Accounting and Financial Tips for Australians

I. Introduction to Family Tax Benefit A. Definition and Overview of Family Tax Benefit The Family Tax Benefit is a financial assistance program provided by the government to help eligible families with the cost of raising children. It is divided into two parts: Family Tax Benefit Part A and Part B. Part A is paid…

Introduction The Australian business landscape in 2024 is a vibrant and dynamic environment, teeming with opportunities for both local and international entrepreneurs. The country’s robust economy, coupled with its strategic location in the Asia-Pacific region, makes it an attractive destination for business ventures. The best business to start in Australia is one that aligns with…

Introduction to Late Tax Returns in Australia The Australian tax system is a complex structure that requires individuals and businesses to file their tax returns annually. The Australian Taxation Office (ATO) oversees the administration of tax laws and the collection of taxes. The tax year in Australia runs from July 1 to June 30 of…

I. Introduction Outsourced accounting refers to the practice of hiring an external company or individual to handle a business’s accounting functions. This can include tasks such as bookkeeping, financial reporting, tax preparation, and payroll processing. Outsourcing accounting can be a cost-effective and efficient way for businesses to manage their financial operations. The importance of outsourced…

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…