Are you in the process of getting a second job to supplement your income? Or have you already received one, and are now simply confused about what you are being taxed on? Gaining employment in a second position or job means that you may have a higher amount of tax withheld from your pay. Though…
Over the last 12 months, there have been many notable schemes promoted by state and federal governments to assist businesses and individuals with much-needed tax relief. Numerous relief schemes have been put into place to assist those with rent relief for their businesses. Rent is a major business expense. It is one that many businesses…
In spite of the many challenges that have faced many industries across the country during COVID-19’s persistence and ongoing effects, the retail industry through their continued, adapted operations has continued to progress. As a result, retail workers across many stores may find that the taxable income from their work may have been affected by the…
If you have disposed of any assets (which can include the loss, destruction or sale of an asset) which are subject to capital gains tax, you need to let us know as soon as possible. These are known as capital gains events, which can affect the way in which a capital gain or loss is…
As a property investor, you might find yourself implementing repairs and renovation work onto a property to ensure that you are maximising its value on the market. However, though both can be claimed on your tax return, it’s of paramount importance that you know how to claim them. Getting it wrong can be both costly,…
Small businesses are facing a set of challenges once again that can make fulfilling tax obligations seem like a daunting task. However, as a small business, capital gains tax concessions on assets used to conduct your business may be of interest to you. These assets are known as “active assets” and can, for example, be…
Have you, over the course of the past financial year, received a government assistance payment, support payment or disaster relief supplement? There have been a number of cases where people who received financial assistance from the government were hit with additional owed tax to the ATO, due to their payments increasing their income threshold. When…
Cryptocurrency has emerged as an alternative digital asset at the present time of uncertainty and of automation of businesses. The initial advantage of cryptocurrency was the apparent obscurity of its users. However, with time, as cryptocurrency evolved to become mainstream, given the resulting enormous sums linked by blockchain-based systems, governments around the world, including in…
A tried and true method of investment, trusts are generally and commonly known as being for the wealthier elements of society. A trust however is a highly versatile tool that individuals and businesses can use to align with and achieve their particular investment, financial or personal goals. They can also incur a number of taxable…
In Australia any income earned by a job may be considered to be taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, there can be further complications that result from incorrect understandings of how the income tax and goods & services tax may apply to…