Income tax is an unavoidable part of earning money in Australia, and for most people, filing a tax return has become a routine annual task. Perhaps you’ve just landed your first job, recently finished school or university, or you’ve migrated…
As Tax Time 2024 unfolds, millions of Australians are busy lodging their tax returns. It’s essential to ensure you claim all eligible deductions so that you obtain the best result. Professional assistance from the accountants at Roy A McDonald Pty…
The Financial Advice Association Australia (FAAA) have put together a Value of Advice index which measures the impact of financial planning on the lives of clients. View the full report here. Book a complimentary initial consultation to speak to…
Using money or assets from your company or trust for personal purposes can lead to significant tax consequences if not handled properly. It’s essential to ensure that these transactions are accurately accounted for to avoid unintended liabilities. Here’s a breakdown…
When it comes to claiming deductions for body corporate fees and charges, it's important to differentiate between the types of fees and their purposes, as this determines how and when you can claim them. Here’s a breakdown of what you…
Importance of Early Planning: Early Start: Financial advisers emphasize starting retirement planning early to achieve better outcomes. Early planning helps in managing major financial elements like mortgages and retirement savings effectively. Client Benefits: Starting early enables you to take action…
When buying and selling property, a valuation becomes an essential part of this process. Having an idea of a property’s value when buying a property or selling your current home will help you establish: how much you should be prepared…
Ensuring your family’s financial security involves both immediate protections, like insurance and emergency funds, and long-term planning, like savings for education and estate planning. Here’s a breakdown of the key areas you might consider: General Insurance: Ensure you have adequate…
As a business owner, you can claim a tax deduction for expenses for motor vehicles used in running your business. Types of Vehicles and Claimable Expenses for Tax Purposes Definition of Cars for Income Tax Purposes: Cars: Motor vehicles (including…
With tax season here, taking proactive steps can ensure you maximise your tax return, whether you're an individual taxpayer or managing taxes for a business. Here are some strategic tips to consider: Organise Your Documentation Start by gathering all necessary…