5 Key Changes from 1 July 2023
Discover the latest updates in the financial realm as we unveil the five crucial changes taking effect from 1 July 2023. 1. The Superannuation Guarantee Rate increases from 1 July from 10.5% to 11%. This means that as an employer you are required to put a higher amount into your employee’s Super Fund each quarter. […]
Crypto and your Tax Return
The ATO considers crypto investments as an asset for tax purposes. Transactions involving crypto may be subject to Capital Gains Tax (CGT). If you dispose of any crypto, you may be required to pay CGT on any capital gain. The ATO also requires you to keep accurate records of acquiring the crypto and any other […]
Top 9 considerations for businesses before EOFY
The end of the financial year can be overwhelming for businesses, with numerous considerations that can leave you unsure of where to start. To ease the process, we have compiled a useful guide encompassing various aspects you should prioritise. Beyond fulfilling essential requirements, the end of the financial year presents an ideal occasion to realign […]
Intent to claim a Super Deduction
Who should complete the Notice of Intent? The Notice of Intent should be completed by individuals who: Intend to claim a tax deduction for their personal super contributions. Want to modify a previously submitted valid Notice of Intent to their super fund. It’s important to understand that the personal contributions claimed as a tax […]
Scammers steal over $3bn from Australians
The latest Targeting Scams report has revealed Australians lost a record $3.1 billion to scams in 2022, as government, law enforcement and the private sector look to improve collaborative efforts to support the community in the fight against scams. This is an 80 per cent increase on total losses recorded in 2021. The report compiles data reported […]
“Cap” Using a Bucket Company
In the lead up to 30 June 2023, we want you to know why using a “bucket company” can be a great strategy for saving tax on trust profits distributed. PROFITS FROM A TRUST? Do you have a Discretionary or Family Trust that generates profits? If yes, then this strategy may apply to you. A […]
Importance of preparing a Trust Distribution Minute
As the end of financial year approaches, it’s important for trust holders to consider their options for distributing income and avoiding any extra tax. A Trust Distribution Minute is one of the tools that can be used to achieve this. Here’s what you need to know about Trust Distribution Minute’s and how they can help […]
Outsourcing Payroll
If you’re a small business owner, outsourcing your payroll can be a smart decision for a number of reasons. Here are a few reasons why outsourcing your payroll might be the right choice for your business: 1. Save time and resources: Payroll can be a time-consuming and resource-intensive task, especially if you have a large […]
ATO announces changes to working from home deductions
If you’ve spent the past few years working from home, you might think you’re across what expenses you can claim on your tax return. Think again. The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. You need to be aware of these changes so […]
FBT Exemption on Electric Vehicles
Electric vehicles could be almost $10,000 cheaper following passage of the government’s Electric Car Discount bill late last year. Under the legislation, which is designed to fast-track uptake and subsequently increase the amount of second-hand EVs in the market, businesses and employees will be exempt from Fringe Benefits Tax (FBT) on eligible company fleet and […]