If you receive income from more than one source and are certain that you will earn less than $18,200 in total income for the financial year, you can now claim the tax-free threshold from all of your employers and other withholding payers.
Let’s say you have the following scenario: Market rent for your investment property is $500 per week but you are a great friend or family member and renting out your property at $300 per week instead. Although it is very nice and welcome by the recipient – this does have tax consequences. Read on.
Welcome to our fourth FletcherFind where I aim to introduce the wonderful small businesses and owners I come across during my business travels. This week – Suellen Hughes from Transforme, Wellness & Lifestyle Services
Some useful links to save you time hunting around (Click on Heading for Links of Interest)
Mention that you are an accountant at a dinner party and most people are unsure how to respond. Typically, people want advice on reducing their income taxes or how to open an off-shore bank account where they can secretly squirrel away their savings. It can also be a total conversation killer.
After all, I can’t think of many action/adventure film where the main character is an accountant. However in a world where there are two certainties – death and taxes – it really isn’t such a strange career choice. Somebody has to count the beans!
The truth of the matter is, most people don’t like the thought of having to keep accurate records and who has the time to read through complicated tax laws written in a language that vaguely resembles English? Enter: Your friendly local accountant.
When Governor Phillip came to NSW in 1788, he brought with him a Royal instruction granting him authority to impose taxes as a means of raising money to the benefit of the colony. Well, it seems that it was a success
because we’ve been paying taxes in one form or another ever since. Taxes were levied to help build the first jail in Sydney. Then, as now, accountants worked on both sides of the fence. […]