smsf audit related tips

  Some companies will request that you obtain your Australian Business Number (ABN). They'll pay you a small amount, and you'll have to do your taxes.   In most cases, this is not the correct way to go. It is often done because the employer is too lazy or inefficient to manage payroll.   The first question the ABN application will ask you is "Do you own your business?"   You cannot apply for an ABN if you answer no, which is most often the case.   However, we have many people who were forced to apply for an ABN in order to receive their payments.   What happens to these earnings after the end of financial year (June)?   It must be included in your tax returns along with any other income, such as income from employment or interest, after June's end.   All your income will be added up when you file your tax return.  The tax will then be calculated based on that combined income.   If you are a full-year tax resident, and your total income i...

  COVID-19 truly has impacted all aspects of human life since early 2020. However, there are some positive changes that have come as a result of it as well. One of these include the rapid rise in the ‘retail investor’. This new term refers to novice investors who invest in their own time outside of their everyday work hours. Outside of their superannuation,   recent studies   show that 49% of all Australians own shares as of March 2021 with 13% of all Australians having invested for the first time ever since COVID-19 began. However aside from learning how to invest in Cryptocurrency, Stocks, Bonds, Real Estate or other options, investors also need to learn about the Tax implications. Visit for read more..... more information about Tax return 

 Millions of people are familiar with numbers like 1040, W-2, and INT-1099 again this time of the year. You can claim deductions to offset some of the tax burdens that come with having a mortgage. Let's take a look at some tax deductions that you can use to offset your tax burden as you file your annual taxes. For those with less than $1million in a mortgage (which is most of us), You can fill in Schedule A, also called "itemized deductions", and claim the interest you paid on your mortgage the previous year. This is only for your primary residence (wherever you live). It does not include any other properties or houses that you might own for rental purposes. You can use Schedule A if you have been penalized for not paying your mortgage in total this year. This does not include any other properties or houses you may own for rental purposes. You may be eligible for a deduction for interest if your mortgage company pays your taxes through an escrow account. Keep in mind that...

  Tax compliance require s  accurate record – keeping for tax records else your business could invite penalty notices from the ATO. W e will discuss the GST records and PAYG records requirement for the business owners like you  so that you always remain compliant at record – keeping end. You will also enjoy some quick tips that can help you with record-keeping  in the  future .    Read more