Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above the threshold. Businesses and individuals that sell or […]
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their names on the title deed declare income and claim expenses. Remember that the records must be kept in […]
Amounts which are not classified as income are split into 3 categories. Exempt income This is income that you do not pay tax on, although, some exempt income may be taken into account when determining: Tax losses of earlier income […]
The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does occur, individuals need to determine the tax treatment […]
Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian business number (ABN) on the condition that the trust is carrying on an enterprise. If […]
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. The taxation will vary depending on the reason […]
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 vehicles, and light vehicles travelling off public roads […]
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 (PAYG) instalments PAYG withholding tax Other tax obligations […]
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 much more in-depth and analytical. In most cases, […]
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 reduce your taxable income amount. For example, potential […]
