Investing in property is a powerful wealth-building strategy, but it comes with its fair share of tax obligations. While the Australian Tax Office (ATO) provides various tax deduction benefits, understanding your tax liabilities and deductions can be challenging. Here’s a…
This year marks a momentous occasion for Roy A McDonald Pty Ltd Accountants & Fiducian Financial Services Doncaster as the business celebrates 60 years of dedicated service to the local community and beyond. Since its founding in 1965, the company…
When choosing the right business structure, it’s essential to consider your business goals, tax implications, risk tolerance, and future growth plans. Here's a breakdown of the four common structures in Australia: Sole Trader Ideal For: Individuals starting a small business…
In uncertain economic times, small businesses must make strategic adjustments to stay resilient. Here’s a summary of proactive strategies to navigate challenging periods: Enhance Cash Flow and Reduce Reliance on Debt Collect Receivables Promptly: Regularly follow up on late payments…
The Vacant Residential Land Tax (VRLT) in Victoria, Australia, is expanding from 1 January 2025 to include all vacant residential properties, even in regional areas and those owned by the government or state entities, excluding unimproved or vacant land. Below…
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…
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…