‘Tax’ Category:
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Understanding The 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?
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
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
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
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
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
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
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…
ATO amnesty coming to an end for small businesses
On the 9th of May 2023 the government announced a lodgement penalty amnesty program for small businesses to encourage them to re-engage with the tax system and get their obligations up to date. To be eligible for the amnesty the small…
Employee versus Contractor
On 9 February 2022, the High Court handed down two landmark decisions regarding the distinction between employees and independent contractors. In response, the Australian Taxation Office (ATO) released Draft Taxation Ruling TR 2022/D3: Income tax: pay as you go withholding…
