In the lead up to 30 June, we want to remind you about the tax savings opportunities available via contributions to your superannuation. Upon your retirement from the workforce, your superannuation is likely to be a vital source of your future income. There are many ways to ‘top up’ your super while you’re still earning […]
Tax savings through superannuation Read More »
The end of the financial year is fast approaching. Have you made a start on your trust distribution minute and/or intend to pay your beneficiaries a dividend? If you have a discretionary trust, then 30 June 2023 is an important date for you. The purpose of a trust is to separate the legal and beneficial
Trust Distribution Minutes and Dividend Statements: what you need to know before June 30 Read More »
A superannuation ‘downsizer contribution’ can be an excellent way to build a member’s superannuation balance. From 1 January 2023, those who are aged 55 and over may be able to make a ‘downsizer contribution’ to their superannuation fund from the proceeds of the sale of their family home. Prior to this date, the age limit
What you need to know about superannuation downsizer contributions Read More »
On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and
New FBT exemption for electric vehicles Read More »
Single Touch Payroll Phase 2 is on its way and this article covers off everything you need to know and what you need to do to get your business up and running. STP Phase 2 expands on the mandatory reporting requirements to the ATO, providing specific additional employee details to the ATO and other government
How to update to STP Phase 2 Read More »
The ATO has announced revised working from home deduction rules for taxpayers, changing the start date to 1 March 2023 and a fixed-rate deduction of 67c an hour for work from home claims. The finalised guidance follows on from the July 2022 abandonment of the 80c per hour pandemic shortcut method, reducing the options to
The ATO’s revised working from home deduction rules Read More »
After a client receives their income tax assessment, we are often asked “What is the Medicare Levy Surcharge I have paid for?” In short, the Medicare Levy Surcharge is a payment some medium and high-income earners pay in addition to the Medicare Levy. The surcharge helps fund Australia’s public health system and encourages those people who
What is the Medicare Levy Surcharge? Read More »
Optus has been a victim of a recent data breach. The breach may personally affect you if you are a current or past customer of Optus. The Optus data breach compromised the Personally Identifiable Information of nearly 10 million current and former Optus customers. The data breach included names, dates of birth, phone numbers and
Optus data breach – take action to protect yourself Read More »
The new financial year has arrived. Let’s take a quick look at some of the important dates and updates from 1 July 2022. 1 July 2022 Changes to Superannuation The Superannuation Guarantee rate is increasing to 10.5%. This rate applies for any payments that fall on or after 1 July, even if it was earnt
Important dates and updates from 1 July 2022 Read More »
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