How is cryptocurrency taxed in Australia?

One of the most common questions clients are asking us now is: How is my crypto taxed? Many people unfortunately don’t understand that a cryptocurrency is just like any other investment. Whether you’re currently involved in a cryptocurrency like bitcoin, or considering buying a cryptocurrency, it’s important you understand the tax implications before investing. While the tax consequences will vary according to your circumstances, and it’s important to seek reliable…  Read more

Capital Gains Tax: What is it and how is it calculated?

A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise, such as the loss, theft, or destruction of an asset, or creating contractual or other…  Read more

How Business Owners Can Take Advantage of Tax Loss

For most people, when it comes to dealing with taxes, it can quite literally be taxing. Tax management requires a certain level of focus, expertise and organisational skills.  If you are running a business, tax management can become even more complicated. If you are an aspiring entrepreneur, you’ve probably encountered the term ‘tax loss’ more than once. Understanding tax loss and using it to your advantage can be challenging, but…  Read more

Understanding Australia’s Director Identification Number

In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services (ABRS), and enhance how businesses register and manage their information with the government. Although the ABRS rolls out progressively between 2021 and 2024, one of the immediate changes is that business directors must obtain a director…  Read more

Lodging a Tax Return for Your Business: Why You Need a Professional Tax Accountant

Since we’re approaching the tail end of tax season, we’re sure many of you are starting to feel the stress of having to manage your own finances.  This is especially true for businesses as we know how much work needs to be done before the October 31 deadline. Unfortunately, we all know we can’t simply opt out of doing our taxes: it’s unavoidable. What’s even more unfortunate is that one…  Read more

Double-Entry Accounting for Modern-Day Businesses: What to Expect

When your company gets to a certain point in size where it becomes more viable for incorporation, several changes will have to be made in its operations. To accommodate the ever-growing list of responsibilities and adjustments that businesses face, certain structure tweaks and accounting strategies must be carried out.  Among the different parts of your business that are expected to change as it grows, thrives, and takes on a new…  Read more

Business Update – 11 August 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you. NSW Expands COVID-19 Lockdown New South Wales has expanded the COVID-19 lockdown…  Read more

COVID-19 Business Support Grants – FAQs

As more of NSW goes into lockdown, many of our clients are reaching out in regards to accessing Covid-19 support grants. The NSW Government has provided some FAQs for tax agents and accountants to share to help you determine your eligibility & assist you with access the relevant support. The Business Support Grants are available to affected business who are affected in ways relating to: Aggregated annual turnover Decline in…  Read more

Tax Implications of Cryptocurrency (AU)

With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Here is some important information on cryptocurrencies and their implications for your taxes. How cryptocurrency…  Read more

When is a car not a car?

Car-related expenses are among the most commonly claimed tax return deductions in Australia, accounting for approximately 40 per cent of all work-related deductions.   However, I still find many clients are confused about what they can and can’t claim when it comes to their vehicles. Most people understand that the car in question must be used for work purposes and that driving to and from work is generally not considered…  Read more

Business Update – 21 July 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. South Australia Announces Shutdown, Victoria Extends Lockdown South Australia moved to a full lockdown yesterday after the number of local COVID-19 cases grew to five. The lockdown will last for at least a week to contain the spread of the Delta variant. This article outlines the COVID-19 rules on…  Read more

Business Update – 7 July 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Delta Strain Leaves States on High Alert Tasmania and the ACT remain the only Australian jurisdictions with no active local COVID-19 cases as NSW continues to battle a growing cluster that originated in Sydney’s eastern suburbs. Lockdown extended for Greater Sydney Greater Sydney, including the Blue Mountains, Central Coast,…  Read more

Business Update – 23 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW Records 16 New Local Cases, New Restrictions Reimposed NSW recorded 16 new cases of COVID-19 since the last time health officials spoke at 11 am on Tuesday. There’s also one mystery case where authorities still haven’t identified the source of COVID-19 detected in a nine-year-old child from Sydney’s…  Read more

3 Tips to Make the Most of the End of Financial Year

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time…  Read more

Important Change for Employers: Superannuation Guarantee increasing to 10% on 1 July 2021

A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or…  Read more

Your End of Financial Year Checklist

The end of the tax year is right around the corner and though you may be dreading 30 June, there are things you can do to feel better prepared and make the most of your tax deductions. Because this year has been different for many people in terms of their employment situation, there are changes to tax reporting that may affect you. Here are some things to know about your…  Read more

3 Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

How to create a watertight accounts receivable process

Accounts receivable is about getting paid for the work you do – in business, it doesn’t get much more important than that. The process covers every part of the payment lifecycle – finding customers, communicating expectations, billing correctly and following up on late invoices. Here’s how to build an effective accounts system in your small business: Pick the right clients – Before you take on new customers, run credit checks and…  Read more

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Budget Overview This budget assumes our international borders won’t reopen until mid-2022.…  Read more

5 Hacks for Financial Fulfilment

Having total financial control can give you an amazing sense of freedom. However, it takes a lot of discipline and hard work for you to be able to achieve this. In this article, we’ll share some useful tips that you can start now to live a better financial life. Build multiple sources of income Whether it’s through your business, a side hustle, or investing, building your income network can help…  Read more

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