Tax at source is not only deducted from Australian residents but also deducted amongst foreigners who earn from Australian income sources. But did you know that taxes withheld from non-residents vary from Australian residents? This is due to factors such as tax rates and the...
Often used for asset protection, tax planning, and wealth distribution, discretionary trusts have proven invaluable for many individuals and can never be undermined. All you need to do is to learn and understand how it functions and works for the better good. In this blog...
Many find inheritance tax a burden, as they have to deal with the stresses of taxation laws. However, the joy brought about by the whole process of being a success is out of this world. As an Australian living in Australia, it’s always important to...
The backbone of every business, whether small or big, is its ability to generate cash flow for the owner. Increasing and maintaining a healthy cash flow is crucial, especially in Australia, where businesses face unique market dynamics. A robust strategy for managing cash flow can...
A self-managed superannuation fund (SMSF) audit checklist gives many Australian citizens a high degree level of control over their retirement savings. However, these high controls come with significant responsibilities, such as adhering to strict regulatory guidelines. Understanding the SMSF audit checklist What comes to mind...
Understanding fringe benefits In most companies, employers offer their employees FBT, which is an important way to show that they care about their workers. It’s a vital employee compensation as it offers them an additional perk on top of their salaries. Normally, these benefits given...
In most cases, people like to be in control of their finances, as this gives them the power to do whatever they wish with them. The good thing is that a self-managed super fund (SMSF) helps individuals fully manage and control their funds. Unlike other...
There’s no universally “right” or “wrong” accounting software. Different companies offer unique solutions to cater to diverse business needs. Whether you are a sole trader or a small startup company, you should always consider using accounting software to help you achieve your ultimate goal. Let’s...
If you are a small business owner or planning to be one, you might have encountered the term bookkeeping. It is essential for business operations as it helps keep financial plans in check and updated. Your taxations will be simplified, among many other benefits for...
No one is ever ready or prepared when it comes to matters dealing with death. However, planning to avoid and minimize the costs of death tax on superannuation is key. Always plan and devise strategies to protect your wealth and pass it on to your...
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