As we head towards June 30, it's important to know what last minute tax deductions and changes are imminent. Bianca gives us a concise 5 minute summary on the new superannuation rules effective from 1 July 2022.
Your superannuation is often an under-utilised vehicle to the retirement and lifestyle that you have envisioned.
In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
Inflationary forces continued to intensify in key regions, which suggested inter- est rates could be raised more quickly and more aggressively than previously anticipated. The likelihood of rising borrowing costs also appeared to spook equity markets, which performed poorly over the month.
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.
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.
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022.
The ATO have issued a press release indicating their current approach on debt collection. They want taxpayers to engage with them, ie respond to calls, set up a payment plan or expect firm action.
As we approach the end of the financial year, there are a number of smart strategies you could consider to help streamline your finances and legitimately reduce your tax liability.
It can be lonely at the top of the food-chain when you're running your own business. As the owner manager, the buck stops with you and that can result in pressures from all aspects of the business.
The war in Ukraine overshadowed financial markets throughout the month, but hopes of a breakthrough in peace talks lifted sentiment towards risk assets. Solid gains among US-listed stocks helped the MSCI World Index rise more than 3%.
ATO getting about as serious as they can get with their non-public debt recovery measures.
Our new system enables us to download all ATO mail on behalf of our clients and distribute it in the most efficient manner possible.
This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.
Two 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.
The ATO released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes as a result.
Unlike other purchases, it’s not possible to return a car if you get home and decide you don’t like it.
With interest rates at record low levels, many homeowners are considering the possibility of fixing their interest rate on the home loan.
Lenders Mortgage Insurance can be a great tool to help homebuyers get into a property that they otherwise might not be able to afford. However, it comes with a cost.
After a strong 12 months, industrial property is set to see further upside according to a leading valuer.
If you’re setting the goal of purchasing a home in the coming year, it might be time to start getting your financials in order ahead of time.
Up against over 600 nominations and 254 certified finalists, Shannon Smit, Founding Director and Financial Adviser at Mornington firm, SMART Financial Planning, won the coveted Financial Adviser of the Year Award as one of only 23 individual award winners.
Whilst retention payments are very common in the building and construction industry we continually see them being incorrectly accounted for, or not accounted for, and therefore often overlooked, resulting in advance payment of taxes and/or lost income.
We are heading into a period of opening up the economy after COVID, with the need to repair the budget, an election looming by May 2022, the threat of inflation and a withdrawal of central bank stimulus.
While commercial property is a little more difficult to understand than residential, it offers several significant advantages for investors.
With the trade industry currently thriving off the boom in the housing market, tradies find themselves busier than ever. The $1200 Small Business Digital Adaptation Program can help you work out ways to make admin life easier.
New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions.
Australian shares started the FY22 year with solid gains. Bond yields fell sharply, resulting in favourable returns from fixed income markets too.
Helping you lead & manage your business better. A webinar in collaboration with Mornington Peninsula Shire Council as part of their Small Business Workshops.
Your tax refund can seem like winning the lottery. But it's not - it is your own hard-earned cash. So how can you make it work as hard for you as you did earning it?
Taking care of your mental health during lockdown periods becomes really essential. Shared by Simon Fraser University Health & Counselling Services: 25 tips to help you and your loved ones navigate this time.
Now that the new financial year is here, it’s time to start looking at all the ways you can make the most of your investment property. If you want to claim your expenses on your rental property, it’s vital that you have good records.
Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes - but this is not always the case.
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.
With the spring selling season just around the corner and property markets looking very strong, many potential sellers are looking at ways to spruce up their homes.
There are a few changes earmarked for superannuation commencing 1 July 2021. These changes will impact both employers and employees. Read the details here to know what's expected.
If you have a home loan, there are many reasons you may consider refinancing. That could include wanting to borrow more, access different home loan features or simply to get a better interest rate. We explore the more common reasons for refinancing, including a few you may not have thought of.
There are several reasons motivating homeowners to refinance. It could be to achieve a lower interest rate or move from a fixed rate to a variable rate loan or vice-versa. If you’re thinking about switching loans, you need to consider the costs of any penalties – if relevant – versus any savings you stand to make.
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.
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
Small brewers and distillers will benefit from $255 million in tax relief to support more jobs and investment as part of the 2021-22 Budget.
The rollout of Covid vaccines remained the key focus worldwide. More than 30% of adults in the US have now received at least one jab, for example, and new infections are down by around 80% since the peak in January.
Here’s a guide to the strategies you can use to minimise your business tax.
Now's the time to review what strategies you can use to minimise your tax before 30 June 2022.
Builders, electricians, plumbers, architects, real estate agents, security guards and other workers who hold an occupational licence in their home state or territory will soon be automatically deemed to have the necessary licence in other states.
What’s the magic amount you need in your super account to retire comfortably?
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change.
The idea of insuring against loss of income is one that has clear value. The idea of insuring against loss of income is one that has clear value. Yet many neglect to insure their most valuable asset. Income protection could be the answer – so how does it work?
The 2020-21 Federal Budget is a road to recovery paved with cash. Some of the measures are aimed at addressing the harsh lessons COVID-19
has taught us and seek to centralise production back in Australia to ensure our industries can be self-reliant.
Reflecting on the past 6 months, particularly since the effect of Coronavirus on financial markets, I am concerned that many investors do not have a clear and tailored investment strategy. My observations are that investors seem to be failing to understand one basic investment principle; 'The higher the return the higher the risk’.
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