If you have made a personal contribution to your super fund, you may be able to claim a tax deduction for that amount. On paper, the process sounds simple enough. In practice, it is one of those areas where a small mistake can cause delays, amended tax returns, or a denied deduction. Making the Contribution […]
Medicare Levy Surcharge Changes – What You Need to Know in 2025 As of 1st July 2024, changes have been introduced that impact the Medicare Levy Surcharge (MLS) and the Private Health Insurance Rebate in Australia. These adjustments are essential for anyone who may be affected by income thresholds or considering private health insurance, as […]
Log Books and 1-Tonne Utes: What You Need to Know With the increasing popularity of 1-tonne utes, such as the Ford Ranger, Holden Colorado, and various 4WD dual-cab utes, these vehicles have become common for both business and personal use. As a result, a frequent question arises: Do I need to keep a log book […]
The Student Financial Supplement Scheme (SFSS) was a voluntary loan scheme for tertiary students to help cover their expenses while they studied The SFSS closed on 31 December 2003 and no new loans have been issued. Existing Financial Supplement debts will continue to be collected through the Australian Taxation system. If you took out a Student Financial […]
Have you or are you currently studying at university? If so, you likely have a HELP/HECS debt. Notifying Your Employer You are required to let your employer know that you have a HELP debt, which can be done via an Employment Declaration form when you start your job or at any time thereafter should you commence […]
2024 Tax Tables The income tax rates for the 2023-2024 financial year (which runs from 1 July 2023 to 30 June 2024) are as follows: Note that these rates do not include the Medicare Levy, which is an additional 2% tax on most taxpayers’ income that helps fund Australia’s public health system. There is also […]
Introduction In today’s digital age, a stable internet connection is the backbone of modern businesses. From small enterprises to large corporations, the Internet plays a crucial role in daily operations, communication, and overall efficiency. A reliable internet connection enables seamless communication with clients, partners, and employees, ensuring that everyone stays connected and informed. It allows […]
In today’s dynamic economy, many individuals are considering taking on a second job to supplement their income or pursue their passions. However, before embarking on this journey, it’s crucial to understand the implications that having a second job can have on your overall income and financial situation. Having a second job can significantly impact your […]
Introduction Established in June 1996, Highland Accounting Services is a trusted registered tax agent and accounting firm located in Adelaide’s northeastern suburb of Gilles Plains. With a team consisting of a full-time accountant and a part-time accountant, we are dedicated to providing excellent service to our clients. In today’s fast-paced business landscape, online accounting software […]
Starting 13th November 2023 the Australian Taxation Office (ATO) has broadened the scope of the Client to Agent linking in Online Services to include the following entities with an ABN; What is Client-to-Agent Linking When you decide to engage the services of a Registered Tax Agent, Registered BAS Agent, or Payroll Services Provider, it is […]
Introduction: Investing in real estate can be a rewarding journey, especially when it comes to securing your financial future. In Australia, property investment has long been a favoured avenue for wealth creation. However, with great investments come great responsibilities – particularly when it comes to taxes. Enter the realm of “Investment Property Tax Deductions” – […]
Gearing in the context of real estate investment refers to the strategic utilisation of borrowings to assist in the purchase of a property. It’s essentially a financial lever that allows investors to improve their potential returns. However, the crucial distinction lies in whether a property is positively geared. When a property is classified as positively […]
Party Like a Rockstar Who says tax season can’t be fun? You’ve worked hard all year and deserve a chance to blow off some steam, right? Take that tax refund and party like a rockstar! Rent a luxurious hotel room or Airbnb, buy expensive champagne and liquor, and invite all your friends for an unforgettable […]
I have compiled a list of companies that demutualized more than 20 years ago, during the last century. It’s hard to believe, but I feel old typing this because I received an allotment of AMP shares at that time. Since I first added this information to my website in 2008, a lot has changed, and […]
Are you a Telstra shareholder looking to sell the shares that you purchased as one of their public offers? Telstra 1 If you purchased Telstra 1 Shares in 1997, your original instalment was $1.95 on 3/11/1997, and the second instalment of $1.35 was on 13/11/1998. The total purchase price was $3.30 bought on 3/11/1997. Telstra […]
Congratulations on your rental property purchase! When visiting your tax accountant for the first time, make sure to bring your conveyancer letter detailing the purchase, loan statements reflecting borrowing costs and bank interest, and information about your rental income and expenses. These documents will help your accountant accurately advise you on tax implications and other […]
When Do I Register for GST? A Comprehensive Guide for Australian Businesses For Australian businesses, understanding the Goods and Services Tax (GST) registration requirements is crucial for compliance with the Australian Taxation Office (ATO) regulations. Whether you’re a new entrepreneur, an established business owner, or a professional service provider, knowing when and how to register […]
When it comes to filing your tax return, many individuals are eager to maximise their deductions and reduce their taxable income. While there are numerous deductions available, it’s crucial to understand which expenses are not claimable to avoid any issues with the Australian Taxation Office (ATO). Below, we’ll explore seven common deductions that people often […]
Zone Tax Offset and the 2015 Budget, Zone Rebate Fly in Fly out Working and Living in a Remote Zone Tax Offset: Understanding Your Entitlements The Australian government recognises that living and working in remote or isolated areas can bring unique challenges. The Zone Tax Offset (ZTO) was established as a way to provide financial […]
As an accountant, I often receive questions regarding how much GST and vehicle expenses can be claimed for business purposes. One recent query came from Lilly, a full-time cereal farmer, who wanted to know how much she could claim on her new vehicle, a medium-sized SUV she uses for farm-related activities. Here’s Lilly’s question: “Hello […]