Blog – Page 4 – Liz Stevens Accounting & Tax

November 20, 2018January 29, 2019

Australian tax resident? It’s different to being a citizen…..

London’s calling and you’re about to head overseas on an adventure. You plan on being away indefinitely and hope to land the dream job in the UK. Sounds like a great plan, but what about the tax consequences? Will you need to lodge a tax return? What about the salary you earn while you’re away – it won’t have to be declared here. Or will it? The answer depends on whether you are considered an Australian resident for tax purposes. Continue reading “Australian tax resident? It’s different to being a citizen…..”

November 13, 2018January 29, 2019

How to boost your superannuation balance

We all know that our employer must contribute 9.5% of our wages into superannuation on our behalf. But I often get asked whether it will be enough to comfortably retire. In this post, I’ll go through the ways you can boost your superannuation balance. Continue reading “How to boost your superannuation balance”

November 6, 2018January 29, 2019

How to navigate the new Child Care Subsidy

Last week I was asked about the new child care subsidy which came into effect from July 2018. My kids are terrible teens but if you’re wrangling the terrible twos along with work and all the bureaucracy of a new system, here are the key things you need to know. Continue reading “How to navigate the new Child Care Subsidy”

October 30, 2018January 29, 2019

PAYG income tax instalments… Frequently Asked Questions

At this time of year, I often get asked about PAYG income tax instalments – mostly because you’ve just lodged your return and the Tax Office have sent you a letter. So if you’re in that position, here are the answers to some of the frequently asked questions. Continue reading “PAYG income tax instalments… Frequently Asked Questions”

October 9, 2018January 29, 2019

Should I incorporate?

You’ve either been operating as a sole trader for a while or you’re about to embark on the entrepreneur journey. You’ve heard about companies, but is it worthwhile? Continue reading “Should I incorporate?”

October 2, 2018January 29, 2019

The Do’s and Don’ts of claiming travel

Claiming travel in your tax return is one of the (many!) confusing parts of preparing your tax return. But you shouldn’t let that stop you from claiming what you are entitled to. So, let’s keep you off the Tax Office’s radar but maximise your deductions. Continue reading “The Do’s and Don’ts of claiming travel”

September 25, 2018January 29, 2019

Has your hobby become a business?

Many of us are a little compulsive* about our creative pursuits and sometimes we make the decision to sell items we create. So, does this mean we can claim all the costs associated with our obsession pastime? Continue reading “Has your hobby become a business?”

September 18, 2018January 29, 2019

Super basics for beginners

Open any paper over the last few months and you will have heard some pretty amazing revelations from the Banking Royal Commission. Superannuation funds haven’t escaped scrutiny. To put the superannuation industry in perspective, according to the Australian Taxation Office, at 30 June 2017 over 14.8 million Australians had a super fund account holding a total of $2.3 trillion. 40% of Australians have more than one super fund. At the same date, almost $18 Billion was held by the Tax Office in lost accounts. And yes, those numbers are difficult to comprehend! Continue reading “Super basics for beginners”