by Investment Plus Accounting Group | Oct 23, 2023 | ATO, Tax & Accounting, Tax Deductions, Tax Refunds
You must have come across the term tax offset being used in conversations regarding taxes, especially around tax time. As per the Australian Taxation Office (ATO), a tax offset will directly reduce or offset the amount of tax payable on a person’s taxable income in a...
by Investment Plus Accounting Group | Oct 23, 2023 | ATO, salary sacrifice, Tax Refunds
What Is Salary Sacrificing Or Salary Packaging? Salary sacrificing is also called total remuneration packaging or salary packaging. A salary sacrifice arrangement is when an employee agrees to receive less take-home income from the employer in return for benefits of...
by Investment Plus Accounting Group | Aug 15, 2023 | ATO, Tax & Accounting
If you get a big lump sum payment that’s related to an earlier year’s income, you may be able to get some tax relief on it. This is called the Lump Sum Payment (LSPIA) in Arrears tax offset. Basically, if you get a lump sum payment that’s more than $1,000 and it’s for...
by Investment Plus Accounting Group | Aug 15, 2023 | ATO, Tax Refunds
The tax refund many Australians expect has dramatically reduced. The ATO has made some changes that may affect your tax refund. It may be vastly lower than you think, or you may receive a tax bill! This could be for numerous reasons, including: The Low and Middle...
by Investment Plus Accounting Group | Aug 7, 2023 | ATO, Director Penalty Notice, Tax debts
A company structure is often praised for its asset protection benefits, as it can shield the directors from personal responsibility for the company’s debts. We look at personal liabilty for company tax debts. However, in recent times, directors have been...
by Investment Plus Accounting Group | Aug 7, 2023 | ATO, Director Penalty Notice, Small Business
We all hear about director penalty notices (DPNs) for company directors and its power over personal liability for certain tax debts. But what about the 31% of small businesses operating as sole traders? The ramifications that can flow from a sole trader with tax debt,...
