Gifts and Donations

Gifts and donations You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs).   The person that makes the gift (the donor) is the person that can claim a deduction.   What is a DGR?   A deductible gift recipient (DGR) is an […]

Popular Cryptocurrency Related Tax Time Questions

Popular Cryptocurrency Related Tax Time Questions   Are cryptocurrencies taxed in Australia?   Yes, the Australian Tax Agency (ATO) has issued official guidance confirming that cryptocurrency is taxed as a capital gains asset which means you have to pay tax every time you trade, sell or use crypto to pay for goods/items.   Do I […]

Taxable payments annual report (TPAR)

Taxable payments annual report (TPAR) If your business makes payments to contractors or subcontractors, you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year.   The taxable payments reporting system aims to create a level playing field – to prevent dishonest operators from gaining an unfair advantage over the majority. […]

Tax on superannuation contributions

  Tax on superannuation contributions   The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contribution caps or you are a high-income earner.   Before-tax super contributions (concessional)   Concessional contributions are contributions that are made into […]

EOFY last-minute tax planning strategies

Tax Planning

EOFY last-minute tax planning strategies   Pre-pay investment loan interest   If you have some savings, then see if you can negotiate with your finance provider to pay interest on borrowings upfront for the investment property and make that deduction available this year. Most taxpayers can claim a deduction for up to 12 months ahead. […]

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