Category: Tax

Taxation of your unused leave when leaving a job

When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This payment will be taxed differently from your normal income. …

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Fuel tax credits for businesses

The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price of fuel used in machinery, plant, equipment, heavy…

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Lodging your business activity statement

Businesses that are registered for GST are required to lodge a business activity statement (BAS). These assist in the reporting and payment of: Goods and services tax (GST) Pay as you go…

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What do tax audits involve?

Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a fairly basic level or they can be…

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How to reduce the tax you pay

There are various potential ways you can reduce the tax you pay. You may be entitled to tax deductions, offsets or you may choose to opt for salary packaging.  Tax deductions will…

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What record-keeping requirements does the ATO have in place?

Record-keeping, if done well, can help running a business much easier. It gives you an overview of the business’ financial progress so that owners can assess their strengths and weaknesses and make…

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Tax contributions on your super

How much tax you pay on your super contributions and withdrawals depends on a variety of factors. The process takes into account your total super amount, your age, and the type of…

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Small business CGT concessions

Businesses receive four different types of concessions on top of CGT exemptions and rollovers which are available to everyone. These allow businesses to disregard or defer some or all of the capital…

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Claiming your tax deductions

There are different types of deductions that individuals can claim to reduce their taxable income.  Work-related expenses In order to claim work-related tax deductions, the expenses must have to meet three criteria.…

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How are investments taxed?

Investment income needs to be included when conducting tax returns. This includes any income acquired through interest, dividends, rent, managed funds distributions, and capital gains. The income yielded from investments is taxed…

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