Tax NEWS BLOG

The pay-as-you-go tax system involves paying taxes in advance of filing a tax return. It’s also referred to as “pay-as-you-earn” tax, PAYG or PAYE. PAYG instalments and PAYG withholding are two processes administered by the Australian Tax Office (ATO) for Australian...

Many people are curious as to whether the fees their financial advisor charges can be claimed in their tax returns. Financial advice's tax deductibility has long been a significant concern for investors, and the majority of individuals want clear guidelines on which...

In Australia, tax laws for small businesses are complex and ever-changing. Keeping up with all the obligations is a challenge and takes time that could be better spent on running the business. Aside from your tax obligations, you'll also need to ensure that your...

Accounting software helps juggle your finances with minimal effort and admin. Even the most basic software allows you to send invoices, manage payroll and create a list of suppliers or customers.  MYOB is an Australian tax and accountancy software firm that...

Many small business owners try their hand at accounting when they start off, assuming that it will be simpler and less expensive than hiring a professional. This is often not the case. Accounting can be complex and time-consuming, and even the slightest mistake can...

In today's business world, efficiency is critical to staying competitive and relevant. Small businesses must keep track of their finances, inventory, and customer data. Account management software, like Xero, provides the tools necessary to do just that; it can save...

Australia’s tax system is complex. As an Australian resident, you must pay taxes to the Australian government. The government just introduced a seven-year Personal Income Tax Plan. It aims to provide tax relief for Australian residents with lower personal income tax...

When it's that time of the year most of us dread - tax season - it lies ahead like a mountain to be conquered. That is why most people turn to a trusted professional to handle their personal or business tax returns. This offers convenience, expert advice, maximum...

Bank reconciliation is when you compare your record of sales and expenses against the record your bank has. It's how you balance your business accounting numbers. It is one of those tasks that most small businesses do once a month, but it doesn't have to take hours to...

Cash flow is easy to understand - it refers to the net amount of cash coming into and going out of your business over a specific period. Yet it is one of business owners' biggest problems, given the current economic climate.  Why is Cash Flow Important for a...

Every business must pay tax (unless below threshold) on its income, or more specifically, on its net profit. For many small business owners, the subject of income tax makes them want to rip their hair out! Tax is complex if you are not a professional in the field, yet...

Once you decide to invest in properties in Perth, you can now research how you can minimise your tax obligations. It is, therefore, crucial to seek professional legal assistance, and you can hire a property tax accountant to help you reduce your tax liabilities. ...

As a business owner, you would look for various ways to save money so that you can increase your annual profit. One area that you may neglect or not know about is tax deductions. Small businesses are eligible for various tax deductions, provided you know how to claim....

Bookkeeping provides accurate information regarding the business. Start-up founders and small business owners can use the information to make better decisions and plan for the future.  However, it is challenging to keep track of all the business's financial...

To run a business successfully, you must be familiar with with the aspect of bookkeeping. Generally, bookkeeping is keeping a record of all financial transactions relating to a business. That way, the business owner can track every coin in or out of the company....

Many people miss out on cash because they do not have the necessary paperwork and are not organised. You can get the best tax refund this financial year; however, you need to have the required documents and receipts. It is even better to hire a tax accountant, and...

It is challenging to sort out your finances during the tax period. The process is complex for most people. Therefore, you are more likely to make mistakes during tax filing. It is imperative to talk to a tax agent. Your tax agent can reduce your chance of making...

Choosing accounting software that is the best fit for yourself and your business is not easy. Three applications are popular among small business owners: Xero, QuickBooks and MYOB. Let's compare their software features to help guide you in selecting the one that best...

There are so many small businesses in Australia. In fact, they are a big part of the Australian Economy. However, it is difficult for small businesses to succeed since the competition is tough. If you’re a small business owner focusing on growing your small business,...

A lot of people pay unwanted taxes every year. This is because they do not understand the Australian tax system. You need to understand the Australian tax system to avoid paying unwanted taxes, such as the tax-free threshold. It is even better to hire a registered tax...

It is stressful to file your tax returns. You may hurry to submit your information, so you may end up making some mistakes. In fact, if you do your tax submissions wrongly, you may miss on tax claims. It is much better to let a professional file your tax returns....

The financial sector contains many roles - the most common of which are accountants and tax agents. Although these terms are often used interchangeably, they are not the same. So what is the difference between tax accountants and tax agents? Here we provide you with a...

A tax planning strategy for small business can maximise the returns of the business and legitimately reduce the amount of taxes the small business owner has to pay the Government.  The tax planning works on reducing the taxable income and uses beneficial tax-law...

