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Tag: Income

Planning for seasonal dips in income

Outdoor café seating with wooden tables and chairs, illustrating a relaxed atmosphere for small businesses during seasonal income fluctuations.

Seasonal dips in income can be highly challenging when you’re a small business. But there are proactive ways to predict, plan for and overcome these dips in revenue. The key to dealing with seasonal dips is to know when they’re most likely to occur, and to have measures in place to spread your income and […]

Staying on track with your personal budget

Railway tracks extending into the distance under a clear sky, symbolizing the journey of staying on track with personal budgeting and financial progress.

You’ve taken the first step and developed your personal budget for the year. However, don’t set and forget and then expect to achieve your personal finance goals! If you don’t monitor your progress, your spending habits are unlikely to change. So, what steps can you take to ensure you’re on track with your Personal Budget? […]

Tax Tips for Individuals

Person typing on laptop at a table with coffee cup and documents, illustrating tax preparation and financial management for individuals.

Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2021 tax return so you can get your tax done quickly and get any refund due to you in your bank! Income The Australian […]

Can Your Business Claim the Loss Carry Back Tax Offset?

Tax spelled out with wooden blocks on gold coins, symbolizing financial considerations related to loss carry back tax offset for businesses.

As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities that previously had an income tax liability in a relevant year, and […]

Income Splitting – New Rules from July 2021

Sliced orange and whole orange on yellow background, symbolizing freshness and vitality, relevant to discussions on income splitting and tax minimization strategies.

Are you interested in learning more about income splitting and how to minimise tax by apportioning income or profit between associated entities? Professional services firms frequently use income splitting – for example, medical, legal, financial or IT services firms. It’s a good way of reducing tax within the allowable provisions – so long as it […]

Tax Tips for Property Investors

Red wooden house models representing investment properties, aligned on a wooden surface, relevant to tax tips for property investors.

If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2021 financial year. Income to Declare All income earned from each property must be declared. If you have multiple properties, keep the records for each property separate to make the tax return more […]