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 […]
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 […]
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 […]
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 […]
Save Tax by Getting Private Health Insurance Before June 30th Private health insurance has become a prevalent topic, especially when it comes to saving tax in Australia. With the end of the financial year looming, it’s common to see a surge in advertisements and media campaigns promoting private health insurance as a key strategy to […]
With the end of the financial year comes an exciting opportunity for many Australians — the tax refund. On average, Australians receive around $2,500 back from their tax returns, providing a perfect opportunity to invest in something beneficial. If you’re keen to make a positive impact on the environment while also being financially smart, you’re […]
Are Merchant Facilities Cost-Effective? As a business owner or manager, cost-effectiveness is a key factor when making decisions about which systems and tools to implement. One common dilemma for small businesses is deciding whether to offer card payment options through a merchant facility or to operate as a cash-only business. This choice can have far-reaching […]
Understanding the Australian Superannuation Co-contribution: A Guide for Low and Middle-Income Earners The Australian Superannuation Co-contribution is a valuable government initiative designed to help low and middle-income earners save more effectively for their retirement. By making personal after-tax contributions to your superannuation account, you may be eligible to receive a co-contribution from the government, giving […]