Australia boasts a tough taxation system designed to ensure compliance and fairness. The Australian Tax Office (ATO) plays a pivotal role in maintaining the integrity of this system by conducting tax audits when necessary. Understanding Tax Audits: Our tax system is primarily one of self assessment and disclosure. A tax audit is a formal examination […]
You may or may not have heard of the Barefoot Investor but he has become quite popular in recent years with his simple approach to generating long term wealth. This blog is not a recommendation as to the right investment approach for you, but merely provides a summary of a popular view. The barefoot approach […]
Trend analysis uses past data in order to predict the future of your business and the environment in which it operates. It’s a simple tool you can use to assist you in planning and setting strategy for your business. It involves the examination of business data over time to identify trends and develop strategies that […]
An employer is obligated to pay super guarantee (currently at 9.5%) for their employees by the designated due dates. Harsh penalties exist in order to discourage late payment and protect the retirement funds of employees. With Single Touch Payroll now mandatory, the ATO’s ability to identify those employers who do not pay their super obligation […]
New homes and residential property has been subject to GST since the introduction of the tax in 2000. Generally with GST, if you are the seller, you are required to collect the GST portion of the sale and remit this to the Australian Taxation Office. However this traditional collection method has been thrown out the […]
Salary packaging a car through a novated lease arrangement has become a popular choice for employees and under the right conditions this can improve an individual’s overall tax position. However, it is important to be aware of the rules that apply to these arrangements. Firstly, it’s important to understand the arrangements for salary packaging a […]
Land Tax is a State imposed tax paid annually by many land owners in Australia. In WA Land Tax is calculated on the aggregated unimproved value of all land held by an owner as at midnight 30th June each year. For example, if you solely own two properties with unimproved values of $330,000 and $270,000, […]
Holding costs are expenses associated with the continuing ownership of an asset like real estate or share investments. These costs help to reduce the amount of any taxable capital gain when the asset is eventually sold. Examples of expenses that may be considered as holding costs include: Council rates Interest on loans used to finance […]
What is the CGT main residence exemption? Broadly, the CGT main residence exemption allows homeowners to pay zero capital gains tax (CGT) where profits are made upon selling their primary place of residence (their home). The CGT main residence exemption rule also provides a partial exemption from CGT if the dwelling was the individual’s main […]
You can claim motor vehicle travel that is directly connected with your work as a tax deduction. To do so it is important to be able to distinguish between what is considered work related and what is private. Travel to and from your normal place of employment is generally considered private, however the ATO has […]
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