Xero Payroll Year-End Checklist: Don’t Forget to Finalise Your Payroll
Finalising your Xero payroll at year-end ensures your employees’ income information is correctly reported to the ATO. Here’s a practical checklist to make sure nothing gets missed.
$35,000 Saved Per Year Through Tax Amendments: How the Right Tax Treatment Changes Everything
The cheapest tax return is not always the best one. We share how a client saved approximately $35,000 per year through amendments, and how a franked dividend strategy saved another $24,000.
Share Investor or Share Trader? Why the Distinction Matters for Your Tax
Do you regularly buy and sell shares? Whether the ATO treats you as a share investor or a share trader can dramatically change your tax position. Here’s how to tell the difference and why it matters.
Could Poor Property Tax Planning Cost You $100,000? A Real Client Story
One property client faced a $100,000 CGT bill that earlier advice could have significantly reduced. Another went from $1,900 payable to a $3,300 refund. Here’s what made the difference.
How We Helped a Business Client Save $40,000 Through a Tax Amendment
A second look at a prior tax return uncovered $40,000 in legitimate deductions that had been missed or misclassified. Here’s what we found — and what it means for your own returns.
When Is a Property Ownership Restructure Worth Considering?
The way you own a property can significantly affect your tax position, asset protection, and long-term wealth. Here’s when a restructure is worth considering — and what it can actually cost if you don’t.
Why 100% of Our New Clients Have Missing Tax Deductions
Every single new client we see has had at least one legitimate tax deduction, concession, or planning opportunity missed in prior years. Here’s why it happens and what you can do about it.
6 Tax Planning Strategies Many Company Owners Overlook
Most business owners know the basics. But some of the biggest tax-saving opportunities for company owners are the ones that regularly get overlooked. Here are six strategies worth reviewing.
CGT Discount Rules May Change: How to Get Your Structure Right Now
There’s growing talk about potential changes to the 50% CGT discount in Australia. Here’s what property investors and business owners should be doing now to protect their tax position.
Can You Afford Not to Have a Tax Planner on Your Side?
The difference between having your tax return prepared and having a proactive tax planner in your corner can be tens of thousands of dollars. Here’s why it matters more than ever.
Can You Claim a Private Day Tour as a Business Deduction? | Impact TFS
Impact TFS CPA Practice · Bankstown & Wollongong Book a Free Call Tax Planning Insights Can You Claim a Private Day Tour as a Business Deduction? Many business owners ask this question — and the answer isn’t as simple as yes or no. It comes down to how the expense is structured and whether it […]
Taxation in 2024: A Guide to Organising Your Finances in the New Year
Taxation in 2024: A Guide to Organising Your Finances in the New Year A New Year calls for organization! As we embark on another journey around the sun, it’s time to turn our attention to a crucial aspect of our financial lives—organizing our taxes. In Australia, a well-organized tax strategy not only ensures compliance with […]
The Benefits of Choosing a Local Tax Accountant in the Bankstown Area.
In the fast-paced world of finance and taxation, the decision to choose a tax accountant can significantly impact the financial health of individuals and businesses alike. While the allure of big-name firms and online services might seem tempting, you may want to explore your options locally. In this article, we’ll explore the myriad benefits of […]
Ensuring Compliance with Australian Taxation Regulations
Navigating Australia’s complex tax system can be a daunting task for individuals and businesses alike. The Australian Taxation Office (ATO) has a set of stringent regulations and requirements that must be adhered to. This is where the expertise of accountants comes into play. Accountants play a crucial role in ensuring compliance with Australian taxation regulations, […]
Tax Tips To Maximise Your Property Tax Returns in Australia
Tax season can be a daunting time for many Australians, especially property owners. However, with a bit of knowledge and careful planning, you can make the most out of your property tax returns. In this blog post, we’ll explore some essential tax tips to help you maximize your property tax returns in Australia. One of […]
How to Lower Your Bills & Reduce Expenses in Australia
Living in Australia can be a wonderful experience, but it can also come with a high cost of living. From housing to utilities and daily expenses, managing your finances efficiently is essential. In this blog post, we’ll explore effective strategies to help you lower your bills and reduce expenses in Australia. The first step to […]
Is it Time Your Business Raised Its Prices?
