As tax time approaches, it’s essential for investors—whether in shares, property, managed funds, or crypto—to get their financial affairs in order. The Australian Taxation Office (ATO) has sharpened its focus on investment-related income and deductions, so careful planning and record-keeping…
Your Tax File Number (TFN) is a critical personal identifier used for tax and superannuation purposes in Australia. It’s essential for managing your taxes, applying for jobs, and accessing various government services. Since your TFN is issued for life, it’s…
Owning a holiday home is an exciting investment opportunity for many individuals and families. Not only does it provide a getaway retreat, but it can also offer the potential for rental income when you’re not using it. However, owning a…
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…
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…
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…
1. What is the fixed rate for Tax Time 2024? The fixed rate for the 2023–24 income year is 67 cents per hour worked from home. This rate can change annually, so it's crucial to check the latest information on…