‘Tax’ Category:

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GST Credit Adjustments for Business Use

GST Credit Adjustments for Business Use

How much GST credit you claim on an expense depends on the extent of business use.  If there is a change of business use, you may have to make an adjustment.  There are adjustment periods that have to be accounted…

Australian Resident tax rates and super rates for 2023 & 2024

Australian resident tax rates for 2022–23 to 2023–24

Australian residents tax rates 2023 to 2024  Australian resident tax rates for 2022–23 to 2023–24.  Australian residents tax rates 2023–24  Resident tax rates 2023–24  Taxable income  Tax on this income  0 – $18,200  Nil  $18,201 – $45,000  19c for each…

Understanding The QBCC MFR Regulations

Qbcc mfr regulations

A Step Towards Building Industry Stability The Queensland Building and Construction Commission (QBCC) has implemented Minimum Financial Requirements (MFR) regulations aimed at reducing business failures and bankruptcies in the building industry. These regulations are designed to ensure that all building…

There’s only two certainties in life, death and taxes – do you have a plan?

estate planning blog

Both death and taxes can be costly, stressful and time consuming. When it comes to dealing with tax implications on estate planning, or in the unfortunate event of someone’s passing, there can be additional pressure if appropriate tax advice and…

Mastering Your Tax Return: A Guide to Avoiding Common Mistakes

Person using calculator

Every year, Australians navigate the complexities of tax return submissions, and common errors can inadvertently catch the attention of the Australian Taxation Office (ATO). Whether you're tackling your tax return independently or utilising a tax agent's services, it's crucial to…

Understanding Franking Credits: A Brief Overview

neon sign saying Tax

Overview of Dividends Companies issue two types of dividends – franked and unfranked. Franking credits, also known as imputation credits, specifically pertain to franked dividends. What are Franking Credits? A franking credit is a tax credit linked to a franked…

Essential Records for Accurate Investment Income Reporting and Tax Deductions

Record folder

Accurate reporting of investment income and claiming tax deductions is crucial for financial management. Understanding the records to keep and the duration for which they should be maintained is key to a seamless tax filing process. In general, it is…

ATO’s Online Learning Tool for Small Business Success

ATO Essentials Tool

At Avance, we're committed to empowering small businesses like yours to succeed. That's why we're excited to introduce you to a valuable resource offered by the Australian Taxation Office (ATO) – Essentials to strengthen your small business. As advocates for…

Proposed Adjustments to 2024 Tax Cuts: What You Need to Know

Word Tax cut by scissors

In a recent development, the Federal Government has unveiled a proposal to reshape and redistribute the legislated personal income tax cuts scheduled to commence on 1 July 2024. This move aims to provide increased relief to lower-income households that have…

Christmas Parties and FBT

Christmas Party

With the festive season nearly here, many workplaces will be putting on a Christmas party or the like for their employees, and who doesn’t like a meal and drink on the boss! However, businesses must be mindful of scenarios that…

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