Accounting

Working from Home Deductions: Expert Tips on Claims & Methods

In recent years, the work landscape has dramatically shifted towards working from home, highlighting the importance of understanding working from home deductions. The rules and methods for claiming these have evolved, particularly since 2022, leading to confusion and missed opportunities. As a Central Coast accountant, I’ve observed the challenges faced by remote workers in making …

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Accounting for Startups: Building a Solid Financial Base

Jumping into the startup world is exciting, but there’s one thing you really need to nail down from the start: Accounting. Here’s the thing: Accounting for startups isn’t just about filling out forms and ticking boxes; it’s what keeps your business on solid ground. If you overlook it or don’t get it right from the …

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ATO Audit Insights for Effective Business Management

For small business owners, the prospect of an audit by the Australian Taxation Office (ATO) can seem intimidating. Yet, it’s important to remember that these audits are a standard part of ensuring legal compliance and accuracy in your financial affairs. There’s no need for the word ‘audit’ to set off alarm bells. Managing an ATO …

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Why Is My Tax Refund So Low? Decoding the Mystery Behind Shrinking Returns

The annual tax refund is a highly anticipated event for most working Australians. For many, that means an exciting influx of cash in the form of their annual tax refund. However, this year, many people are scratching their heads, wondering, “Why is my tax refund so low?” It’s a common question I’ve been hearing a …

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Accounting for Influencers: Mastering the Digital Earnings Game

The rise of social media has given birth to a new type of celebrity: The influencer. As these digital content creators have amassed huge followings, sponsored posts and affiliate promotions have become big business. However, the unpredictable income streams of influencers pose unique accounting and tax challenges. Unlike salaried jobs with regular paychecks, earnings can …

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Crypto Tax in Australia: An Accountant’s Insight

In the dynamic world of finance, cryptocurrencies like Bitcoin and Ethereum have emerged as game-changers. As more Aussies venture into this digital frontier, dreams of substantial returns often overshadow the intricate tax implications.  But here’s the reality:  While crypto offers a golden opportunity, it also presents a complex crypto tax maze that requires careful navigation. …

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Allocation of Professional Firm Profits: A Strategic Guide

In recent years, the Australian Taxation Office (ATO) has been laser-focused on how professional services firms allocate and tax profits.  After releasing draft guidance, the ATO finalised its profit allocation guidelines for these firms in December 2021 by publishing Practical Compliance Guideline PCG 2021/4. Professionals like accountants, lawyers, doctors and IT consultants should carefully study …

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Do I Need Private Health Insurance? A Deep Dive into Tax Implications

Introduction: Medicare Levy vs Medicare Levy Surcharge As an accountant, one question frequently lands on my desk: “Do I need private health insurance?” It’s a question with many facets, especially when tax implications are involved.  So, let’s dive into the details and shed some light on this topic. Now, you might be wondering:  What’s the …

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sole traders tax deductions tips

Sole Trader Tax Deductions – Top Tips 2023

As an experienced accountant, I’ve spent countless hours pouring over sole traders’ financial statements and ledgers. The satisfaction I feel from identifying hidden tax deductions and maximising refunds is unparalleled. Today, I want to share some insider tips with you, the hardworking sole traders, to help you make the most of your tax deductions. Motor …

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Get In Early – Implement Your Tax Minimisation Strategies Soon

As the old saying goes, ‘The early bird catches the worm’. When it comes to minimising tax, proactive steps taken well before year-end can prove highly beneficial – and essential to avoid scrambling at the eleventh hour. Every dollar saved on taxes is an additional resource that can be reinvested or used for personal financial …

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