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Novated Leases: Deductibility of Running Costs
March 24, 2025
This podcast explains novated lease arrangements, a popular employee benefit involving a three-way agreement for a vehicle between the employee, financier, and employer.
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ATO Small Business Benchmark Guide
March 24, 2025
This podcast talks about The Australian Taxation Office's (ATO) small business benchmarks used by ATO as a tool for comparison within industries, derived from extensive tax return and activity statement data.
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Rental Bond Forfeiture: Tax Implications
March 24, 2025
This podcast from Expert Tax explains Australian tax regulations regarding rental income, specifically focusing on the treatment of rental bonds retained due to tenant default or property damage. It clarifies that retained bond money is considered taxable income, and commercial rent bonds include GST. The podcast also addresses the tax implications of insurance payouts for [...]
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Wash Sales: Definition, Purpose, and ATO Warning
March 21, 2025
The provided text from Expert Tax explains wash sales, which involve selling assets like shares or cryptocurrency near the financial year's end and quickly repurchasing similar assets to create artificial tax losses. The article clarifies that this practice aims to unfairly reduce tax obligations and is distinct from regular asset trading due to its intentional [...]
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Cryptocurrency Record Keeping for Australian Tax
March 21, 2025
Expert Tax, an Australian tax service, emphasizes the critical importance of detailed record-keeping for all cryptocurrency transactions, whether for investment, personal use, or business purposes. The source specifies essential records to maintain, including dates, Australian dollar values at the time of transaction, and the nature of the transaction with involved parties. Keeping thorough records simplifies [...]
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Director’s Guide to Company Tax Liabilities
March 21, 2025
The provided text from Expert Tax outlines crucial information for individuals becoming company directors in Australia. It specifically highlights the potential for personal liability for a company's existing unpaid tax obligations, including PAYG withholding, GST, and Superannuation Guarantee Charge. New directors have a 30-day window from their appointment to ensure these debts are addressed, either [...]
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PAYG Instalments: An Overview
March 21, 2025
The provided text from Expert-Tax explains Pay As You Go (PAYG) installments, which are prepayments of estimated income tax based on previous tax assessments determined by the Australian Taxation Office (ATO). These instalments are credited against a taxpayer's actual tax liability when their annual tax return is lodged, potentially resulting in a refund or a [...]
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Cash Versus Accrual Accounting Methods
March 21, 2025
The provided text from Expert-Tax explains two fundamental accounting methods for reporting business income: cash basis and accruals basis. The cash basis recognizes income when payment is received, regardless of when the work was done. Conversely, the accruals basis recognizes income when it is earned, irrespective of when the payment is collected. An example involving [...]
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Australian Trusts: Tax Implications and Strategic Planning
March 18, 2025
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. Your browser does [...]
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