by Camden Professionals | Apr 18, 2024 | ATO, Income Tax Returns, Tax & Accounting
A late tax return penalty can be substantial, but they are entirely avoidable. That is why it is important to know your tax deadlines and any penalties that may apply for failing to lodge on time. In this article we will cover what an overdue tax return is, what the...
by Camden Professionals | Mar 19, 2024 | ATO, Income Tax Returns, Medicare
This is a bit of an ATO (Australian Taxation Office) secret, but under certain circumstances you may be entitled to claim any Medicare Levy you’ve paid during the year back if you’re deemed exempt. Claiming a Medicare Exemption If you were considered a temporary...
by Camden Professionals | Feb 22, 2024 | Income Tax Returns, Retirement, Superannuation, Tax & Accounting
As the second half of financial year unfolds, taxpayers may be exploring ways to reduce their tax liabilities before June 2024. One often overlooked avenue for tax savings lies within the superannuation system, specifically through the strategic utilisation of unused...
by Camden Professionals | Feb 7, 2024 | Income Tax Returns, Small Business, Small Business Tips, Tax Deductions
If you own a business in Australia, the good news is that many costs related to advertising and promoting your business can be deducted from your taxes. This means you can reduce the amount of tax you have to pay by claiming these expenses on your annual tax return....
by Camden Professionals | Feb 7, 2024 | ATO, Income Tax Returns, Tax & Accounting, Tax Deductions
A recent case presented before the Administrative Appeals Tribunal (AAT) underscores the significance of ensuring that the evidence aligns with the tax position asserted. This specific case revolves around heritage farmland, initially acquired for $1.6 million and...
by Camden Professionals | Jan 31, 2024 | Income Tax Returns, Tax & Accounting, Tax Refunds
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3...
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