For tax purposes, micro-entrepreneurs can deduct ordinary and necessary expenses incurred on behalf of their business. An ordinary expense is any expense common to a particular type of business. An ordinary [more…]
For resident individuals in Australia, tax is levied on worldwide income on a progressive basis, referred to as marginal tax rates. Your marginal tax rates [more…]
When figuring taxes in Australia, you can use tax offsets to reduce your tax payable. You can’t use tax offsets to reduce the Medicare levy liability.
Ordinarily, you can’t have unused tax offsets refunded [more…]
In Australia, if you sell things like shares, real estate, works of art, or other assets that you acquired after 19 September 1985, you may be liable to pay [more…]
Superannuation is a scheme in Australia that helps you fund your retirement. Monies invested can’t be accessed until you satisfy a condition of release, such as when you retire. Some of the Australian [more…]
If you’re a share investor in Australia, to qualify for a tax deduction with respect to dividend payments, a direct and relevant connection must exist between the expenditure you incur and the dividends [more…]
If you invest in real estate in Australia, you may be eligible for tax benefits. Here are some examples of the types of expenditure that are tax deductible: [more…]