As the ATO continues to upgrade their data matching capabilities each year, tax audits are becoming increasingly well targeted. For those who are audited, this can be very stressful and also potentially expensive. The ATO is becoming better at detecting returns that forget to declare foreign income or claim an usually high amount of work-related…
In the last decade, Australia has had an exponential rise in the start-up sectors. An underlying aim of the Australian government’s new tax benefits is to encourage and promote entrepreneurship by assisting investors. The government intends to address a funding gap issue between pre-concept stage investment and support finance. Therefore, the government has started two…
As we are almost at the end of the financial year, here are some simple tips that will help maximise your tax refund. 1. Make Investments in Property Although your tax return is nowhere close to the value of a house deposit, you can still use it to invest in a property. With platforms like…
The transaction and use of cryptocurrency in Australia are evolving rapidly. If you’ve bought, sold or even traded using cryptocurrency, you have a tax obligation to retain records. Here are a few essential tax tips that you need to consider if you have made a profit by trading in cryptocurrency: 1. Sort out Tax Liabilities…
Most businesses – be it small or big – struggles with cash flow gap at some stage. However, it can be really detrimental for a small business. Here we have listed down a few common causes that widen that cash flow gap: 1. Inefficient Financial Planning and Management There is a saying: Failing to plan…
Deciding to invest in a property is perhaps one of the most challenging things, especially if you are in the late 20s or early 30s.
The property market has always been volatile, and therefore one needs to analyse different factors and market trends to avoid potential minefields.
When it comes to property investment and wealth creation, misinformation and myths pose a potential danger.
The property market is always buzzing with a lot of baseless information, which eventually results in a wrong move.
If you’re in the market to purchase a new residential property or are looking to buy a block of land for future development, as a purchaser you are required to withhold GST on settlement and this amount is to be directly paid to the ATO.
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