How to save for tax

We often welcome new clients to The Real Thiel family that have a few outstanding tax returns to lodge. The first step to being on top of tax is to get everything lodged, and then to pay the ATO everything they’re owed. Clean slate.

When you have a tax bill to pay, this usually...

Personal Services Income

This question is in everyone's tax return, and you have to answer it… correctly!

“Did you receive any personal services income?” 

People often get stumped by this one, but the main thing to remember is that it’s not necessarily a good or bad thing, you just have to...

1. Pros and Cons List
   Classic - this has to be the most common way of making big decisions. We draw a line down the centre of the page and start noting the pros and cons of the decision. 
   
   
2. Take Time
   Some things need an urgent response but if you can give yourself even just a few days it might help to m...

Oh the places you’ll go! 

Your job or your business activities might require you to travel nationally or even internationally. These trips come with added expenses, so it is important to understand what records to keep and what you might be entitled to deduct at tax time.

What are travel expenses?...

***updated 25 Sept 2020***

Who would have thought we would still have people in isolation in August, and be discussing JobKeeper extensions? I certainly had expected the world to be in a better position by now.

Alas, here we are... but thankfully there is some help continuing with JobKeeper 2.0. O...

Let me entertain you! 

What is Entertainment?

According to the ATO, you can provide entertainment by way of food, drink or recreation. Any accommodation and travel connected to the provision of food, drink and recreation is also considered to be entertainment.

Generally entertainment expenses are...

In a previous blog on car expenses, we touched on buying a car in your company and possible FBT (Fringe Benefit Tax) implications of providing cars to your employees. Let’s jump in and explain it in more detail.

Is a car an asset?

Yes, a car is considered an asset to your business (even if it feel...

Welcome to a whole new tax! Did you know that there are taxes and reporting requirements (for some people) beyond the year end income tax returns we all do? You might have heard about GST (good and services tax), or CGT (capital gains tax), but today we’re looking at Fringe Benefits Tax AKA “FBT”. 

What is a Fixed Asset Register?

It’s all in the name… a Fixed Asset Register is a list of fixed assets that are owned by a business. It is used to keep track of assets, their book value, purchase date and to calculate their depreciation. In most cases, you can find your Fixed Asset Register in your...

I appreciate you… and I depreciate your assets.

What is Depreciation?

Depreciation is how we account for an assets value becoming reduced through time and use. It is the measure of decline in value of an asset used by a business to generate income. Assets depreciate at different rates and differen...