Blogs

Late Tax Return? If you haven’t lodged tax returns for years, we will help you bring everything up to date. Below is the information you need to know about late tax returns. Do I need to lodge a tax return if I didn’t earn much income? Most likely the answer...

If you’re an Australian resident who ceases to be a resident for tax purposes, you may be required to pay capital gains tax (CGT) on certain assets that you own, even if you don’t sell them. This is known as “deemed disposal”. Deemed disposal applies to assets that aren’t taxable...

Incorporating a company in Australia is a relatively straightforward process. Learn more today with this blog post from AIM S Australia – a leading provider of business tax agent services in Australia. The Steps of Incorporating a Company The first step is to choose a company name. The name must...

Single Touch Payroll (STP) is a new way for employers to report payroll information to the Australian Taxation Office (ATO). Below, our tax return accountants take a look at what STP is and the benefits it provides. What Is It? With STP, employers report employee payroll information to the ATO...

A Business Activity Statement (BAS) is a tax return that businesses in Australia must lodge with the Australian Taxation Office (ATO) on a quarterly or annual basis. It’s used to report GST, PAYG withholding and other taxes. Read on for more information about Business Activity Statements from the experienced business...

Goods and services tax (GST) is a broad-based consumption tax applied to most goods and services sold or consumed in Australia. It was introduced on 1st July 2000 at a rate of 10%. GST is collected by businesses on the sale of goods and services. Businesses that are registered for...

The Australian Taxation Office (ATO) requires individuals to lodge their income tax returns by 31st October each year. This is the deadline for both paper and electronic returns. If you miss the deadline, you may have to pay a penalty. It’s important to lodge your tax return on time for...

If you’ve invested in cryptocurrency, you’ll need to report your gains and losses on your tax return. The Australian Taxation Office (ATO) considers cryptocurrency to be a capital asset, which means you’ll pay capital gains tax (CGT) on any profits you make when you sell or trade cryptocurrency. Read on...

If you own an investment property, you may be eligible for a number of tax deductions. These deductions can help you reduce your taxable income and save money on your taxes. Below, our tax return accountants take a look at some of the most common investment property-related tax deductions in...

Filing trust tax returns in Australia can be a complex and time-consuming process. However, it is an important process, as it is the legal obligation of trustees to declare taxable income and pay taxes accordingly. In this blog post, our tax return accountants provide some information about trust tax returns...

Filing partnership tax returns in Australia can be a daunting task for many business owners. However, it’s a necessary process to ensure that you comply with the tax laws and avoid potential penalties. In Australia, partnerships are identified as separate entities for tax purposes. Therefore, each partner needs to report...

If you’re a sole trader in Australia, filing your tax returns can seem overwhelming at first, but with some helpful tips and information, it can become a straightforward process. First, keeping accurate records of all your business income and expenses throughout the financial year is crucial. This information will be...

Capital gains tax (CGT) is a tax imposed on capital gains – the profit or gain made on disposing of an asset – such as a property, shares, or any other type of investment. In Australia, CGT is a significant aspect of the tax system, and it influences investment, business,...

When it comes to tax returns in Australia, non-residents face a unique set of challenges. Non-residents are individuals who do not reside in Australia for more than six months in a fiscal year or who do not have a permanent home in the country. If you are a non-resident and...

Of all the things that can be stressful in life, one that sticks out like a sore thumb is overdue tax returns. You might not be aware of this, but there are a considerable number of people out there who have failed to lodge their tax returns on time, and...

Now that you and your partner have decided to separate, what will happen to the property you jointly own? Who pays the capital gains tax (CGT) if one of you sells the property after your divorce? This may be a difficult question, but we will attempt to simplify it for...

“AIM S Australia” has been short-listed for the Australian Accounting Awards 2022. The Australian Accounting Awards is the premier event in showcasing the depth of talent in the nation’s accounting professionals and businesses, recognising their success and their passion for the sector. The finalist list, which was announced on Tuesday,...

In this post we’ll discuss the two overseas forces tax exemptions available to overseas forces and how to work out which, if any, you may have already received. Section 23AD Exemption   To qualify for this tax exemption, you must receive a certificate from the Chief of the Defence Force...

One of the most common questions our tax accountants receive is “Do I need to lodge a tax return while living overseas?” This seems like an easy question that should come with a yes/no answer, but of course, it’s Australian tax, which means that there’s no simple answer! Am I...

Have you been late lodging your tax return? For whatever reason, you might have forgotten or been unable to pay. Unfortunately, the ATO is not going to be as understandable as a friend you might owe money to. There are some consequences you will need to face, although things don’t...