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 | 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 24, 2023 | Investment Property, Property Investment Tips
If you’re currently not happy with your interest rate it could be worth refinancing and getting a better deal. However, refinancing an investment property loan is a little bit different from refinancing an owner-occupier loan. Here are five things you should know...
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...
