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At the TAXATION, we understand that doctors and other medical professionals often earn income directly from their personal services. While this is common in the healthcare industry, it raises important tax considerations—particularly around Personal Services Income (PSI). Knowing how PSI works and how to manage it can save you from unexpected tax issues and ensure … Read more
Running a childcare business from home can be a rewarding career, but it also comes with unique expenses. The good news is that many of these costs are tax-deductible. If you operate a family day care or home-based childcare service, the Australian Taxation Office (ATO) allows you to claim deductions for expenses directly related to … Read more
When it comes to selling property, Capital Gains Tax (CGT) is often one of the biggest considerations. The good news is that the Australian Tax Office (ATO) provides generous concessions for your main residence, and one of the most valuable is the 6-year rule. This rule can potentially save you thousands of dollars in tax … Read more
At the TAXATION , we aim to help clients make smarter financial decisions that balance debt management with wealth creation. One strategy that is gaining popularity in Australia is debt recycling. It can be a powerful way to reduce non-deductible debt (like your home loan) while building an investment portfolio. But how does it work, … Read more
As the financial year draws to a close, it’s crucial to ensure that you’re well-prepared for tax time. Whether you’re a business owner or an individual taxpayer, nobody wants to pay more tax than necessary. Here are detailed tips and advice to help you minimize your tax liability legally. Why Seek Professional Tax Planning Advice? … Read more
Prepay Expenses: Prepay expenses where possible to get a tax deduction in this financial year. Also, ensure you run the final payroll for this year before June 30th, subject to your pay cycle. Superannuation Contributions: Pay your employees’ superannuation for the June quarter before June 30th to claim a deduction for this financial year. Verify … Read more
You don’t need to know everything about tax, this is our job! We have been around for about 15 years and we really know our stuff. Why do our clients choose us? Maximum Tax Refund (Guaranteed) Award winning customer service Provide customised solutions to our clients Trained specialists covering a variety of accounting, finance and … Read more
Pay as you go (PAYG) instalments is part of tax planning ahead for your income tax. It is a system for small business owners and individuals to make regular payments towards their expected tax liability for the current financial year. Here are some key points to understand about PAYG instalments: How it works: PAYG instalments … Read more
YES! There are ways to minimize your tax liability. Here are some tips: Take Advantage of Tax Deductions and Credits: Be sure to claim all the deductions and credits you are eligible for, such as charitable donations, mortgage interest, education expenses, and retirement contributions. Use Salary Sacrificing: With salary sacrificing, a taxpayer would put some … Read more
Bookkeeping is an essential task for small business owners to keep track of their finances and make informed business decisions. Here are some bookkeeping basics for small business owners: Keep Accurate Records: It is important to keep accurate and up-to-date records of all financial transactions. This includes invoices, receipts, bank statements, and other financial documents. … Read more
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