• jobmaker
    JobMaker Hiring Credits: What We Know So Far
    We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll […]
  • tax loss
    Refunds for Tax Losses
    If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.  In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously […]
  • investment
    Tax Deductions for Investing in Your Business
    Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that […]
  • system-outage
    ATO Extends JobKeeper Monthly Declaration After System Downtime
    Despite the business monthly declaration for October JobKeeper payments due on 14 November, the ATO had scheduled its system maintenance for online services for agents over the weekend, effectively affecting access over both days. As such, the ATO has now confirmed it will continue to accept and process late declarations. […]
  • best-worst-smsfs
    3 Best and Worst Super Funds Revealed
    Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. “One […]
  • Australian Tax Office
    ATO Flags Key Early Access to Super Dates
    In an online update, the ATO said that ATO offices will generally be closed from midday of 24 December 2020 to the start of business on 4 January 2021. The last fund files prior to Christmas will be sent on 24 December 2020 – this will include all approvals up […]
24 November 2020
investment

Tax Deductions for Investing in Your Business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that […]
12 October 2020
tax-cuts

Tax Cuts Set to Flow ‘Within a Few Days or Weeks

Source: Accountants Daily With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates that it will be able to publish updated tax withholding schedules over the next few days. Despite the tax cuts being backdated to 1 July this year, the Tax […]
22 January 2018

2018 Australian Tax Year Key Dates

The Australian fiscal system can seem daunting, especially if you’re emigrating there for a permanent work position and are due to start paying taxes there for the first time. However, unlike countries such as the US where tax season is essentially year-round, Australia’s only really runs from the 1 July […]
5 December 2017

How to get the best ATO tax refund you can

We asked five veteran tax accountants for simple ways to get a better tax refund. Here are their top tips that almost any Australian can use! 1. Claim all the tax deductions you are allowed to claim The easiest way to increase your tax refund: claim a deduction for every […]
4 September 2017

Taxation for Athletes & Entertainers

Whether your career takes you to Lords, Augusta, Wimbledon, Old Trafford, or down the red carpet a number of the issues are similar. Some of these are: how many years can you continue in your profession; how much can you earn, and more importantly – save – before retirement; how […]
2 May 2017

Top 5 Overlooked Tax Deductions

With the end of the financial year fast approaching, it’s a good time to discuss tax deductions – especially those deductions often missed by taxpayers like you. We have compiled the commonly forgotten tax deductions. Take a look below – do any of these deductions apply to you? Are you […]
14 March 2017

Claiming Out of Pocket Medical Expenses

If you are out of pocket for medical expenses for you and your dependents in the 2016 financial year, you may be entitled to claim a tax offset. To determine the out of pocket amount you must deduct any amounts reimbursed to you from the total of the eligible expenses. […]
17 October 2016

Small Business Taxation

Small Business Tax can seem like a foreign language, especially when there are so many grey areas. Melbourne Accountants of Nobel Thomas has provided a general list of small business tax do’s and don’ts. DO – Begin with the end in mind To determine the right structure for your business […]
5 October 2016

Simple Tax Minimisation Strategies

Melbourne businesses may not be too keen on welcoming June. After all, the last day of which is also the end of the country’s financial year. It’s the time of the year when business owners are busy implementing their last minute tax planning strategies. Well, this shouldn’t be too complicated […]
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