Tax Archives

7 Tax Reduction Strategies for High-Income Earners in Australia

In Australia, high-income earners have the potential to reduce their tax liabilities through well-informed strategies significantly. This blog will introduce seven effective tax reduction techniques, each tailored to the unique financial landscape of high earners. We’ll cover a range of approaches, from intelligent property investment decisions to optimising deductions and setting up a discretionary trust. …

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What Happens If You Don’t File Your Tax Return on Time?

Tax / By Max Margin Accountants

Tax season can be a stressful time, and for some, it may slip by without filing a tax return. But what are the consequences of not lodging your tax return on time? MaxMargin Accountants offers a comprehensive look at what awaits those who miss the deadline. Tax Return Lodgement: Are You Required? You need to …

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7 Benefits of Hiring an Accountant for Your Small Business

Tax / By Max Margin Accountants

An accountant in an organization is responsible for handling the budget, monitoring daily financial transactions, providing updates about expenses and income, and interpreting financial records. The owner of a small business or an entrepreneur needs to maintain, analyze, and compile financial records and get a clear idea of regular expenses to get better control over …

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5 Reasons Why Tax Planning is Important for Businesses

Tax / By Max Margin Accountants

Tax planning is a strategy or plan that aims to minimize the amount of tax to be paid in a year on account of your income, wealth, and assets. It is the process of assessing an individual’s or business’ tax liability and reducing the tax through careful planning. It involves the implementation of certain measures …

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Why you need a Registered Tax Agent?

Accounting and Bookkeeping Services, Tax / By Max Margin Accountants

TAX TIME: Should I DIY or should I hire a professional accountant and tax agent in order to accomplish my job? So the most important question arises is that –Do you own tax return or Do you engaged in the professional services? There are some merits and demerits on the both these aspects. I would …

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Six important points every employee should know about the Fringe Benefit tax

Tax / By Max Margin Accountants

Fringe Benefits Tax a year ends on 31 March. The ATO has a responsibility to examine whether every employee is paying FBT and the amount payable is right. In order to meet the fringe benefits obligations, we have maintained the list of each and every employee needs for the sake of knowing FBT reviews of …

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Why it is necessary to lodge an FBT returns?

Tax / By Max Margin Accountants

Fringe Benefits Tax will be imposed on the employer even if it is framed to seize the benefits enjoyed by an employee. Even if your employment agreement permits you for any FBT returns that becomes payable to be regained from the employees, the employer will have no possibility for reimbursement. Why the employer must lodge …

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A Key to Easy Record Keeping | Helpful in Maximum Tax Refund

Tax / By Max Margin Accountants

Australians lose huge chunks of money every year because they are unable to produce bills of expenses for claiming the deductions. This casual attitude toward record-keeping costs huge in terms of tax planning. The basic habit of record keeping helps to save huge: At the time of filing of return of income, if the ATO questions …

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Tips to increase your Tax Refund this Financial Year

Tax / By Max Margin Accountants

June 30 is quickly drawing nearer, which implies there are things you ought to do soon to enhance your monetary circumstance. Brilliant tax planning implies conceding wage while presenting costs. For instance, in the event that you have cash to save, consider putting it in a term store with the interest developing after June 30. …

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How Tax Deduction works for Car Mechanics

General, Tax / By Max Margin Accountants

While you are working as a Mechanic or you have your own Auto Mechanic Garage Shop. There are number of ways that you are able to claim on your Personal Tax Return. Followings are the types; Food & Travel The cost of purchasing suppers when you work additional time, if you have been paid a …

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