Effective bookkeeping is vital for the success of any business. By understanding and implementing various methods, leveraging the right software, avoiding common mistakes, and following practical tips, you can maintain accurate financial records and make informed business decisions. Common Mistakes Below are some pitfalls to watch out for: By being aware of these common mistakes [...] Read More The post Bookkeeping Tips appeared first on Green Taylor Partners.

Fringe Benefits Tax (FBT) is an important consideration for employers who provide additional perks to their employees. Whether it’s a company car, free gym memberships, or entertainment benefits, these perks may be subject to FBT. Understanding how FBT works can help businesses remain compliant and avoid unnecessary tax liabilities. In this article, we’ll break down [...] Read More The post Fringe Benefits Tax (FBT) Explained: What Employers Need to Know appeared first on Green Taylor Partners.

There are some general rules you need to be aware of when preparing your own Estate Planning or having some role in the affairs of a deceased estate. Inheritance There is no tax payable on assets which pass from an Estate to a beneficiary in accordance with the deceased’s Will. Final Tax Return The deceased [...] Read More The post Death & Taxes – What happens when I die? appeared first on Green Taylor Partners.

As much as it sucks, tax is a part of life and I am sorry to say but it isn’t going anywhere! To reduce it, you could be doing some forward planning to make informed financial decisions. Everyone can benefit from tax planning from the biggest business to an individual. Why is tax planning important? [...] Read More The post Tax Planning appeared first on Green Taylor Partners.

What is compound interest? It is the interest you get on the money you initially invest and the interest you earn on the interest you’ve already earned. The power of compounding interest helps you save more money. The longer you save the more interest you earn. This means earning more interest on the interest you [...] Read More The post Compound Interest is an investors best friend appeared first on Green Taylor Partners.

Primary producers can smooth cashflow and tax liabilities with a Farm Management Deposit (FMD). Australia’s farmers and rural communities know that climate events such as drought, floods, and bushfires must be endured and planned for in our dry continent. Furthermore, primary producers know drought isn’t like a flood or fire. It creeps up slowly, but [...] Read More The post Farm Management Deposits: appeared first on Green Taylor Partners.

Pay As You Go (PAYG) instalments are regular payments toward your current year tax liability. The aim of them is to put aside money toward your tax bill so that when you lodge your tax return there isn’t as much to pay. Often referred to as just ‘instalments’, these tax payments can apply to individuals, [...] Read More The post What’s the go with PAYG instalments? appeared first on Green Taylor Partners.

At this time of year businesses may have spent money towards employee gifts and/or events, this can lead to two potential tax issue arising from these expenditures. These issues are income tax deductibility and fringe benefits tax (FBT). There are some important definitions to consider related to staff gifts or events, the main definition being [...] Read More The post Staff gifts, events and their deductibility appeared first on Green Taylor Partners.

There are two largely overlooked superannuation incentives available each year for lower income earners. Both of them are easy to access and the tax break available on your outlay makes these strategies extremely rewarding. SPOUSE CONTRIBUTION TAX OFFSET An amount of up to $540 per year is available if you make a super contribution on [...] Read More The post EASY & REWARDING Superannuation Offsets (Tax Breaks) appeared first on Green Taylor Partners.

This is something a lot of business owners or individuals would not have come across, but it is important to be aware of. The deductibility of legal expenses is determined the same way as other business expenses. That is, if they are necessarily incurred in earning your business income and are not capital, private or [...] Read More The post Are your legal fees deductible? appeared first on Green Taylor Partners.

For those businesses registered for Goods and Services Tax, managing the GST can be difficult. Picking the right GST codes is one of the most challenging parts of doing the books. These codes are essential for correctly tracking and reporting GST on transactions, ensuring compliance with tax regulations, and avoiding potential fines. What Are GST Codes? [...] Read More The post Demystifying GST Codes: A Guide for Small Business Owners appeared first on Green Taylor Partners.

We have all heard of it but most likely ignore it! Is more than 50% of your income generated from a contract due to your personal efforts or skills? If so, your income maybe considered Personal Services Income (PSI). What is it?!? Personal Services Income, also known as “PSI” is income when more than half [...] Read More The post What is Personal Services Income? appeared first on Green Taylor Partners.

If you’re experiencing a major milestone, it might be the right time to reassess your  life insurance needs. Major life events often prompt people to take out life insurance products, including having a baby, taking out a mortgage, buying a home and getting married. YOUR FIRST JOB Starting your career may not seem like the [...] Read More The post WHEN SHOULD YOU CONSIDER LIFE INSURANCE PRODUCTS? appeared first on Green Taylor Partners.

If you are currently undertaking additional study, attending work conferences or seminars that relates directly to your job, you may be eligible to claim certain expenses as deductions against your assessable income. Types of expenses you can claim: Types of expenses you can’t claim: To be able to claim the above expenses, you need to [...] Read More The post Are you a wage earner and undertaking additional study? appeared first on Green Taylor Partners.

Navigating property expenses can be tricky, but knowing the difference between repairs, maintenance, capital improvements and initial repairs is key to maximizing your tax deductions. Here’s a fun and simple breakdown to help you get it right! What Are Repairs? Repairs are all about fixing what’s broken or worn out to get things back to [...] Read More The post Repairs, Maintenance, Capital Improvements and Initial Repairs: A Fun Guide for Property Investors appeared first on Green Taylor Partners.

In Australia, private health insurance is not just about securing better healthcare options; it also plays a significant role in tax obligations. Here is why having private health insurance can be beneficial for your tax situation: When considering Private Health insurance for tax purposes, the coverage referred to is Hospital coverage only. Having Ancillaries does [...] Read More The post Why would I consider Private Health Insurance? appeared first on Green Taylor Partners.

One of the most common incorrectly claimed deductions against rental property income is interest. If you borrow to purchase a rental property any interest you incur on that loan will generally be tax deductible. But what if that loan has a redraw facility – what happens if redraw against the loan balance?  Is the interest [...] Read More The post Residential Rental Loans – Interest Deductibility, Offset & Redraw Facilities appeared first on Green Taylor Partners.

The Vacant Residential Land Tax (VRLT) is in addition to the current Land Tax and short-term rental tax property owners are now facing. The current Vacant Residential Land Tax applies to residential properties left empty for more than six months and have not undergone significant renovation/reconstruction in the inner and middle suburbs of Melbourne. From [...] Read More The post Victoria’s Vacant Residential Land Tax appeared first on Green Taylor Partners.

With the rise of social media like TikTok, the thousands of ideas are spread by the hour on how to earn extra coin on the side. Being part of the ‘Gig’ economy such as ridesharing, freelancing or having a ‘Side Hustle’ like drop-shipping and social media content creation might earn you some spare cash. If [...] Read More The post Every Day I’m Hustlin’ appeared first on Green Taylor Partners.