Businesses in West Australia may primarily see accounting as mathematical, but there is more to it. This is because owners must make sense of all the vocabulary that comes with bookkeeping and accounting. As such, a business entrepreneur must understand tax terms such...

Introduction Calculating one’s tax returns is something that many people find perplexing, as most aren’t sure what formula to use to compute their returns. Fortunately, the Australian Taxation Office (ATO) has standard guidelines in place to help you calculate your...

Introduction 2020 changed so many things, and these include the way we work, spend, and live. These modifications to the modern lifestyle raise several questions about whether these will change the way people pay their taxes, mainly where deductions are concerned. A...

If you want to claim a Tax Deduction, you need to keep records that the Australian Taxation Office (ATO) will accept as a legitimate expense. Deductions are usually expenses that are: 1. Work-related items like: utilities like phone, computers, internet...

Lodging an individual tax return as a married individual requires that you include your spouse's income when you lodge your tax return. There is no joint tax filing option for married couples in Australia, and each spouse must declare their own and each other’s income...

In this life, only two things are considered absolute: death and taxes. Certainly, we will not talk about death here. So, let's talk about tax returns. The Aussie tax system can be daunting for many people. And if you miss those crucial deadlines, the Australian...

Let’s face it: lodging tax returns is not exactly an easy thing to do. In fact, many people despise doing this, especially when tax season comes. As 30 June approaches every year, the stress mounts. But it isn’t something to worry about. There are ways to make lodging...

If you’ve ever lodged your tax return on time, but still wonder how long a tax return takes, you’ve got to ask yourself if you did everything right the first time. Refunds from Tax Returns lodged electronically usually take up to 2 weeks, while those lodged on paper...

 The other kind of housework  If you’re an employee who regularly works from home, you may be able to claima deduction for expenses relating to that work. Phone and internet PDF posterDownload

 It pays to learn what you can claim at tax time   You can claim a deduction for the cost of buying and cleaning: occupation-specific clothing, protective clothing and unique, distinctive uniforms.  Clothing and laundry PDF...

 If you use your own car for work purposes (this may be a car you own, lease or hire under a hire-purchase agreement), you can claim a deduction using either the cents per kilometre method or logbook method.  Car expenses PDF poster Download

About this Offer Many people have been into trouble financially due to the COVID-19 pandemic. Some may have even lost their jobs and are struggling to put food on the table. You may also be worried about your own financial situation. The good news is that the...

Why It's Good to Be Prepared for Your Tax Return You know the drill. You should have a file for all your tax documents. Throughout the year, you should collect all your receipts and any other supporting documents for a  tax deduction that you want to claim. Why’s this...

Tax Return Deductions When finalising your tax return, you have the right to claim tax deductions for some expenses that are directly related to your accessible income.  So, it pays to make sure that you are claiming all deductions you are entitled to. The ATO also...

A sole trader is an individual who operates and runs a business single-handedly without the support of partners or shareholders. Sole proprietorship comes with both its advantages and disadvantages. As a sole proprietor, there are several claims you can make to help...

Why Getting the Right Tax Accountant Matters  Your tax accountant plays an integral role in maintaining your financial well-being and legitimacy as a business owner. When the time comes for you to hire a tax accountant, it is worth spending some time to ensure...

Xero is an online, collaborative and real-time bookkeeping and accounting system. It is a powerful tool that provides you real-time information which can be accessed by you anytime and anywhere. It is introduced as a way to ditch the old-school method of maintaining...

Your time is valuable. Whether you are lodging a business tax return or a personal tax return, the process always seems to take a long time. That's why Perth Mobile Tax makes the process easier by coming to your business or residence to perform the work. Many times,...

What is Bookkeeping In A Business? Bookkeeping is an important and integral part of any business. If you want to ensure compliance with Income tax and GST legislation, you have to maintain proper records of your incomes, expenses and debts. You need this record even...

The governments of Western countries like Australia don’t have the resources to examine every person's Tax Return to tell if they are being honest on their taxes, but they do study a sample of the population using sampling and complex Algorithmic patterns. Some people...

What specific steps a business owner needs to follow in order to get tax-exempt status for a nonprofit organisation? Contrary to popular belief, nonprofit corporations do not enjoy an automatic tax exemption. Some of them may still need to pay tax. The assessment...

Even if your business is booming and sales are growing, you still might find hardship in paying off your debt. You may be struggling due to poor cash flow management. Here are some insights to properly manage your cash flow.

If you are not aware of all the tax obligations beforehand you might not be able to make the correct payment. We will be talking about four tax elements in this article that you need to be aware of.