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When you earn rental money no matter if it is privately rented or rented through AirBNB, the ATO will consider that taxable income which will raise your total taxable income at the end of the year. If you’re not careful and aren’t aware of how you manage that income stream, you may have to pay more tax.
Many taxpayers in Australia expect some sort of tax return, but for many how a refund is calculated is a mystery. There are many calculations and deductions that are included to form your personal income tax. How can you work out what your tax refund should be?
Andrew Mills states that having a professional adviser is the ‘single best predictor of business success’.
Tax agents are expert accountants that specialise in the complicated ways necessary for handling and lodging tax returns. They do all the work for you during tax time, saving you the time, energy and headache of filing your own tax returns. So, what to tax agents actually do and how can you benefit?
Savvy non business owners make it a point to keep track of their daily finances. This minimizes costs and stress. Keeping up-to-date financial records helps when lodging a small business tax return. If you want to start taking charge of your business’ bookkeeping, here are a few tips from The Income Tax Professionals.
In the 2019-20 Federal Budget, the Government announced changes to tax offsets which became law and will affect all Australians. What are those changes and what do they mean for you?