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
2022-05-08T18:58:58+10:008th May 2022|Accounting, News, Superannuation|
From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?
Recently enacted laws increased the maximum number of allowable members in an SMSF and small APRA fund
2021-12-08T10:18:39+10:007th December 2021|Accounting, Human Resources, News, Superannuation, Taxation|
The 1 November superannuation rule changes could affect your business.
When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund.
From 1
2021-12-08T10:14:02+10:007th December 2021|Accounting, Advisory, News, Taxation|
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not
2021-12-08T10:12:52+10:007th December 2021|Accounting, News, Taxation|
In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.
But cryptocurrency is only one part of the blockchain universe.
2021-09-30T16:40:12+10:001st October 2021|Accounting, News, Taxation|
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
The ATO has stated that it is looking very closely
