The strategy of a Bucket Company is surprisingly useful for a family trust to cap the amount of tax you or your family members need to pay. The term ‘bucket‘ is used because company sits below a trust and it is used to distribute income to it. It is good for tax planning and minimisation. …
from TPB Board As tax-time begins, the Tax Practitioners Board (TPB) is warning the public about the risk of using unregistered tax agents. It follows cases of agents posing as legitimate registered tax practitioners who lodge tax returns on behalf of clients, often by accessing their myGov accounts and lodging through myTax. In a recent case, …
Dealing with unregistered tax agents can cost you Read More »
The government annonced changes to the Personal Income Tax Rates in the 2019 – 20 Federal Budget for hard working Australians to ease the cost of living and the same time as a reward system to encourage tax return lodgment. The legislation introduces changes to income tax thresholds and tax offsets. Take note that a non-refundable …
To be eligible for the NSW Family Energy Rebate in a given financial year, you must: – be a NSW resident– be the account holder of an energy retailer– have been the recipient of the FTB for the previous financial year and have had your entitlement to the FTB payments finalised by Centrelink.– ensure the …
Claim your $180 Family Energy Rebate from your energy provider Read More »
It’s a legal requirement to keep your business transaction records for a minimum of five years, so it’s important you have good record keeping practices. The records you must keep include all documents relating to your income and expenditure. A strong bookkeeping system can help you keep accurate records for a range of purposes. Use …
Always keep your records of your transactions that you want to claim in your tax Read More »
As per the promises of the federal budget in April, the Liberal Party is set to charge ahead with the biggest cuts to income tax since the reign of prime minister John Howard and treasurer Peter Costello.The main changes for Australian taxpayers are: From this tax time, those earning up to $126,000 per year would get $1,080 …
If you as a business owner or company providing services such as Building and Construction Cleaning Courier or Freight Information Technologies (IT) Security, Investigation or Serveilaince And if you are hiring contractors, sub contractors or consultants, you are required to submit Taxable Payment Annual Report. In short, it is referred to as TPAR. They can …
From 1 July 2018 the following car threshold amounts apply. Income tax There’s an upper limit on the cost you use to work out the depreciation for the business use of your car or station wagon (including four-wheel drives). You use the car limit that applies to the year you first use or lease the …
If you live in Australia, but are not eligible for Medicare during all, or part of, any financial year, you can claim an exemption from paying the levy. To claim the exemption on your tax return, you must apply for a Medicare levy exemption certificate. You may not be eligible for the exemption if you: …
Do I have to pay Medicare Levy if I am a Non-Australian? Read More »
Income/Earning Documents PAYG Payment Summaries or Group Certificates Bank Interest Details Government Payment Summaries (Pension, Austudy Allowance, Newstart Allowance etc.) Payment Summaries from Centrelink Superannuation Lump Sum/Income Stream Statement Dividend Received Statements Share Statements Partnership & Trust Distribution Statement Managed Fund Statements Capital Gains Details – Investment Property or Shares Sold (Purchase Price & Sale …
