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 their share of the partnership’s … Continue Reading
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Business
Filing Sole Trader Tax Returns in Australia
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 used to calculate your taxable … Continue Reading
Capital Gains Tax (CGT)
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, and financial decision-making. CGT was … Continue Reading
Non-Resident Tax Return Filing in Australia
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 received income in Australia, you … Continue Reading
Late Tax Return / Overdue tax Return Lodgement in Australia
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 that means they have put … Continue Reading
Who is Responsible for CGT upon Separation?
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 you. This article will explain … Continue Reading
Finalist – Australian Accounting Awards – 2022
“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, 26 April,features over 290 high-achieving … Continue Reading
Overseas Forces Tax Exemptions – Do They Apply To Me?
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 which states that you have … Continue Reading
Do I Need to Lodge a Tax Return While Living Overseas?
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 An Australian Tax Resident? The … Continue Reading
How to Lodge Late or Previous Year Tax Returns
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 get serious unless you really … Continue Reading