Complete Guide to BAS Lodgement in Australia. Running a business in Australia comes with a wide range of responsibilities — from managing staff and clients to keeping your financial records in order. One of the most crucial obligations for business owners registered for GST (Goods and Services Tax) is the accurate and timely lodgement of […]
Complete Guide to BAS Lodgement in Australia (2025 Edition) Read More »
The most significant mistake taxpayers are likely to make during the 2025 tax season is failing to accurately report income from new or nontraditional sources. This includes income from gig work, side hustles, cryptocurrency, and digital payments received through platforms such as Venmo, PayPal, and Cash App. With the IRS implementing stricter reporting rules and
The Biggest Mistake You’re Likely to Make in 2025 Tax Time Read More »
The ATO has again emphasised the importance of good tax record keeping for income earned in 2021-22 and for expense deductions. It says this will guarantee a smoother tax time but warns it will take “firm action” against individuals who falsify records or can’t substantiate deduction claims. The regulator is also focusing on work-related expenses, particularly
Record keeping and expenses Read More »
Market volatility has seen the prices of many cryptocurrencies and shares pull back from the record highs of 2021-22. That said, many investors have locked in substantial capital gains by disposing of assets during the financial year. Others have booked capital losses. The ATO expects a surge in capital gains and losses on crypto assets, including non-fungible
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If you aren’t using the simplified depreciation rules and you spend $100 or less, including any GST, to acquire a tangible asset in the ordinary course of carrying on your business you can assume it to be of a revenue nature for income tax purposes. This rule doesn’t apply to expenditure on: 1. establishing a
How the threshold rule works? Read More »
