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Stamp Duty in NSW: What you need to know

Whether you’re purchasing a home for the first time or planning to relocate to New South Wales, understanding all the costs attached to buying a new property up-front is the best place to start. Like every state in Australia, NSW stamp duty is a `specific fee or cost you will pay when purchasing a home.…

Self Employment Tax Guidelines for Australia

The tax considerations of being self employed in Australia are unique. Legally minimising your tax burden and taking advantage of every available deduction requires careful and informed forward planning of tax minimisation strategies. If undertaken without professional guidance, tax management can be riddled with missed opportunities for claiming tax benefits. Unanticipated and unnecessarily large tax…

EOFY 19 / 20 Tax Advice with the Best in Business Accounting

The year is going so quickly that June 30th will be here before you know it. And, June 30th means one thing – end of the financial year (EOFY). To ensure you meet the deadline, it’s time to get your personal and business finances in order. Thankfully, by following some simple tips, preparing for tax…

Tax Brackets Australia – The Definitive Guide to Tax Brackets & Tax Strategies [2020 update]

Are you paying the right amount of income tax? In a surprising number of cases, businesses and individuals are paying more tax than they need to! Here we take a look at the current Australian tax rates, as well as what you can do to ensure you’re not paying more tax than you should be.…

Trustee Company vs Trust Company vs Company: What’s the difference?

Are you having trouble deciding on the best trustee business structure to choose for your startup journey or why it’s even important to consider setting up a trust vs a company? Establishing the correct base at the beginning is imperative because if you fail to do so, major (and expensive) setbacks could affect the future…

The ATO’s Stance On The Sharing Economy

The ATO’s stance on the sharing economy The sharing economy includes any economic activity that takes place via a digital platform (a website or app, for example) where people offer products or services for a fee. Some common sharing economy activities include the following: Short-term accommodation rentals like Airbnb and Homeaway Ride-sourcing – sometimes referred…

What You Need to Know About the Latest Tax Depreciation Legislation Changes

Back in November 2017, the federal government announced changes to tax depreciation legislation. They announced these new changes along with the federal budget on 9 May of this year, and investors across the country are still scratching their heads in confusion and worrying about the potential impact on their future tax returns. Let us break…

Lodging Your Individual Tax Returns with Pherrus

Tax day may seem a long way off at the moment, but 31 October will sneak up on you sooner than you think. The earlier you start preparing to lodge your individual tax return, the easier the process will be. You don’t want to be left scrambling around at the last minute, trying to get…

Special Pherrus Federal Budget 2018-19 Review

Special Pherrus Federal Budget 2018-19 Review The federal budget has been outlined for 2018-19. This year’s Budget highlights a mix of some 37 measures. What are the need to knows? Here are the Big Ones Personal Income Tax Relief – there will be an immediate offset for low to middle income earners. Further relief is…

Changes to GST Exemption

Starting from the 1st July 2018, the changes to GST exemption mean that all online goods bought from overseas will now carry a 10% goods and services tax. The previous rules meant that all goods worth less than $1,000 were exempt from the GST, but that is no longer the case. Goods becoming more expensive…