Taxation is one of the areas that give most people a serious headache. As such, the majority of the population will try to find a professional to handle the tax return. If you choose to do the tax returns on your own, you may end up missing some key details and may lose tax deductions. […]
Are you an Australian resident and would love to know the tax-free threshold? All taxpayers who receive income are expected to pay taxes. However, the first $18,200 of your income is not taxable, which is the tax-free threshold. As such, if your total income is less than $18,200 per year, you will be expected to[…..]
Australian residents are taxed on their worldwide income and as such, there is a requirement to declare income from foreign sources. The challenge is that most people do not understand the tax implications. You should note that the foreign income you receive may be taxed at the origin country and also in Australia. However, there[…..]
If you are in Australia, there are different statutes of taxation. One of the key elements that will determine the amount of tax that you will pay is whether you are a resident of a non-resident. There are many people who are ignorant of such laws and end up making the wrong decisions. Understanding where[…..]
Tax Deductions For Retail Staff: What Can You Claim And What You Can’t On Your Tax Returns? There are a number of retail employees who are involved in different aspects of running a store. Most retail staff seeks answers as to which items are tax deductible. If this has been your nightmare, this is guide[…..]
Do You Run Retail Store? Here Is How We Can Help Get Your Tax Done Right If you are a business owner with a retail store, you will agree that running a business is not a walk in the park. As if that is not hard enough, chances are you may end up having to[…..]
Are you working as a contractor? Tax Implication when you work as an independent contractor Independent contractors are in business and they have tax obligations to meet. If you are working in some particular trades, there are some tax implications that follow you. A good number of people have a difficult time telling if they[…..]
If you make less than $18200 per year, you don’t have to worry about paying taxes on your income. But if you make more than that, you are required to lodge tax return on time. You are mandatorily required to lodge a tax return each year at the designated time of the financial year. But due to certain situations, if[…..]
If you are a business owner, you will have to learn and manage bookkeeping so that you can keep track of the transactions and cash flow. It’s very important to know how the cash is coming and where it’s going. specially, if you own a small business, you probably are not going to have that big of a team[…..]
Managing the rental property can be complex for individuals or businesses. From the taxation point of view if you have multiple rental properties it can be even complex. If you have maintained the complete records of income and expenses with all receipts you will save a lot of time and effort at the end of the financial year. What[…..]