Tax Audit Insurance protects a business from unexpected costs incurred in the event that it is selected by the Australian Tax Office (ATO) for compliance auditing. An audit insurance policy covers the costs of accountants, other professional fees and associated costs incurred in the course of an audit. Increasingly, the ATO are focusing on small to medium businesses and individuals, particularly those with more complex affairs such as trusts, self…  Read more

With all the time many of us have spent working from home in the past 12 months, it’s likely you may have expenses you can claim. However, with this being a focus for the ATO it’s important to ensure you are clear on what you can and can’t claim. In addition, there are different methods for calculating deductions. Along with the usual methods, the ATO has introduced the ‘shortcut method’…  Read more

With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Here is some important information on cryptocurrencies and their implications for your taxes. How cryptocurrency…  Read more

If you are one of the hundreds of thousands of Australians trading in digital currency it is critical that you are aware of the tax implications. The ATO have made it very clear that cryptocurrency will be under the microscope this tax season so it is important to understand your obligations. What is cryptocurrency? Cryptocurrency is defined as a digital currency in which transactions are verified and records maintained by…  Read more

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time…  Read more

The end of the tax year is right around the corner and though you may be dreading 30 June, there are things you can do to feel better prepared and make the most of your tax deductions. As this year has been different for many people in terms of their employment situation, there are changes to tax reporting that may affect you. Here are some things to know about your…  Read more