Before working out how and when to ‘rectify errors,’ it’s critical to first understand when GST liabilities and credits should or could have been declared.

Division 7A Myths Debunked Division 7A is a complex area of tax law that can often lead to misunderstandings and mistakes. Below, we debunk some

Introduction Property developments can be held under various structures, each offering distinct benefits and drawbacks. Choosing the appropriate structure requires a thorough examination beyond just

The commercial debt forgiveness rules have been around since 1996, and they were put in place to level the playing field. Without these rules, a

Personal services income (PSI) is income produced mainly from your skills or efforts as an individual, where that skill or effort represents more than 50%

The Cashflow Solution ALL Builders Need… You have likely looked at your company’s bank statement, wondering why things don’t seem right and if you’ve done

Tax Planning – what you must do before 30 June You work hard to earn the income you do and you probably feel like you

If a director of a company has been issued a Director Penalty Notice (DPN) they must act within the 21-day notice period or their personal

Division 7A – What, When, How and Why? Division 7A loans represent a critical yet often overlooked aspect of financial management for business owners. Designed

In the throes of the COVID-19 pandemic, while the world grappled with the human toll, another casualty remains largely unseen: Australia’s small businesses. These enterprises,

Understanding GST Registration for Your Business We wanted to provide you with some clear insights into Goods and Services Tax (GST) registration, making sure it’s

Navigating Small Business Capital Gains Tax (CGT) Concessions to Save TA For businesses that qualify as “CGT small businesses”, the importance of accessing CGT small

What should I consider when refinancing my loan? Refinancing a home loan can be a strategic move to save money, get better terms, or access

What is a Bucket Company? Ensuring your business remains profitable is one of your most important responsibilities and primary goal for you as a business

Your Personalized Checklist for Choosing the Best Business Structure As you embark on the exciting journey of choosing the ideal structure for your business, it’s

Can my SMSF invest in property development? Doing a property development with superannuation funds sounds appealing to many because Australians love property and love paying

Who is an Australian Resident for Tax Purposes? Great news! The Australian Taxation Office (ATO) has just issued the final version of Taxation Ruling TR

Deductibility of expenses associated with holding vacant land Broadly, tax law denies a deduction for losses or outgoings relating to holding land on which there

Deductibility of self-education expenses Self-education includes: (a) courses undertaken at an educational institution (whether leading to a formal qualification or not) (b) courses provided by

There are many myths about deductions that may lead you to make an incorrect claim. Here are some of the most common. Myth: Everyone can automatically

There may be tax consequences if you take or use money or assets from your company or trust for private purposes. There are different ways

In light of the recent changes to interpretations of trust law, it is important to understand all the issues you need to consider when making

The ‘what’ and ‘when’ of TBAR reporting for your super fund What events self-managed super funds (SMSFs) must report by certain dates and what happens

You’re liable to pay Division 293 tax if you exceed the income threshold ($250,000) and you have taxable contributions for an income year. If your Division 293 income