by Camden Professionals | Aug 24, 2023 | Asset Depreciation, Small Business, Small Business Tips
Depreciating assets are assets used by a business that lose value over time through wear and tear, age and obsolescence. Examples include equipment, machinery, vehicles, furniture and computers. For tax purposes, businesses can claim a depreciation deduction to...
by Camden Professionals | Aug 24, 2023 | ATO, Tax & Accounting
The rise of cryptocurrency as an investment and trading class has been fast-paced and unprecedented. For those unfamiliar, cryptocurrency (or ‘crypto’) is a digital currency that is traded via online platforms only and often has no physical or tangible presence. It’s...
by Camden Professionals | Aug 15, 2023 | ATO, Tax & Accounting, Tax Deductions, Tax Refunds
The tax refund many Australians expect has dramatically reduced. The ATO has made some changes that may affect your tax refund. It may be vastly lower than you think, or you may receive a tax bill! This could be for numerous reasons, including: The Low and Middle...
by Camden Professionals | Aug 15, 2023 | Property Investment, Property Investment Tips, Property Tax
You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. When you undertake any subdivision of land that is not part...
by Camden Professionals | Aug 15, 2023 | ATO, Tax & Accounting, Tax Deductions
If you get a big lump sum payment that’s related to an earlier year’s income, you may be able to get some tax relief on it. This is called the Lump Sum Payment (LSPIA) in Arrears tax offset. Basically, if you get a lump sum payment that’s more than $1,000 and it’s for...
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