Bonus Tips: Prepayment of next year’s interest in advance to tax advantage. Many tax payers miss out on claiming mortgage insurance paid on loan with more than 80% LVR. It is classified as borrowing expenses. This is sometimes a substantial amount. An average mortgage insurance on a $750,000 loan can range from $5000 to $15000. […]
Investment property is one of the options that come with major advantages. As an investor, understanding these advantages can help maximize tax returns and minimise your tax bills. Let us get straight into these 5 advantages: 1. Negative Gearing Negative gearing is one of the most known tax advantages that real estate investors enjoy. In[…..]
Self-education expenses are technically defined as the costs of education related to improving skills for your current employment. They can include books, supplies, equipment, and tuition fees for courses that enhance your actual work performance. In some circumstances, self-education expenses may also be deductible if they lead to a new job or business you decide[…..]
We live in a digital world and everything seems to be moving so fast these days. Communication has become something that is so hard to keep up with, let alone keeping your personal information secure. Your Tax information is vital and there are many scams that happen during the tax time that can lead to[…..]
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[…..]