Tax time can be stressful, and it’s not uncommon to discover errors or omissions after submitting your tax return. Fortunately, the Australian Taxation Office (ATO) provides a straightforward process for amending your tax return. This guide will walk you through the steps and considerations involved in changing your lodged return. Why Amend Your Tax Return?…
Making the most of available tax deductions for your business can be an important aspect of starting the new financial year. It’s why planning and strategising with your tax advisor could lead to different and new perspectives regarding tax in areas of your business. One area where you can significantly benefit is through claiming motor…
Starting from the 2023-24 income year, not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income tax exemption status. It’s time to ensure that, if this applies to you, you are aware of the critical steps and considerations…
Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns. This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed opportunities for tax savings. Here’s…
