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Together with clear mission and objectives, the financial targets are the foundation of any successful business. So I just wanted to share a few thoughts around initial steps to start the process of setting targets If you don’t know where you’re going… Every business needs goals. And while many business owners are quick to developRead More »

If you have a child with a behavioural disorder, then a little-known ATO tax incentive might be available to you. The Medical Expenses tax offset allows taxpayers to claim deductions on net medical expenses – in other words, the expenses paid out-of-pocket after Medicare and health fund refunds – and this can be applied toRead More »

A popular method of avoiding taxation in the past has been to buy a property, build or renovate, live in the residence for twelve months (satisfying the appearance of ‘primary place of residence’), then selling the property – and buying another property to repeat the cycle. This takes advantage of exemptions to capital gains taxRead More »

We’ve seen quite a bit of confusion recently around whether renting out a room in your primary residence counts as declarable income to the Australian Tax Office (ATO). Guidelines that are available on this topic tend to be rather difficult for the layperson to decipher, leading to many incorrect claims – whether people declaring incomeRead More »

Businesses have always been able to use depreciating assets as tax deductions. However, the government has now simplified the rules so that it’s easier for small businesses to take advantage of these deductions. They’ve made it possible for small businesses to write off depreciating assets in one fell swoop, rather than at a set percentageRead More »

Amongst the Australian Tax Office’s targets this year are work-related deductions – especially relating to fly-in-fly-out (FIFO) workers. So how can you avoid getting caught in the net? The obvious answer is to not to do the wrong thing. Well, that’s always a good start – but the rules around deductions for FIFO work haveRead More »