Pay your way: tax and the sharing economy The desire to pay less for goods and services coupled with the convenience of being able to conduct such transactions online or via apps, has lead large numbers of people to use…
A share trader who holds share as trading stock at the end of an income year must elect to value each share (as an item of trading stock), at cost, market selling value or replacement value. From a planning perspective,…
There are several personal tax offsets available to individual taxpayers. Tax offsets are subtracted from the tax calculated on taxable income. In contrast, a deduction is subtracted from assessable income in calculating the taxable income on which tax is payable. Example…
The ATO has confirmed that the costs of travelling to have a tax return prepared by a “recognised tax adviser” like Mark Your Tax Accountant are deductible. In particular you can claim a deduction for the cost of managing your…
Grants and business support The Queensland, Australian and local governments offer funding programs, often in the form of grants, and business support services to help new and established businesses grow and succeed. Government grants can help you develop your business…
You have a TFN but didn’t work so I don’t have to lodge a tax return, right? NO! When you have a Tax File Number but you have not worked during the financial year, you have to submit a non-lodgment…