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To strengthen security, the Australian Taxation Office (ATO) has put in place new measures to enhance the safety of online services. Commencing November 13, 2023, businesses with must select their tax agent before tax agents can access their financial data. This blog outlines a step by step process of nominating Expert Tax as your new [...]
When will I receive my tax cut? The individual income tax rates and thresholds will change from 1 July 2024. This means from 1 July, for most taxpayers, you will pay less tax each payday and keep more of what you earn. Some taxpayers will receive their tax cut when a tax return is lodged and processed after [...]
Every year, tax time comes around in Australia, bringing out a mix of anticipation and apprehension. Even though the process may seem overwhelming initially, gaining a thorough understanding of the Australian tax refund system can speed up your refund and make sure you're getting all the benefits you're entitled to. This blog will touch upon [...]
Own an investment property? Or planning to buy an investment property? What is depreciation? Depreciation is the wear and tear that occurs as things get older. As items get older, the value of these items also decreases in value. This is called depreciation. When it comes to your investment property, these items are categorised into [...]
Introduction: Taxes become inevitable in our financial lives, requiring a crucial understanding of taxation nuances to make informed decisions. When managing wealth, individuals often regard trusts as a strategic instrument capable of providing financial security and tax advantages. In Australia, trusts assume a substantial role in estate planning, asset protection, and wealth distribution. What is [...]
Starting a business? Decided to set up a Company for your new business venture? Companies are the most commonly used business structure in Australia. The key benefit of company structure is asset protection that is offered by the limited liability feature available to companies. Let’s know more about setting up a company in Australia. 1. [...]
Millions of tax returns are lodged every year – and for majority of taxpayers the best part of the process is the possibility of getting a refund. The tax refund for returns lodged via tax agents is higher compared to tax refund for self-preparers. Put simply, tax agents are better suited and qualified to do [...]
Posting make-up tutorials to social media? Writing for a blog or streaming gaming for others to see? You’re a content creator! If you start making money from your online content, you’ll have income to declare, and you’ll need to consider whether you’re in business. If you are, or you want to start your own business, [...]
Don’t let increasing indexation on study and training loans catch you unaware this year. You can reduce your study loan balance by utilising following strategies - Let your employer know if you have started studying or have a study loan. Check the amount your employer is withholding. Is there enough withheld to cover their compulsory [...]
Wash sales: How does it work? Wash sales typically involve the disposal of assets such as crypto and shares just before the end of the financial year, where after a short period of time, the taxpayer reacquires the same or substantially similar assets. This is a wash sale and is done to create a loss to [...]
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