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Taxation

How to help your child with their first tax return

It’s tax time and as parents we’ve done our taxes for years and no longer need to think about what is required of us. Tax time has become automatic, yet trying to explain tax to our children who are young adults now, who do not have our years of experience, often stop us in our…

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Buyer Beware!

Tax payers selling properties valued at $2 million and above must obtain from the ATO a ‘Clearance Certificate’. The new withholding tax rule was introduced from 1st July 2016 and has been designed with foreign investors in mind who purchase properties from Australian residents.  The certificate is there to ensure Capital Gains tax obligations are…

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Rental Property Tax Deductions

Rental Property Tax Deductions Rental property expenses are any expense related to income earned from the property, these will be assessed by the ATO for rental property tax deductions. As a guide, we’ve compiled a list of general expenses  that may be eligible to be included in your tax return.     Rental Property Tax…

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How To Prepare For A Comfortable Retirement

Have you planned for succession and/or retirement? For many individuals and business owners, the idea of retiring seems too far way to be deemed important.  It’s something that can be dealt with later.  If not, then the proceeds of the business should see them through.  The reality is that life is ever changing and an…

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End Of Year Tax Planning 2016

Tax planning for 2016. It is always best to start your tax planning at the beginning of each financial year.  Finding deductions and limiting income is a minor part of tax planning.  We encourage you to consider strategies that will set you up for long term tax advantages with the bonus of Asset protection. The…

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Fringe Benefits Tax and Employment

Employees and Fringe Benefits Tax Small business owners should consider carefully fringe benefits tax and casual employees. Rostering on casual labour is a fantastic way to ensure full staff coverage for important events or busy times.  Each year the holiday period for businesses is a busy time, one where extra staff is crucial. Employing casual…

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How To Prepare For Your Tax Return In 2017

Will you be ready at tax time? Prepare for your income tax return! Over 12 million Australians lodge tax returns each year. According to the Australian taxation office (ATO), on average, over 350,000 people per year are contacted to correct errors. These errors range anywhere from exclusion of secondary job income to bank interest received.…

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8 Reasons Why You Could Be Audited

Recently the ATO has recorded an all-time high for tax audits with the main focus being businesses turning over $1-$3 million dollars. Their ability to cross reference tax information declared against Workcover, Centrelink, Department of transport, Super funds, Banks and other Financial Institutions has increased in leaps and bounds. What can trigger an Audit? 1). …

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How To Comply With Tax Laws Whilst Living And Working Overseas

Living and working overseas? Every year thousands of people travel abroad for either an adventure filled working holiday or for the chance to further their careers, however questions around Australian tax laws and what applies to people are often unknown. How do I know if I’m an Australian resident for tax purposes? There are four…

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Choosing An Accountant For Your Business

What is the role of a Bookkeeper? Cash flow in a small business is what we live by and accurate record keeping is the key to decision making and future growth plans. So why use a bookkeeper over an accountant, or be your own bookkeeper. After all the role of bookkeeper is to generate data…

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