Read the latest news, get tax advice and keep up to date with our timely and informational short reports.
Whether you earn income in Australia from wages, salaries, profits from business, bank interest, side hustles, or returns from investments, the Australian government requires you to lodge a tax return. However, there is a tax-free threshold below which your earnings don’t incur income tax. In this guide, ITP covers everything you need to know about the tax-free threshold in Australia.
Working in a foreign country or for an international company can lead to double taxation for Australians. However, the Australian Tax Office offers a Foreign Income Tax Offset (FITO) to eligible individuals, allowing them to avoid being taxed twice on the same income. It’s important to keep written documentation and convert foreign income, deductions, and taxes into Australian dollars when claiming FITO.
System failures and breaches are becoming more common, and it’s important to protect yourself from identity theft. Recently, 9.7 million people were affected by the Optus breach and the cost of cybercrimes in Australia is upwards of $1.6 billion per year. What do you do if you’re online identity has been stolen? With cyber crime on the rise, it’s best to act fast.
All good things come to an end, and sometimes that end is the closure of a business. When the decision is final, set a date and inform all stakeholders, including suppliers, contractors, employees, and clients. Take the time to properly close your business and meet all tax obligations before cancelling any registrations.
You may be running a new business or just starting up. You’ve got your accounts set up but you really don’t know what needs to be done when it comes to tax. When do you need to lodge? What do you need to do? These are all valid questions, especially since you may never have had to think about tax for your business before. So let’s answer some of the questions for the newbies out there.
Are you a landlord dealing with repairs and maintenance on your rental property? It’s important to know what costs are tax deductible and how to claim them. Our short report outlines exactly what you should be on the look out for when it comes to rental tax deductions.