2023-06-21T10:43:22+10:0021st June 2023|Accounting, News, Taxation|
Author: James Sanguanchati
It’s that time of year when we all look at what last minute things we can do to maximise tax savings.
In the wise words of the late Kerry Packer to a Senate estimates committee, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise their
2023-06-21T10:43:14+10:0021st June 2023|Accounting, News, Taxation|
Author: Karina Heydon
Tax deductions for topping up super
You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your employer or under a salary sacrifice agreement have not reached this $27,500 limit, you can make a personal contribution and claim
2023-06-21T10:43:04+10:0021st June 2023|Accounting, Advisory|
Author: Shaun Allen
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.
Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.
What’s
2023-03-28T12:59:29+10:0028th March 2023|Accounting, News, Taxation|
Author: Rohan Toon
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive
2023-03-28T12:59:24+10:0028th March 2023|Accounting, News, Taxation|
Author: Karina Heydon
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home.
The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’
2023-03-28T12:59:00+10:0028th March 2023|Accounting, Taxation|
Author: Shaun Allen
The Bill containing the FBT exemption for electric cars passed through Parliament on 28 November 2022 and has passed Royal Assent.
Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and
2022-12-12T12:50:33+10:0012th December 2022|Accounting, News, Taxation|
Queensland backs down on Australia wide land tax assessment
The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland assessed on the value of the investor’s Australia wide land holdings from 1 July 2023, not just the value of their Queensland
2022-12-12T12:58:02+10:0012th December 2022|Accounting, News, Taxation|
In September, amid a climate of startling interest rates, UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate that applies to those earning more than £150,000 from 45% to 40%. Just ten days later, following market turmoil that saw the British
2022-10-25T15:34:53+10:0028th September 2022|Accounting, Taxation|
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.
The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another
2022-09-28T21:10:49+10:0028th September 2022|Accounting, Advisory, Taxation|
We’re often asked the best way to sell a business.
There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result.
Structuring the transaction covers areas such as pricing the business, the
