Thrive Advice
Frequently Asked Questions
At Thrive Advice, we’re committed to helping you achieve your business goals and secure your financial future. We understand that navigating the complexities of accounting, tax, and business planning can be challenging. That’s why we’ve compiled this FAQ page to answer some of the most common questions our clients have.
Whether you’re seeking advice on tax minimisation, business structuring, or financial planning, we’re here to provide the guidance and support you need to thrive. If you have any further questions, don’t hesitate to reach out—we’re always ready to help.
Land tax is an annual levy applied to the unimproved value of property you own in New South Wales, provided its value exceeds the land tax threshold. For 2024, the general threshold is $1,075,000, with a premium threshold of $6,571,000. Land tax applies to various types of properties, including vacant land, holiday homes, investment properties, and commercial facilities. Importantly, it excludes your principal place of residence if it meets exemption criteria.
You’re required to pay land tax if you own land collectively valued above the threshold or if you’re a foreign owner for tax purposes. Calculations are based on land values as of 31 December each year, with no prorated adjustments for partial ownership. To learn more about your land tax obligations and exemptions, download our comprehensive Land Tax Fact Sheet below.
Setting up payroll in Xero can be straightforward with the right guidance. Our team can assist you with the setup and ensure you’re compliant with payroll regulations. Contact us to schedule a session with one of our Xero specialists.
Yes, we offer comprehensive business advisory services to help you grow and manage your business. Whether you need assistance with cash flow management, business planning, or financial strategy, our team is here to support your business success.
Failing to lodge your BAS or tax return on time can result in penalties and interest charges from the ATO. It’s important to meet all deadlines to avoid these penalties. If you’re having trouble meeting a deadline, contact us immediately so we can assist you.
If you’re considering changing your business structure, such as moving from a sole trader to a company or trust, our team at Thrive Advice can guide you through the process. We’ll help you understand the implications and ensure a smooth transition. Contact us to discuss your options.
Division 293 Tax is an additional tax on super contributions for individuals with high-income earners. It’s applied to reduce the tax concessions that higher-income earners receive on their super contributions. If you’ve been assessed for Division 293 Tax, you’ll receive a notice from the ATO.
Our Xero expert, Alix Trudgett, is available to assist you with any Xero-related queries. Whether you need help with setup, troubleshooting, or ongoing management, Alix is here to help.
You can easily book your tax appointment online using our Booking Link or by calling our office at 02 6362 8255. If you prefer, you can also email us to schedule your appointment.
For individuals not using a tax agent, the deadline for lodging your tax return is 31st October. If you’re using a registered tax agent, they may be able to lodge later, but it’s important to be registered with them before the deadline to qualify for an extension.
If you’re lodging your BAS through a registered tax agent, the due date is generally the 25th of the second month after the end of the quarter. For example, for the quarter ending 30 June, the BAS is due by 25th August. If the due date falls on a weekend or public holiday, it is extended to the next business day.
A Taxable Payments Annual Report (TPAR) is required if your business makes payments to contractors in the building and construction industry, cleaning services, courier services, road freight services, IT services, security, investigation, or surveillance services. You need to lodge a TPAR by 28th August each year, reporting the total payments you made to contractors for their services.
