The R&D tax incentive is a program administered by the Australian Taxation Office (ATO). It encourages businesses to invest in research and development (R&D) activities. The incentive provides a tax offset of eligible R&D expenditure. To be eligible for the R&D tax incentive, your business must: Carry on an eligible R&D activity Expend money on […]
Employees in Australia may be able to deduct the cost of some training courses from their taxable income. This includes courses that are related to the employee’s current work or a future career change. In order to qualify for the deduction, the employee must have paid for the course themselves, and it must be related[…..]
BAS stands for business activity statement and is a form that businesses must submit to the Australian Taxation Office (ATO) on a regular basis. One of the key sections of your BAS is Schedule 1, which calculates your gross profit margin and thus determines an important component of your GST calculation. Gross profit margin represents[…..]
If you think that it’s easy to file your tax and lodging BAS in Australia, think again. When it comes to filing taxes in Australia, not only is the law complicated but there are also specific requirements for record-keeping and bookkeeping. That’s why you need to hire a professional bookkeeper for tax lodgement since they know[…..]
The income tax rates in Australia are progressive, which means that the higher your earnings are, the higher percentage you pay. Same rules apply to construction worker. It is imperative to know the tax deductions that you are eligible for to minimise your tax bill. Let us take a look at some of the common[…..]
The Australian Taxation Office (ATO) is issuing this information sheet to make sure Australians are aware of their tax obligations when using cryptocurrency such as Bitcoin. From a taxation perspective, the ATO’s view is that transacting with cryptocurrencies is akin to a barter arrangement, with similar tax consequences. If you are trading in crypto, you’re required to[…..]
Wallet Addresses Every time you send cryptocurrency to another wallet, the transaction is recorded. For every single transaction, there is an entry with your wallet address and the wallet addresses of the individual or business you sent funds to. All these transactions are also captured with the date and time stamps. Asides from this, all[…..]
Before making claims on home office occupancy expenses, you must pass the interest deductibility test, provided by the ATO. There are specific traits that the workspace you are using needs to demonstrate so as to qualify for occupancy expense claims. Some of the requirements include: The area should be used regularly for business and visited[…..]
Gone are the days when you had to be worried because it is that time of the year; tax time! Times have changed and there are so many experts to help you with all your tax returns. Our tax consultants have been working with a wide range of clients including real estate professionals. Just like[…..]
Times have changed and technology seems to be taking over all industries. If you use your PC, phone or tablet for work, there are some tax deductions that you can claim. Let us look at the various options and the applicable costs that you can claim if you are an Uber driver or any rideshare[…..]