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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 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……
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Do You Know That Medical Professionals in Australia Have Access to a Wide Range of Tax Deductions That Can Significantly Reduce Their Tax Liability?
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……
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Some Expenses Which You May Claim This Year in Your Tax Return:
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.……
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Do you know the Capital Gains Tax (CGT) implications if you demolish a property and subdivide it into two units?
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……
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Tax Tips/Benefits Available for Primary Producers
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……
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Do You Need to Declare Your Cash Income?
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……
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What Kind of Donations are Tax Deductible?
You cannot claim the donations in your tax return if you do not meet following conditions: 1. Donation must be made to a Deductible Gift Recipient (DGR) 2. It must truly be a gift or donation – that is, you are voluntarily transferring money or property without receiving, or expecting to receive, any material benefit……
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When are Self-Education Expenses Deductible?
1. Self-education expenses cover courses, textbooks, work-related conferences, and learning tours, whether formal or professional, local or international. 2. To claim Self-education expenses, there has to be a relevant connection to your current employment, meaning you should be taking that education while being employed in the same field 3. Those Self-education expenses are NOT DEDUCTIBLE……
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Commercial and Industrial Property Tax (CIPT) Reform in VICTORIA
The new tax system will apply to commercial and industrial property transactions with both a contract and settlement date on or after 1 July 2024 in VICTORIAN STATE. For these properties stamp duty will be paid one final time on the property if and when it is transacted, and the new annual Commercial and Industrial……
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2024 – 2025 Federal Budget Update
Tax Measures: Cost of Living: Education: Housing: Changes to Superannuation Guarantee Entitlements Build-to-Rent Incentives
