by Investment Plus Accounting Group | Oct 30, 2023 | ATO, Tax & Accounting
If you’re an Australian resident for taxation purposes, don’t forget you’ll need to declare any income you earn from overseas in your Australian tax return. Foreign income is commonly known as your ‘worldwide income’. This includes and income you receive from: Salary...
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 | How To, Investment Property, Property Investment, Property Investment Tips, Property Tax, Tax & Accounting
When it comes time to buying an investment property there is so much to consider, from capital growth potential, yields, to comparable sales. But novice investors might overlook the importance of the state of the rental market. When it comes to investing in a property...
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 | How To, Investment Property, Property Investment, Property Investment Tips, Property Tax, Tax & Accounting
You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. When you undertake any subdivision of land that is not part...
by Investment Plus Accounting Group | Jul 11, 2023 | EOFY, Government Grants, Government Support, Superannuation, Tax & Accounting
The start of each financial year usually brings with it a host of tax changes that SMEs need to be aware of, as well as a range of other regulatory changes that affect large sections of the Australian business community. From an increase in the national minimum wage...
