Bonus deduction available for technology investment A bonus deduction may be available in this upcoming tax return for expenses relating to undertaking a digital adoption for your business. This bonus deduction is 20% of the costs you’ve incurred to support a digital adoption, including but not limited to: Digital enabling items such as computer hardware […]
Here is a list of tax updates for work related expenses and claims for the end of financial year 2023, book in today for Penrith’s best tax accounant.
Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”. The tax brackets and relevant tax rates applicable from 1 July 2020 to […]
Most investors and business owners are aware that the interest paid on an investment loan is generally tax deductible. These deductions can be maximised by prepaying the interest on the loan. To do this contact your financial institution and arrange to have all of the interest costs for the following financial year brought forward and […]
Debt can be overwhelming and stressful, but creating a plan to pay it off can help ease that burden. In Australia, household debt is on the rise, with the average household owing over $260,000 in 2021, according to the Australian Bureau of Statistics. If you’re struggling with debt, here are some tips and strategies for […]
Property is a popular investment asset that contains a number of significant advantages. Property is a popular investment asset that contains a number of significant advantages including income generation, capital growth, resistance to major market downturns and substantial tax deductions. Although tax deductions and offsets shouldn’t be the key reason to invest in property, if […]
When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open the door to some opportunities to save on tax. The key here is to plan ahead. Deductions — lower your tax liability If you have […]
The end of another financial year is looming, and with that may come thoughts about your tax return and how your wealth has tracked throughout the year. Whether you’re nearing retirement, a high-income earner looking to reduce your taxable income, or you’re on a lower income and looking for ways to maximise your super contributions; […]