With the tax filing deadline getting closer everyday, more and more individuals and businesses are making elaborate plans to get maximum returns and file taxes on time. While this seems fairly simple, the process includes many intricacies. There are most likely various everyday financial things that affect your tax filing process. Nonetheless, it is not…
In the advent of the current health situation and its ongoing uncertainty, The Victorian Government has launched the Circuit Breaker Business Support Package- Allocating $250 million in support for the assistance of small and medium businesses that are bearing the brunt of the recent occurrences. The Support Package includes: Business Costs Assistance Program The Government…
The new Federal Budget highlights the retention of ‘LMITO’ (Low and Middle Income Tax Offset). The LMITO is a vital tax rebate for Australians that offers relief to low and middle income taxpayers. This scheme has been an add on to the ‘LITO’ Low Income Tax Offset that’s already in place. Government’s intention is to…
As of Friday 23 April 2021, The Victorian Government has updated its COVID Safe requirements, to be followed by business establishments across a large board of categories. To be able to effectively trace any occurrences all patrons visiting these establishments must check in from their smartphones with the Victorian Government QR code service. Alternatively, for…
Following the COVID-19 debacle, many employees and business owners have shifted to a work from home model, either permanently or temporarily. However, many of them are unaware of the fact that one can avail a deduction on their tax returns or lucrative refunds when working from home. ATO has rolled out a number of guidelines…
As April 15 looms over, every person is scrambling to find the right professionals for tax preparation. While each firm can appoint an in-house accountant or take the financial books into their own hands, hiring a professional accountant who charges optimally and has experience is always more lucrative. However, the job of an accountant is…
Technology has brought on significant changes in the world. Most professions have adopted this in order to make services more efficient. One such profession would be accounting. In today’s day and age, there are several trends in accounting that rely on comfort and technology. Some of the latest ones are described below in order to…
If you are looking for a way to secure constant income once you are retired, a Self Managed Super Fund is the right choice. However, managing a SMSF is real work. It includes keeping your transactions recorded. This process of keeping your accounts in order is called bookkeeping. Since its inception, Australians have embraced SMSFs…
The much-anticipated federal budget was announced by treasurer Josh Frydenberg bringing in benefits and relief to both citizens of Australia and migrants to the country mainly aimed at bringing Australia out of the Covid pandemic and the detrimental impact it had on the economy as a whole. Under the coalition government tax cut plan lower-…
To comply with current payroll tax laws, Medical and healthcare clinics using service entities to engage clinicians must check their service entity arrangements. If your clinic currently engages clinicians such as medical practitioners and allied healthcare professionals – such as dentists, optometrists, and physiotherapists – the payroll tax authorities within Australia will now be closely…
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