End of Year Tax Tips for Everyone
6/9/2021 | Lockwood & Ward
The 30th of June always seems to creep up on people with tax returns to do. In many instances, people who visit accountants to do their tax returns miss out on opportunities because certain things must be done before June 30th to receive specific tax...
Gains or losses from Cryptocurrency
6/2/2021 | Lockwood & Ward
Over the past twelve months, popular cryptocurrency giant bitcoin has boomed whilst other coins have lost value. There are special tax rules that need to be followed for cryptocurrency. The tax office now has access to crypto transaction that can be ...
Completing your First Tax Return
5/19/2021 | Lockwood & Ward
Doing your first tax return can be daunting. Here are some helpful tips to get you through it. If you are earning or will earn more than $20,542 this year, a tax return will need to be lodged. You should also lodge a tax return if you earned less tha...
2021 End of Financial Year Business Checklist
5/13/2021 | Lockwood & Ward
Pay Quarterly Super Super guarantee (SG) contributions must be paid 30 June 2021 to qualify for a tax deduction in the 2020-21 financial year. The fund must receive these contributions by 30 June. Some clearing houses can take more than a week to sub...
12/16/2020 | Lockwood & Ward
Surprisingly, we have had quite a few new businesses being setup in the last month. Most of these need careful structuring in the current economic environment, and it is not always about the best tax result. Whether you are setting up a new business,...
End of Year Business Planning
6/8/2021 | Lockwood & Ward
It is essential to do some planning towards the end of each financial year. It is also necessary to look at what an be done towards the end of each tax year to minimise the tax you will pay. It is often too late to gain tax deductions when discussing...
Superannuation Strategies for 2021
5/20/2021 | Lockwood & Ward
Super contributions are on of the areas that individuals need to review each year according to their circumstances. Tax deductible Concessional contributions Concessional contributions are before-tax contributions made into a super fund. They include...
Significant Changes to Instant Asset write-off
5/14/2021 | Lockwood & Ward
Instant asset write-off policies have been expanded again as part of the governments covid-19 initiative to encourage business spending to increase cash flow, stave off an economic recession, boost consumption and protect employment. Last year an inc...
Tax tips for a Property Investor
5/6/2021 | Lockwood & Ward
The year end is fast approaching, and it’s time to take stock of what can be done to get some tax deductions in this year’s tax return. Travel Do not forget that the government has recently removed the ability to claim a tax deduction for travel when...
Santa Claus is Officially Coming to Town!
12/16/2020 | Lockwood & Ward
Santa Claus has requested permission to fly all around Australia on Christmas Eve, and the Australian Government has officially approved his travel plans. Even though, like many of us, Santa did not qualify for JobSeeker, JobKeeper nor even JobMaker,...
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