Tax
Superannuation Contributions As retirement looms, ensuring a comfortable and secure future becomes a top priority for many individuals. One essential aspect of this preparation is maximising superannuation contributions. With the right strategies, you can harness the power of compounding interest and investment growth to build a substantial nest egg in your superannuation for your golden …
Superannuation Clearing House (SBSCH) For small businesses in Australia, managing superannuation payments for employees can be a time-consuming and complex task. Super guarantee payments must be made quarterly, with the next due date being the 28 April. However, the Australian Taxation Office (ATO) offers a solution in the form of the Small Business Superannuation Clearing …
Understanding Fringe Benefits Tax (FBT) And What It Covers For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers need to understand their obligations regarding Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) administers FBT, a tax on …
No More Shortcuts: The Methods You Can Use To Claim WFH Expenses Ensure you’re up to date on how to claim your working-from-home expenses! As the business landscape shifts back and forth between office, hybrid and home-based work opportunities, it’s important to remember what methods are available to you when it comes to claiming. If …
Business Super Heroes Navigating through uncertain times while operating reactively can be a dangerous game for small businesses. But fear not! A proactive partnership with your accountant could be the game-changer your SME needs to thrive amidst the chaos. Breaking free from the reactivity trap Small and medium-sized enterprises (SMEs) are grappling with a myriad …
Stage 3 Tax Cuts Diving into the details of the upcoming Stage 3 tax cuts is essential for every Aussie taxpayer. These cuts aim to streamline the tax system and offer relief from the dreaded bracket creep. Here’s the lowdown on the proposed changes slated for the 2024-25 income year. Understanding the Shift: Initially, Stage …
Understanding Non-Assessable Non-Exempt (NANE) Income Through Disaster Grants The recent spate of extreme weather events during the summer in various parts of Australia has presented unprecedented challenges for small businesses. As a result, the pressing concerns they face may not necessarily revolve around their tax obligations. However, amidst these trying times, it is crucial for …
$20,000 Asset Write-Off Small businesses with an annual turnover of less than $2 million can claim an immediate deduction for assets they start to use or have installed ready for use, provided each depreciable asset costs less than $20,000. Assets which cost $20,000 or more, and cannot be immediately deducted under other provisions, are deducted …
Unlocking the Secrets of Deductions: A Holiday Home Owners’ Essential Checklist It’s essential for property owners to understand the intricacies of deductions associated with their cherished holiday retreats. However, as the holiday season approaches, they may find that their holiday retreats become a valuable source of income. To ensure you make the most of your …
Property Depreciation as a Tax Deduction A property’s depreciation is the natural wear and tear that occurs over time to its assets. Depreciation can be claimed as a tax deduction by owners of income-producing properties. Tax deductions for depreciation can be claimed for up to forty years, making it the second largest tax deduction available …
Tax Audits An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT discount …
Tax Audits Although tax audits have traditionally been targeted at the wealthy and big businesses, this has changed in recent years. ATO and other government agencies are increasingly focusing on small to medium businesses and individuals, especially those who own rental properties, operate trusts, and/or have Self Managed Super Funds. If the tax office calls, …