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…
Estate planning is the process of arranging your affairs to manage and distribute your assets after your death. Having a comprehensive estate plan is essential for: Ensuring your assets are distributed according to your wishes: This helps avoid disputes and…
Another tax year has come and gone and the team at Roy A McDonald Pty Ltd have put together some checklists to assist you in collating your tax information. Individual Taxpayers Checklist Rental Property Checklist Work Related Expenses Checklist Capital…
If you run your business from home and have a dedicated area set aside as a "place of business," you may be eligible to claim occupancy and running expenses. Here are some key points to consider: Claiming Expenses for a…
It’s now a new financial year so it’s crucial to start organising your records for your 2023-24 tax return. The Australian Taxation Office (ATO) offers various resources, digital tools and services to assist small business owners in managing your tax…
Running a small business can be demanding, and having a tax professional assist with your tax obligations can make things easier. Here are some tips to help you make the most of your collaboration with a tax professional: Maintain Accurate…
When lodging your 2023 tax return you may notice that your tax outcome may be different than in previous years. Your refund may be lower or you may receive a tax bill. Your tax return outcome may change for any…