What changed on 1 July? A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5% $450 super guarantee threshold removed for employees aged 18 and over Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through [...]
Tax & the family home Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have [...]
ATO refocus on debt collection The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has now changed and the ATO has resumed debt collection and offsetting tax debts against refunds. If you have a tax [...]
What do the ‘Secure Jobs, Better Pay’ reforms mean? The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022. We explore the issues. The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2020. The legislation is extensive and brings into effect a series of changes and [...]
1 July 2022 and Superannuation Contribution Changes Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all SMSF members, young and old, to grow their retirement savings. What are the changes? Originally announced in the 2021 [...]
Tax Time Targets The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and [...]
Avoiding the FBT Christmas Grinch! It’s that time of year again - what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax effective Christmas season: Tax & Christmas For GST registered businesses (not tax [...]
ATO ramps up heat on directors 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. These letters are a warning shot and should not be ignored. The director penalty regime [...]
A beginner’s guide to property depreciation Property investors are entitled to several taxation benefits however many fail to take full advantage of the depreciation deductions available to them. While most investors are aware of claims for expenses such as interest on their loans, council rates, property management fees and repairs and maintenance costs, depreciation is [...]
What’s changing on 1 July 2022? A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until [...]