CTK Tax University

2025FY updates of the medicare levy and public health insurance

Three types of GST reporting methods are available when lodging your BAS. 

Reduction in HESC-HELP indexation rates for the 2023FY and 2024FY

What are the surcharge purchaser duty, foreign investment fee, and vacancy fee?

When buying a property, you may encounter various expenses such as transfer duty (commonly known as stamp duty), land tax & council rates.

What are the tax implications for running an Airbnb business at your property?

Instant asset write-off & small business pool explained

What are the advantages of setting up a holding company?

How do deemed dividends arise?

What is a dividend?

Are public officers allowed to claim the company’s tax-related expenses on their individual tax return?

Statutory vs operating cost method

Luxury car tax

There are two methods to claim car expenses: the cents per kilometre method and the logbook method

How much salary should business owners pay themselves?

Stage three tax cuts

Exemptions, concessions and other ways to reduce FBT

CGT concessions that can potentially be applied to your share sale

What are Small Business Capital Gain Tax Concessions?

How much tax can you save with the right professional services entity structure?

Marginal Tax Rates and Super Contribution Rates for the 2024FY

Long Service Leave

Is Online Content Income Taxable in Australia? 

How to pay NO CGT when disposing of your rental property?

What are the rebates for hiring an apprentice for the 2024FY?

Which method is the best for claiming WFH expenses?

The Medicare levy surcharge is not to be confused with the regular Medicare levy

Does your boss require you to plug your phone in and play music throughout your shift? Then you’re in luck, keep a logbook and claim the work use % of your spotify subscription fee’s.

For employers with no closely held employees: The due date for end-of-year STP finalisation is 14 July 2023.

The first thing you should absolutely avoid, is playing silly buggers with areas of taxation that the ATO is knowingly targeting.

The generous low and middle income tax offset (LMITO) of up to $1,500 has expired and will not be available for the 2023 financial year.

The Safework NSW rebate is a $1,000 rebate available to NSW businesses with under 50 employees.

With the electric vehicle FBT exemption, if an employer offers an electric car worth $50,000 to their employee, they could save up to almost $10,000 a year in taxes.

This article provides guidance on how to allocate the price paid for a business to its assets, with a focus on the tax implications for both the seller and the buyer

If you are a person or business in Wollongong or surrounding suburbs looking for the best accountant for your situation, you should consider the size and complexity of your affairs, future goals and budget.

If you own your own Pty Ltd company and purchase a vehicle through the company to take advantage of depreciation incentives such as temporary full expensing, you may be liable for fringe benefits tax

Businesses with an annual turnover of less than $5billion are eligible for temporary full expensing.

The small business skills and training boost allows businesses with an aggregated turnover of less than $50m to deduct $1.20 for every $1 spent on training courses for their employees

The small business technology investment boost allows businesses with an aggregated turnover of less than $50m to deduct $1.20 for every $1 spent on digitisation of their business

There are 2 branches of deductions for your home office: 1) Occupancy expenses – E.g., water, rent,interest, insurances and 2) Running expenses – E.g., electricity, gas, and repairs.

Starting from 1 July 2023 the Australian taxation office will only accept 2 methods of claiming work from home expenses:

Private health insurance will most likely save you money if you earn over $90,000 a year.

If you run a company turning over less than $2m of revenue and have a tax accountant lodging for you, you will generally need to lodge by 15 of May the next year.

This article gives a summary of the different rates for different classes of Australian taxpayers in the 2022FY.

Cheat sheet for determining GST on imports to Australia

To help businesses and individuals get through this lockdown the NSW government have proposed the following grants, all of which are still evolving day to day

Once your accountant has added you to their ATO tax portal they will need the following information regarding your income and expenses

This article is for the expats, E3, J1 and O1 visa holders and any other Australians who are living temporarily in The U.S with plans to eventually return to their permanent base in Australia.

Full time employees are employees who are hired on a permanent basis and usually work 38 hours a week. Part time employees are hired on a permanent basis but work less than 38 hours a week and are entitled to the same benefits as full time employees but on a pro rata basis.

Living and working in remote towns of Australia has its own set of challenges, rewards and experiences. It also has its own tax offsets and tax deductions.

Have you just moved to Australia and are unsure of your payroll related entitlements in your new hospitality job?

A novated lease is effectively an arrangement in which you lease a car and make repayments via salary sacrifice. This means that your repayments are pre tax and that you are getting a deduction for lease payments made.

Many Australians have business or employment between The United States and Australia, given the steady relationship between the two countries and specific visas extended to Aussies such as the E-3 professional working visa.

You may be eligible for a 43.5% refund on certain expenses or a 38.5% non-refundable tax offset if you are a larger business.

When starting a new business one of the first tasks you will take on your strategic journey will be to set up a chart of accounts in your accounting system.

Depreciation is the magic wand used by your tax accountant to turn your positive cashflow investment unit into a negatively geared, loss making tax deduction in the eyes of the ATO.

2021FY has seen the ATO slash individual tax rates which will naturally alter the way profits are distributed from company's to their shareholders and trusts to their beneficiaries.

Redundancy is when the JOB the employee performs is no longer necessary to business operations.

The GST requirements around second hand goods can seem tricky as you delve into the detail, but when you purchase second hand goods they will generally fall into 1 of three categories:

The value/effort matrix is a simple matrix to consider when making decisions related to revenue generating activities. Always plan for the future and consider how the jobs / client / customers fit your long term strategy.

For some small to medium sized businesses the process of budgeting may seem to detract from the focus on core business activities, for others it is an essential process for growth.

Input taxed sales and GST free sales are both considered income and both do not attract GST, there are however some key differences.

Most business owners will at some point be forced to deal with ‘awards’ and more complex overtime and benefit accrual situations for their employees then they previously imagined.

There is a general misconception that hiring a contractor who provides an ABN means there is no need to withhold taxes or pay superannuation.

Functions and purposes of BAS and IAS reports

One friend recommends their bookkeeper to you, another recommends his accountant and another says you should go with his tax accountant / tax agent, what’s the difference?

Trade and construction businesses make up roughly 17% of small businesses in Australia. As a tradesmen’s business grows so does the need to track many administration functions in a more detailed way.

The share price of National Australia Bank is currently at a 6 year low after being rocked by a recent Royal Commission hearing, is now the time to buy?