The escalating costs of running a business are undeniable. If your company has been absorbing inflation from suppliers without evaluating your current pricing for products and services, now might be the opportune moment to contemplate implementing a price increase. As a business owner, you face an array of critical decisions daily, and one of the […]
Navigating Australian Tax Deadlines: Stay Ahead of Your Financial Obligations
Tax season is a time that can invoke mixed feelings for many individuals and businesses alike. In Australia, understanding and meeting tax deadlines is crucial to ensure compliance with the tax laws and avoid unnecessary penalties. Whether you’re a business owner, a sole trader, or an individual taxpayer, staying organized and informed about tax deadlines […]
4 Questions to ask when choosing a Tax Accountant
Choosing a tax accountant can be a daunting task, but it is one of the most important decisions you will make when it comes to taxes. A good accountant can help you save money and time by finding legal deductions and credits, while a bad one can lead to costly mistakes and penalties. There are […]
5 ways to maximise your tax refund in 2023
Most people don’t think about tax time until the Easter bunny has hopped away others until the calendar has clicked over 1st of July and some only when the dreaded deadline looms. But that doesn’t have to be you. Why not make this year the year you lodge on time and receive your possible refund […]
Maximise Your Wealth with Planning
Are you looking for ways to maximise your wealth? With the right planning, you can create a successful financial future and achieve real economic stability. Planning ahead is the key to unlocking your financial potential, as it allows you to take charge of your finances and make decisions that will benefit your long-term goals. The […]
Strategies to Achieve Financial Happiness
Financial happiness is a state of contentment that comes from making smart money decisions. It involves having control of your finances and being able to meet all of your financial goals. Achieving financial happiness requires a commitment to follow responsible money management practices and set realistic goals. This article will discuss several strategies that can […]
Accountants: Your Financial Life Partner
Accountants are an essential part of the financial world, yet their importance is often overlooked. They provide vital knowledge and insights to individuals and businesses alike, helping them to effectively manage their finances. Accountants possess a wide range of skills; they can help with taxes, payrolls, financial planning and budgeting, as well as giving advice on […]
Bookkeeping for small business in Australia
There are a number of things to consider when it comes to bookkeeping for small businesses in Australia. The following article will outline some of the best practices for bookkeeping in Australia. With careful planning and execution, small business owners can ensure that their books are kept in good order and up to date. As […]
3 Factors To Consider When Choosing A Tax Accountant
It is tax season again. How to choose the best tax accountant for yourself? Below are the most important factors you should consider. 1. How complicated your return is? If on top of employment income you also have other investments such as rental properties, shares or cryptocurrencies, you will need to find a tax accountant […]
What an accountant can do for your business
An accountant can help your business in a number of ways. They can help you keep track of your finances, prepare your taxes, and offer advice on financial matters. An accountant can also help you plan for the future of your business and make sure that you are making the most of your money. They […]
Starting Your Own Business: Tips and Tricks
If you’re thinking about starting your own business, you’re not alone. Every year, thousands of Australians take the plunge into entrepreneurship. But before you take the leap, there are a few things you should do to increase your chances of success. One of the most important is to hire an accountant. A good accountant can […]
Should I hire an accountant to help with the purchase of my small business?
When you take on the management of the business, you subsequently acquire staff, capital, assets, and property. Without the insight to wisely manage these functions, you may feel pressurized, burned out, and concerned. This is what business owners are afraid of, as they wish to be seen to uphold the reputation of the business within […]
Lodging your tax return for 2022
Tax time is never easy, but it can be made a little bit more manageable by getting your tax return done as early as possible. Here are some tips on when you can lodge your tax return for the year 2022. When can you lodge your tax return for 2022? The Australian tax return is […]
Services we offer at Impact Taxation
Located in Bankstown, Impact Taxation offers a complete tax return service for all your taxation needs. The team of qualified and experienced accountants will help you claim all the deductions you are entitled to, ensuring you get the most from your tax return. We’ll help you get the most from your taxes, and make sure […]
Do you have the best strategies to reduce tax on rental properties?
Recently we had a client who need to pay $25,000 capital gains tax for a rental property sold last year. We found out that if she has consulted us a few years back, we could have helped her to save this cost. Now that the time has passed, and the property was sold already, we […]
