by Cindy Su | Mar 7, 2021 | Business, Tax and Accounting
For many Australian sole traders, understanding your tax return and how your income is taxed will help you to make informed decisions about your money. The Australian income tax system is based on the self-assessment principle. This means the Australian Taxation...
by Ershad Ullah | Mar 7, 2021 | Tax and Accounting
Franking refers to tax credits, and the process that eliminates or reduces the taxation of cash payouts to its shareholders is referred to as dividend imputation. The tax credits are beneficial to individuals on high tax rates and to individuals on lower tax rates, as...
by Ed Chan | Mar 7, 2021 | Tax and Accounting
An unfranked dividend represents company profits paid to shareholders which have no tax credits attached to the dividend. Ed Chan of Chan & Naylor accounting firm in Sydney talks about its advantages in detail. All dividends whether franked or unfranked are not a...
by Ed Chan | Mar 7, 2021 | Business, Tax and Accounting
Dividends are sums of money paid regularly (ideally on a quarterly basis) by a company to its shareholders out of their profits. But do you know that there are 2 types of dividends? What is a Franked Dividend versus an Unfranked Dividend? Here are 2 types of...
by Cindy Su | Mar 7, 2021 | All, Tax and Accounting
Ever wondered if you have to pay tax on lottery winnings? Well, guess what, if you win tomorrow’s mind-blowing $100M Powerball draw, you can have all the winnings to yourself! Yay! According to the Australian Taxation Office (ATO), if you win in prize draws, raffles,...
by Chan & Naylor | Dec 10, 2020 | Business, Tax and Accounting
JobMaker 2020-21 | Does your business qualify? On 6 October 2020 as part of the 2020–21 Federal Budget, the Morrison Government announced a new incentive for businesses to employ additional young job seekers called the JobMaker Hiring Credit. The JobMaker Hiring...
