The following methods could be employed to decrease FBT: • Encourage employees to contribute towards the cost of the benefit. • Maintain a logbook. • For cars acquired before 10…

If you enter into a salary-sacrifice arrangement, your income tax liability should decrease compared to not entering into the agreement. However, before committing into any arrangement, it's crucial to consider…

The ATO has provided a set of straightforward guidelines to ensure the accuracy of your claim for work-related expenses: • The expense must have been incurred during the year for…

Individuals with uncomplicated tax affairs are only required to keep their records for two years. This applies if their income is solely from salary or wages, interest, or dividends within…

Trusts offer several advantages for managing your wealth, which include: Protection of Assets: In certain situations, family assets can be shielded from creditors and other potential threats in the event…

Starting from 7 March 2022, the childcare subsidy has been raised by 30 percent, with a maximum of 95 percent for the second and subsequent children in childcare, and there…

Income tax applies to paid parental leave, and it may also impact other government benefits including child support, health care cards, and public housing. On the other hand, the Newborn…

To qualify for this tax offset, you need to meet the following conditions: You must contribute to the maintenance of one of the following individuals: Your spouse Your parent (or…

Starting from 1st July 2009, individuals who are in same-sex relationships are granted equal treatment to heterosexual couples in terms of tax. The Australian Taxation Office has specified certain tax benefits that are now available to same-sex couples such as…