Tax and the Family Home

2022-09-28T21:08:52+10:0028th September 2022|Accounting, Taxation|

Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.

Capital gains tax (CGT) applies to gains you have made on the

Where are you making mistakes in your tax?

2022-06-23T14:07:25+10:0023rd June 2022|Accounting, Taxation|

The ATO has flagged four priority areas this tax season where people are making mistakes.

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season.

  • Record-keeping
  • Work-related expenses
  • Rental property income and deductions, and
  • Capital gains from crypto assets, property, and shares.

In

What tax changes are taking effect on 1 July 2022?

2025-11-19T16:57:53+10:0023rd June 2022|Industry Updates, 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

What are superannuation deductions?

2021-06-23T17:23:44+10:0023rd June 2021|Accounting, Superannuation, Taxation|

Are you ready for the end of the financial year?

With only a few days left in the 2021 financial year, we have one last tax strategy to share with you.

In this episode, Ryan Sheppard discusses superannuation deductions.

What are superannuation deductions?

Watch episode 6 now and find out!

How can major assets save you tax?

2021-05-30T14:18:22+10:0030th May 2021|Accounting, Advisory, Taxation|

Are you ready for the end of the financial year? As accountants, we’re in the business of helping people so we decided to develop a series of videos to discuss strategies you can use to finish the 2021 financial on a high.

In this episode, Ryan Sheppard discusses major asset purchases, such as

With another FBT year gone how has COVID-19 affected the tax and employee benefits?

2021-04-06T14:23:10+10:006th April 2021|Accounting, COVID-19, Taxation|

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.

A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related