Quick facts You can claim parking on your tax return if you are using it for work purposes. Eligible parking expenses are for business trips, visiting clients or suppliers and commuting to different work locations. The amount you can claim varies depending on the vehicle and duration of the trip. Keep records and receipts for […]
What is a Spouse for Tax Purposes in Australia Knowing what a spouse for tax purposes is important for tax purposes in Australia. For tax purposes a spouse is a legally married partner, a partner in a registered relationship or a partner living together in a genuine domestic arrangement. This affects deductions, liabilities and various […]
Essential Tips for How to Find Your TFN Key Highlights Your tax file number (TFN) is a vital personal identifier for various financial transactions in Australia. Losing your TFN can lead to complications with taxes, employment, and accessing government benefits. Several avenues exist for recovering your TFN, including checking personal documents, contacting relevant institutions, […]
Understanding Blackhole Expenditure in Australia Key Highlights Blackhole expenditure refers to specific business expenses that are not immediately deductible under standard income tax rules in Australia. Understanding these expenditures is crucial for businesses to optimise their tax positions and financial planning. The Australian Taxation Office (ATO) provides guidelines on claiming deductions for certain blackhole […]
Exploring Tax Depreciation: What Is a Tax Depreciation Key Highlights Tax depreciation is a key idea for companies because it influences their taxes and the overall worth of their business. By using tax depreciation, businesses can lower the amount they owe in taxes by deducting part of the cost of tangible assets, such as […]
Understanding Prepaid Expenses in Accounting Key Highlights Prepaid expenses help businesses manage future commitments, secure crucial services, and save costs in the long run. Understanding prepaid expenses ensures accurate financial reporting and transparency in assessing financial health. Prepaid expenses can used to make informed financial decisions, reduce taxable income, and maintain a healthy financial […]
Unlocking Profit Potential: Private Company Paying Dividends Key Highlights Dividends are way for private company to accumulated profits for personal use. Dividends be paid out of company's retained earnings but there are considerations to in mind. Franking credits are tax that a company has previously on its profits, they can be used frank dividends. […]
Living Away From Home Allowance: Taxable or Tax-Free? Key Highlights The Living Away From Home Allowance, or LAFHA for short, is a kind of fringe benefit that employers give to help cover extra costs when employees have to live somewhere else temporarily for work. This allowance helps with things like where you stay and […]
How to Calculate Net Pay: A Step-by-Step Guide Key Highlights Gross pay refers to an employee's total taxable income for a pay period before any deductions are made. Net pay, on the other hand, reflects the amount the employee will receive after deductions are made. Deductions from gross pay may include income tax, Medicare […]
