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 […]
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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
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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
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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
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With the end of financial year only a month away, it is time to get your tax affairs in order and be aware of what opportunities may be available to maximise your tax deductions for the 2021-22 financial year. In this article, we highlight some of our top tax tips for businesses and individuals to
Top tax tips for businesses and individuals to prepare for your 2022 tax return Read More »
The Australian Taxation Office (ATO) has announced its 2022 tax-time hit list. The four priorities for the ATO this tax time are: Record-keeping Work-related expenses Rental property income and deductions Capital gains from crypto assets, property and shares ATO assistant commissioner Tim Loh said the ATO was targeting problem areas where it saw people making mistakes.
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Crypto-assets (crypto) also known as cryptocurrencies, coins or tokens are digital assets that do not have a physical form. They may not be backed by physical assets. Crypto is a high-risk investment. This is because it is so volatile, often fluctuating by huge amounts within a short period. As with any investment, you must be
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Like many of us, if you have continued to work from home this year, you may be planning to claim different expenses than if you were working in an office. With so many claiming work from home expenses, there a four deductions on the ATO’s watchlist this year that they will be looking at closely:
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The new financial year has arrived and so has several updates to the tax system and new policies impacting superannuation, healthcare, wages and tax rates. Here’s what you need to know post 1 July 2021. Superannuation payments to increase Working Australians will receive a 0.5% boost to their superannuation fund. Legislation requires superannuation contributions to
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