Accounting and Financial Tips for Australians

I. Introduction to Division 293 Tax A. Brief overview of Division 293 Tax Division 293 tax, commonly referred to as div 293 tax, is a tax imposed by the Australian government on high-income earners’ superannuation contributions. Introduced in the 2012-2013 financial year, this tax aims to reduce the tax concession on superannuation contributions for individuals…

Introduction to Tax Free Threshold in Australia The tax free threshold in Australia is a fundamental aspect of the country’s taxation system. It is a crucial concept that every taxpayer should understand, as it directly impacts the amount of tax they are required to pay. This article aims to provide a comprehensive overview of the…

Introduction to GST for Small Businesses in Australia A. Brief Overview of GST The Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services, and other items sold or consumed in Australia. Introduced in July 2000, it is one of the primary sources of revenue for the Australian government. Understanding…

I. Introduction to Inheritance Tax in Australia A. Brief overview of inheritance tax Inheritance tax, often referred to as a ‘death tax’, is a levy paid by a person who inherits money or property of a person who has died. This tax is not universally applied and varies greatly from country to country. In some…

I. Introduction to Fringe Benefits Tax A. Definition of Fringe Benefits Tax The Fringe Benefits Tax (FBT) is a tax paid on certain benefits employers provide to their employees or their employees’ associates (typically family members) in place of, or in addition to, salary or wages. These benefits can be in the form of rights,…

Introduction to Foreign Resident Tax Rates in Australia Brief Overview of the Tax System in Australia The Australian tax system is a mix of direct and indirect taxes levied by both the federal and state governments. Direct taxes are primarily income taxes, which are progressive in nature, meaning the tax rate increases as the taxable…

Introduction Choosing the right business bank account is crucial for the success of your business. A business bank account not only helps you manage your finances effectively but also provides various features and benefits that can streamline your banking operations. In this article, we will provide an overview of the top 4 business bank accounts…

I. Introduction to Pay Advance A pay advance, also known as a salary advance or wage advance, is a financial service that allows employees to access their earned wages before their scheduled payday. This service is becoming increasingly relevant in Australia, especially for individuals who may need immediate access to funds due to unexpected expenses…