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Whether you’re an employee eyeing a new car or an employer striving to boost your team’s morale, understanding novated leases as a fringe benefit and the associated tax is crucial. Why? Because it can lead to significant financial advantages and benefits for both employees and employers. Let’s find out more about novated leases, calculating their…
Whether it’s a “buy nine, get the 10th coffee free” deal, happy hour, or a 12-month gym membership for the price of 11, we all love a perk! Fringe benefits are non-cash perks employers can offer sought-after prospective employees to make an employment position more desirable. But, there’s a catch- the Fringe Benefits Tax (FBT). …
Are you a first-time investor considering property investment for a steady income stream through rental yields? Or are you looking to expand your current property portfolio for long-term wealth growth? Whatever your motivation, property investment is an exciting arena to be in. However, choosing the right investment property financing option can be a challenge. This…
Attention homeowners and investors in Australia! Property tax might not be the most exciting topic, but it’s one you can’t afford to ignore! So, we’ve put together this guide to cover the essentials of calculating Australian property tax rates in a way that’s easy to understand. With our expertise, navigating property tax becomes less of…
Are you eager to make your mark in property development, or are you ready to take your current portfolio to the next level? In Australia, property development is an exciting and potentially lucrative arena involving purchasing, developing, and managing properties to generate profit. However, the success of development projects heavily relies on effective financial planning.…
There has been a recent change to payroll tax that applies to medical practices and practitioners, including dental clinics, radiology centres, physiotherapy practices, and other similar businesses. It comes down to the State Revenue Office’s definition of ‘employee’ and ‘contractor’. It is the employer’s responsibility to deduct a percentage of each employee’s wages as payroll…
The federal government recently announced changes aimed at closing loopholes in the Fair Work Act that allow for intentional underpayment of employee wages and entitlements. As an accounting and business advisory firm, we want to help our small to medium business clients understand how these changes could impact their operations. Key Changes to the Fair…
Just like choosing between a GP and a specialist depends on your ailment, picking between a Ma href=”https://www.pherrus.com.au/tax-agent-services-guide/”>tax accountant and a tax lawyer depends on your financial situation. Are you dealing with straightforward income and deductions, or are you wrestling with complex tax-related legal issues? This article will explore the unique skills and areas of…
Just as you wouldn’t drive through unfamiliar terrain without a GPS, you shouldn’t navigate the rocky roads of taxation laws and obligations without the guidance of a tax agent! A tax agent is a certified professional who specialises in preparing, filing, and managing tax returns on your behalf. They understand tax laws, so they’ll keep…
Being unprepared for your tax agent at tax time can lead to delays, extra fees, and a whole lot of stress. Forget one essential document, and you can be back to square one! But there’s no need to worry; we’ve put together the ultimate checklist for what you should take to your accountant for a…