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
2023-03-28T12:59:29+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’
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
2022-12-12T12:50:15+10:0012th December 2022|News, Taxation|
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our 4 top issues:
Staff gifts
The key to Christmas presents for your team is to keep the gift spontaneous, infrequent, and from a tax perspective, below $300 per person. $300 is the minor
2022-06-23T14:07:40+10:0023rd June 2022|News|
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction.
Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.
But, there are
2022-06-23T14:07:02+10:0023rd June 2022|Accounting, News, Taxation|
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:
For business
Superannuation guarantee increase to 10.5%
The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on
2022-05-08T19:00:47+10:008th May 2022|Advisory, News|
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered. Or at least
2022-05-08T19:00:00+10:008th May 2022|Accounting, Advisory, News, Taxation|
Landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.
Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However, each
