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ATO warns taxpayers not to lodge tax returns too early

Tax Returns

I am sure you are getting excited at being able to very soon, lodge your 2021 income tax return.  While the temptation to lodge tax returns early this year may be great, taxpayers have been urged to hold out until the ATO finalises income statements and pre–fill information to avoid a surprise tax bill down the road. “We understand that some individuals have been adversely impacted by COVID-19 through loss…

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Year End Tax Planning 2021 – Personal

With the end of the tax year approaching , now is the time to see what you can do to minimise your tax for 2021. This would mean more money in your pocket for you and your family to enjoy and put some fun back into the tough year it has been. To minimise your Business tax click here. Personal Tax Home Office Expenses during Covid-19 If you worked at…

Year End Tax Planning 2021 – Business

With the end of the tax year approaching, now is the time to see what you can do to minimise your tax for 2021. This would mean more money in your pocket for you and your family to enjoy and put some fun back into the tough year it has been. To minimise your Personal tax click here. Business Tax Temporary Full Expensing Businesses with an aggregated turnover of less…

Budget 2022 – Simplify, Grow and Develop Computer Games

Capitalism or socialism, that is the question. The Federal Government has released the budget for 2022 and it is a very socialist focussed budget in a way. As capitalism is what grows economies and the wealth of nations, the government has applied the correct balance of the two systems. As the country is in trouble because of Covid, it has come to the rescue with a safety net. Read below…

Is Tax applicable on Cryptocurrency transactions?

In 2018, one Bitcoin was priced at $20 000 which was its highest price since it was created in 2009 and this was when most of the world woke up to this new concept of Bitcoin for the first time. Bitcoin was initially valued at $0.00 and was below $1 for many years, so when, in 2018, it reached these sky-high values it became the latest news story that the…