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Relevant and practical knowledge and tools to build your business

Mortgage offset accounts: An explainer

“Mortgage offset accounts”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. An offset facility contains two bank accounts: (1) a transaction account (meaning you have access

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Tax & Super Australia is about to celebrate 100 years

World Taxpayers Conference Last call tickets In the month of May, as the clock ticks over for Tax & Super Australia’s 100 year birthday, we will be teaming up with The Australian Taxpayers’ Alliance for a four day conference, from May 23 to 26 inclusive, to exchange ideas and learn from the best practices of

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FBT returns, employee declarations, and some looming deadlines

An employee declaration is written advice given to an employer by their employee containing information relating to the fringe benefits staff have received. A business needs to keep employee declarations to apply certain fringe benefit tax (FBT) concessions. They are not to be sent to the ATO, but retained as part of business records. The

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Adjusted taxable income: An explainer in case a client asks

  If your clients have ever or will ever apply for certain tax offsets or concessions or a government benefit of some kind, they may very well be asked to provide their “adjusted taxable income” (ATI). ATI is used to assess eligibility for certain offsets and other entitlements (typically items T4, T5 and T6 but

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The budget’s boost to instant asset write-off is now law

  Federal Budget night announced an increase in the instant asset threshold, and also an extension of which businesses could access the measure. Now the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 has achieved Royal Assent. (And it did so on 6 April, so your affected clients may appreciate the

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