learned. One can learn things from paperwork to acronyms. There are more things in a business than just generating income to pay bills and save money for the next vacation.  ..read more

The Australian Taxation Office (ATO) administers federal and state taxes, including property investment. Investment properties are popular among first-home buyers and investors, who can offset the cost of purchasing the property with the revenue they will earn from the rental income. Many people choose to invest in an investment property because they want to use the equity created by the property to maintain their standard of living after purchasing a house. Glimpse Of Property Taxes in Australia Australian taxes are complex because it’s hard to know for what you’re paying or not paying. Real ..read more

If you’ve submitted your Tax Return and are waiting for your tax refund, you’re probably wondering what the present situation of your filing is. Here we have mentioned the procedures through which you can track your tax return. During tax filing season, many Australians around the country are continually attempting to discover their tax refund because many individuals and families depend on that money, which can often be huge. People want to know their actual return amount soon after completing their taxes. So, how can you track your tax return? The best way to determine the position of your r ..read more

It’s time to file your tax return. So you think about work-related expenses. You have to reimburse in a financial year. A tax deduction reduces the expense from your income. There are different types of tax deductions in Australia. When you file your tax return, you are allowed to deduct some costs. And the expenses are directly connected to your income. Your taxable income will be calculated after deducting these allowable expenses from your total income. You can pay tax on your taxable income. For the general rule deduction, the basic rule is that the expenses cannot be private, domestic, or ..read more

Self-managed super funds (SMSFs) have become increasingly popular in recent years. As more and more people look for ways to take control of their retirement savings. However, with great power comes great responsibility, and SMSF trustees have several obligations to fulfil, including filing an annual SMSF tax return. As another financial year is on the edge of end very soon, as a trustee you should manage your fund and make SMSF tax ready. Easy Tax Tips for SMSF 2023 1. Keep accurate records SMSF trustees are required to keep accurate records of all transactions and investments made by the fund ..read more

Real estate investing can be intimidating. Creating trust is an approach to reducing the possible hazards associated with real estate investment. A family trust, commonly called a discretionary trust, is the most popular type among many others. Australians frequently invest in real estate through family trusts because of the protection. When considering buying an investment property through family trust, one must understand how it works and how it can benefit you long-term. No matter what kind of trust you are working with, there will always be a trustee. The trustee could be a person or a com ..read more

What are Business Activity Statements (BAS) Businesses registered for GST must prepare a business activity statement (BAS). In Australia, business owners must prepare Business Activity Statements (BAS). It is a legal requirement for businesses to submit their BAS statements to the Australian Taxation Office (ATO). It is a registered business entities use to lodge and pay their tax liabilities all at once. Business owners should include in their BAS tax obligations of a wide range of charges, including Goods and services tax (GST) Income tax installments paid as you go (PAYG) Luxury car tax (L ..read more

Property is one of the most popular investments any astute Australian might own. Everyone has a seat at the table to build wealth through real estate. To help you get started, we’ve put together a quick guide to investment property tax return and their benefits in Western Australia to help you understand the basics. Western Australian Property Financing Few people in WA will be able to afford their first real estate investment without borrowing money. Peer-to-peer lending is a possibility, as is borrowing through a bank or another type of lender. Shop around for the greatest bargain regar ..read more

The end of the tax year is a good time to look at both the expected taxable income for the current fiscal year 2020-21 and projected taxable income for 2021-22. As they can help guide tax planning strategies.  If an individual is expecting to have a higher income for the current financial year. Compared to the expectations of the next financial year, one needs to talk to a tax consultant in Perth. One can consult with accountants to consider:  Prepaying some current expenses like insurance and subscriptions for the current financial year. Twelve months of next year’s expenses can be ..read more