Tax Time Mistakes
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…
Beginners Guide to Income Tax
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…
Tax Time Checklists
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…
Changing your business structure
There are steps involved if you change your business structure. For example, when you: Change the composition of your business partnership because your previous partner has retired or passed away or a new partner is admitted. Change your entity type…
Are inheritances outdated?
Once upon a time we used to have to wait until a wealthy relative passed away before we received an inheritance. What many people don’t understand is there is more than one way to transition wealth to the next generations…
Protecting generational wealth
When planning to pass your assets onto your descendants, there are many things to consider. One of the most common questions people ask is: How do we protect our wealth so it ends up where we want it to go?…
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…
Secure your future with a financial plan
There is no doubt the cost of living has increased to a point whereby most of us need to be aware of our finances. Simply logging on to your banking app and knowing the approximate value of any investments has…
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…
Growing your Super
By growing your superannuation you can take steps to make a positive difference to your lifestyle in retirement. If you are, or have been employed, you should make the most of employer’s contributions by: Checking that your employer’s super guarantee…