Your guide to tax time 2022 The Australian Taxation Office has published a new small business tax time toolkit for 2022 to help you throughout the year and during tax times. This toolkit includes links to useful information, tools, calculators, learning resources and other support and services. The guide to tax time 2022 is where […]
If you pay contractors mainly for their labour, they are employees for superannuation guarantee (SG) purposes. You may need to pay super to a fund for them. It doesn’t matter if the contractor has an Australian Business Number (ABN). For instance, you should make super contributions for contractors if you pay them: under a verbal […]
Key compliance risks for large corporate groups Given the complexity of corporate business structures and the law there will always be a non-compliance risk in the large corporate groups population. In the majority of cases this will be the result of a difference in the interpretation of the law or an error in applying it […]
Clothing, laundry and dry-cleaning expenses You can claim a deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing and unique, distinctive uniforms. To claim a deduction you may need to have written evidence that you purchased the clothing and diary records or written evidence of your cleaning costs. Written evidence must be […]
Are you a fly in and fly out (FIFO) worker?Unfortunately the ATO have deemed the cost of travelling between your home and your FIFO work site as a private expenses, therefore generally speaking travel to and from the airport, airfares, etc. cannot be claimed as a tax deduction.There are plenty of special rules and deductions […]
SMSFs are often criticised for holding too much cash in portfolios when compared with other superannuation funds or with managed funds that provide very little of their asset allocation to cash. Is this a fair criticism or are SMSFs and personal investment portfolios different from large superannuation funds? Let’s start with some numbers that relate […]
Being rich means different things to different people, however today we will discuss financially rich. We all want to be rich and there are many different ways to do it, some more common ways would be; Investments Trading Property Business Whether your just starting out or you just need some help to go the next […]
Each tax time, there are always a few tax myths floating around. One of the most common? That everyone can automatically claim work-related expenses up to a certain value. Read on as we set the record straight… 💬 Myth: Everyone can claim $300 for work-related expenses, including $150 for work clothes or laundry, and 5,000km […]
This is a relevant read for business/home owners. Any further questions give the GWa Team a call!!Whether you run an online store, plumbing business, or photography studio, if your business is based at home you may be able to claim the business portion of some associated expenses. What you can claim depends on your business […]
Tax on Australian Income for Non Residents To understand your tax situation, you first need to work out if you are an Australian or foreign resident for tax purposes. Did you know you can be an Australian resident for tax purposes without being an Australian citizen or permanent resident; and May have a visa to […]
