What is the Medicare levy?
The Medicare levy is an amount you pay in addition to the tax you pay on your taxable income. The levy is 2% of your taxable income and it helps fund some of the costs of Australia’s public health system…
Tax Planning
Maximize Your Financial Potential with Strategic Tax Planning At Roy A McDonald Pty Ltd Accountants, we recognise that effective tax planning is essential for both individuals and businesses seeking to optimize their financial health. Our dedicated team of experienced professionals…
Reaping the rewards from content creation
If you’ve been making $75,000 or more in a 12 month period from content creation then you’ll need to register for GST. This includes receiving payments (whether cash, services, goods or a percentage of advertising revenue) for: reviewing and promoting…
What you can claim as a tax deduction if you’re a tradesperson
If you’re a tradie it pays to learn what you can claim as a tax deduction. To claim a deduction for work-related expenses: you must have spent the money yourself and not be re-imbursed for the expenses it must directly…
Pay as you go (PAYG) instalments
If you earn income from investments such as interest, dividends, rent or royalties, using PAYG instalments will help reduce a potential tax bill when you lodge your tax return. How PAYG instalments work PAYG instalments allow you to make regular…
Do you have a holiday home?
Depending on what you do with your holiday home there can be deductions and tax implications. Holiday home – not rented out If you own a holiday home and don’t rent it out, you don’t include anything in your tax…
Working from home deduction changes for 2022-2023
For the 2022-23 income year onward there are changes to the record keeping requirements and calculating working from home deductions. There are 2 methods to calculate working from home deductions: Revised fixed rate method Actual cost method The revised fixed…