Australian Tax Rebates and Tax Offsets

Why are credits and refunds being offset | Taxwise Australia | (08) 9248 8124

Why are credits and refunds being offset?

By Warren Kruger / November 23, 2022 / 0 Comments

The ATO has reached out to small businesses who may have recently received a letter advising that they have a debt on hold and any credits or refunds would be offset against this debt. As a result, such a small business may find that their refund or credit is less than expected. Editor: The ATO […]

Read More
Small business tax incentives back on the table | Taxwise Australia | (08) 9248 8124

Small business tax incentives back on the table

By Warren Kruger / September 22, 2022 / 0 Comments

The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and upskill employees and improve their digital and tech capacity. The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated. Small businesses with an […]

Read More
Tax Cuts Become Law | Taxwise Australia | (08) 9248 8124

Tax Cuts Become Law

By Warren Kruger / August 2, 2019 / 0 Comments

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23. In combination with the legislated […]

Read More

Taxation of Foreign Income Derived by Australian Residents

By Warren Kruger / November 6, 2017 / 0 Comments

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income […]

Read More
blog 3 | Taxwise Australia | (08) 9248 8124

Life Policy Bonuses and Tax

By Warren Kruger / August 21, 2017 / 0 Comments

When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s assessable income, and a tax offset is available. A bonus is not assessable income if […]

Read More
sunset over water with bridge

What is a Tax Loss and How Can it be Turned to Good Use?

By Warren Kruger / June 6, 2017 / 0 Comments

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future […]

Read More

Need Help With

Your Tax Return?

Complete the form below for a fast response

Scroll to Top
Call Now Button