How To Calculate Capital Gains Tax: Bookkeeping Records to Keep When Selling Business Assets is about keeping the right records so Capital Gains Tax (CGT) can be reviewed properly when a business asset is sold. Clear bookkeeping helps your accountant check the capital proceeds, cost base, capital losses, taxable gain and possible net capital gain…
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How Your Business Remuneration Strategy Affects Medicare Levy Surcharge Exposure
How Your Business Remuneration Strategy Affects Medicare Levy Surcharge Exposure matters because the way you pay yourself can affect whether you pay the Medicare Levy Surcharge. For business owners, the issue is often not just taxable income, but the mix of salary, reportable benefits, family income, investment losses, and other amounts counted for Medicare Levy…
How Much Tax Will I Get Back? How to Reconcile Your ATO Notice of Assessment to Your Bookkeeping Records
How much tax will I get back is a common question when your Australian Taxation Office (ATO) notice of assessment does not match the refund you expected from your bookkeeping records. Your tax refund or tax payable depends on taxable income, tax withheld, Pay as You Go (PAYG) instalments, deductions, tax offsets, the Medicare levy,…
How Accurate Bookkeeping Changes How Much Tax Refund You Get Back as a Sole Trader
How Accurate Bookkeeping Changes How Much Tax Refund You Get Back as a Sole Trader starts with one simple point: your refund depends on the quality of the income, expenses, and deductions recorded for tax purposes. For sole traders, the question “how much tax refund will I get” is really about your total assessable income,…
