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Dear Clients In response to Tropical Cyclone Alfred, several Australian banks have initiated support measures to assist affected customers in Queensland and Northern New South Wales. Here’s an overview of the assistance available: 1. National Australia Bank (NAB) 2. Commonwealth Bank of Australia (CBA) 3. Suncorp Bank Recommended Actions for Affected Customers: ✔ Contact Your… Continue reading Assistance Available by Australian Banks in response to March 2025 Cyclone

1. Disaster Recovery Payment (DRP) Eligibility: Available to individuals whose property was significantly damaged or affected by Cyclone Alfred. Amount: $1,000 per eligible adult and $400 per child. How to Apply: You can apply online through your MyGov account. Once logged in, you can apply for the Disaster Recovery Payment by filling out the relevant… Continue reading To apply for grants related to ex-Tropical Cyclone Alfred, you can follow the steps outlined below, depending on the type of assistance you’re seeking:

1. Drought Loan https://www.ric.gov.au/loans/drought 2. AgriStarter Loan https://www.ric.gov.au/loans/agristarter 3. Drought Infrastructure Fund https://www.raa.nsw.gov.au/loans/dif 4. Upgrade your business equipment & system processes https://www.energy.nsw.gov.au/business-and-industry/programs-grants-and-schemes/business-equipment#-available-upgrades- Contact TAX RIZZ 👩‍💻👩‍💻 to know more about such loans and grants. 😊😊 E: admin@taxrizz.com.au; Ph: (03) 8789 9786

Few things to consider: 1. Avoid paying private expenses from a company bank account 2. Repay the amount to company by the lodgement due date of the company tax return 3. Create a commercial Div 7A loan agreement so that the loan is not treated as unfranked dividend 4. Declare franked dividends to meet minimum… Continue reading Do You Know if You Withdraw Money From Your COMPANY Bank Account and Didn’t Pay It Back Timely, It Can Trigger Div 7A Loan Implications?

Few are some common deductions available to medical practitioners (considering that these expenses have direct relation to their work): 1. Car expenses 2. First Aid training courses 3. Home office costs 4. Insurance incl. income protection insurance 5. Medical equipment & tools 6. Professional development 7. Self-education expenses 8. Subscriptions & memberships 9. Telehealth services… Continue reading Do You Know That Medical Professionals in Australia Have Access to a Wide Range of Tax Deductions That Can Significantly Reduce Their Tax Liability?

1. Work-from-home expenses 2. Self-education expenses 3. Income protection insurance 4. After tax personal super contributions 5. Laundry/Uniform expenses 6. Telephone & Internet expenses 7. Charitable donations 8. Travel expenses 9. Work related tools & equipment 10. Motor-vehicle expenses Please be advised that all these above-mentioned expenses may or may not be suitable for you.… Continue reading Some Expenses Which You May Claim This Year in Your Tax Return:

Are you confused whether building a new dwelling in your backyard and selling the original dwelling will trigger CGT implications or not? Did you know that you can use your investment property as your main-residence and can still claim partial or full main-residence exemption? To answer your questions, there are many rules which can be… Continue reading Do you know the Capital Gains Tax (CGT) implications if you demolish a property and subdivide it into two units?

1. Income Averaging to even out income and tax liabilities across 5 years 2. Immediate deduction for landcare operations such as drainage work to prevent erosion 3. Immediate deduction on fencing and water facilities such as dams, tanks, pumps etc. 4. Immediate deduction for horticulture plants with an effective life of less than three years… Continue reading Tax Tips/Benefits Available for Primary Producers

Answer is Yes!!! Things you should do If your employer pays you cash: 1. Declare cash as income on your tax return. 2. Receive a payslip showing earnings and tax withheld. 3. Get an annual income statement for earnings and tax details. 4. Ensure your employer makes super contributions. 5. Confirm correct award wages are… Continue reading Do You Need to Declare Your Cash Income?