Owning a rental property can be a great way to build wealth, but it also comes with tax responsibilities. If you rent out a residential property — whether it’s a house, unit, or apartment — it’s important to understand your…
As tax time rolls around, it’s important to make sure you’re getting the right support. If you’re using someone to help prepare or lodge your tax return or to give you tax advice, ensure they’re registered with the Tax Practitioners…
With the rising cost of living and a growing trend toward flexibility, more Australians are exploring side hustles – from ridesharing and food delivery to selling handmade goods online or freelancing. But if you’ve recently picked up a side gig,…
As tax time rolls around, it’s tempting to rush through your return in the hope of a quick refund. But according to CPA Australia, the biggest mistake Australians are making right now is lodging their tax returns too early. The…
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…