Lodging your tax return can feel overwhelming, especially when the Australian Taxation Office (ATO) offers pre-filled online services through a myGov account. Should you lodge your own tax return or engage a registered tax agent? This article examines both options, helping you understand how to get the best tax refund or meet your tax obligations,…
Month: July 2025
What Happens if You Exceed the Concessional Contributions Cap? Tax and Reporting Consequences
Exceeding the concessional contribution cap can lead to extra tax and reporting steps, affecting your assessable income and overall retirement savings strategy.Many Australians use salary sacrifice and other before tax contributions to boost their super account. Each financial year has a set contributions cap—known as the concessional contributions cap—on how much you can make in…
Bookkeeping Guide for Setting Up and Managing a Self Managed Super Fund (SMSF)
A bookkeeping guide for setting up and managing a Self-Managed Super Fund (SMSF) is essential for trustees who want to take control of their retirement savings while ensuring compliance with Australian Taxation Office requirements. Proper bookkeeping forms the backbone of SMSF management, enabling you to track contributions, manage investments, and meet your regulatory obligations with…
How to Record and Manage Minor and Infrequent Fringe Benefits Tax (FBT) for Small Businesses
How to record and manage minor and infrequent Fringe Benefits Tax for small businesses can seem overwhelming, but it doesn’t have to be. Many small business owners find themselves caught off guard by FBT obligations, particularly when understanding the minor benefits exemption and keeping proper records. The good news is that with the right approach,…
