by Camden Professionals | Oct 24, 2023 | ATO, Income Tax Returns, Tax & Accounting, Tax Deductions
It’s quite common for people to structure their professional affairs by setting up an entity to run their business through. This could be a trust, a partnership or, most often, a company. The tax rate for small companies is just 25% which compares very...
by Camden Professionals | Oct 24, 2023 | Income Tax Returns, Small Business, Small Business Tips, Tax Deductions
If you operate some or all of your business from home, you may be able to claim tax deductions for the business portion of expenses. These may include: occupancy expenses (such as mortgage interest or rent, council rates, land taxes, house insurance premiums) running...
by Camden Professionals | Oct 3, 2023 | Income Tax Returns, Small Business, Small Business Tips, Tax Deductions
Did you know that you may be able to claim tax expenses for certain travel costs if your job requires you to stay away from home overnight? The good news is that accommodation expenses, meals, and other incidental costs can potentially be tax deductible when traveling...
by Camden Professionals | Sep 25, 2023 | Salary Sacrifice, Superannuation, Tax & Accounting, Tax Deductions
1. What Is Salary Sacrificing Or Salary Packaging? Salary sacrificing is also called total remuneration packaging or salary packaging. A salary sacrifice arrangement is when an employee agrees to receive less take-home income from the employer in return for benefits...
by Camden Professionals | Sep 25, 2023 | ATO, Tax & Accounting, Tax Deductions
You must have come across the term tax offset being used in conversations regarding taxes, especially around tax time. As per the Australian Taxation Office (ATO), a tax offset will directly reduce or offset the amount of tax payable on a person’s taxable income in a...
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...
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