Tax
CategoryWhat you need to know about luxury car tax
Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the valu..
Records you need to keep on rental properties
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with t..
The amounts you don’t need to include as income
Amounts which are not classified as income are split into 3 categories.
Exempt income
This is income that you do not pay tax on, although,..
Tax treatment of insurance payments for damaged or destroyed property after a disaster
The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause persona..
Trustees and beneficiaries registering for tax in trusts
Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian b..
Taxation of your unused leave when leaving a job
When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This pay..
Fuel tax credits for businesses
The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price o..
Lodging your business activity statement
Businesses that are registered for GST are required to lodge a business activity statement (BAS). These assist in the reporting and paymen..
What do tax audits involve?
Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a..