Taxation

March 2024 – Stage 3 tax cuts, CGT small business rollover, Super contribution caps increase and more…..

Our client newsletter features a run down on what taxpayers can do to maximise the benefits of the Stage 3 tax cuts that have recently been passed by Parliament. It explores some options for shifting taxable income from this year (2023-24) to the next (2024-25) by bringing forward deductions or deferring income. While the potential …

March 2024 – Stage 3 tax cuts, CGT small business rollover, Super contribution caps increase and more….. Read More »

February 2024 – Compensation, is it taxable, Tax issues when dealing with volunteers, Using super to pay the mortgage and more…..

With Christmas, a distant memory, life and tax obligations are returning to a familiar routine. We look at a variety of tax issues, including a consideration of the tax consequences if you receive compensation when your bank or financial institution hasn’t acted as ethically and correctly as they could have; the tax issues and obligations surrounding …

February 2024 – Compensation, is it taxable, Tax issues when dealing with volunteers, Using super to pay the mortgage and more….. Read More »

December 2023 – Superannuation Cornerstone of Financial Planning, Tax records Lost or Destroyed, Tax Debts and more…..

Superannuation remains a cornerstone of financial planning for most Australians. In this issue, we provide you with a practical to-do list to make sure that your super is working optimally for you. This to-do list includes consolidating your super, reviewing your investment strategy, and checking your beneficiary nominations and insurance within your superannuation. Undertaking these tasks can significantly impact …

December 2023 – Superannuation Cornerstone of Financial Planning, Tax records Lost or Destroyed, Tax Debts and more….. Read More »

November 2023 – Who can i nominate as my super beneficiary, Who is a resident for tax purposes, Qualifying as an interdependent or financial dependant and more…..

In the November edition of the Client Newsletter we delve into the intricacies of nominating a superannuation beneficiary, examining the various types of nominations and the legal requirements they must meet. Additionally, we tackle the complexity of tax residency in Australia. As the recent AAT case reveals, citizenship is not the sole determining factor; other …

November 2023 – Who can i nominate as my super beneficiary, Who is a resident for tax purposes, Qualifying as an interdependent or financial dependant and more….. Read More »

October 2023 – Reduce income tax bill using superannuation, Changes to unfair contract terms law, Don’t overlook CGT and more…..

Our October Newsletter provides a selection of articles that address some of the most pressing financial concerns and opportunities facing individuals and businesses today. From the intricacies of superannuation contributions to the nuances of capital gains tax, this issue aims to provide you with a comprehensive understanding of topics that are often considered complex but …

October 2023 – Reduce income tax bill using superannuation, Changes to unfair contract terms law, Don’t overlook CGT and more….. Read More »

September 2023 – Registering a trademark for your business, Appointing a SMSF auditor, Self-education and more…..

Whether it be course and tuition fees, professional and trade journals, textbooks, airfares, accommodations, or meals…there are potentially a wide range of expenses that may qualify as deductible for self-education purposes. However, there are key hurdles that must be cleared. First, the self-education must maintain or improve your current skills or knowledge. Alternatively, the self-education …

September 2023 – Registering a trademark for your business, Appointing a SMSF auditor, Self-education and more….. Read More »

August 2023 – ATO crackdown on Trusts, Unexpected first-time debt, SMSFs & higher interest rates and more…..

The recent ATO crackdown on trusts – involving section 100A where potentially the ATO may take an unfavourable view on what were previously understood to be legitimate distribution arrangements – may have some business owners posing the question of whether trusts are still worth it in terms of a useful business structure. However, asset protection, …

August 2023 – ATO crackdown on Trusts, Unexpected first-time debt, SMSFs & higher interest rates and more….. Read More »

July 2023 – Employee contractor case law, Fair work changes, Choosing your business structure and more…..

July 1 saw an increase to the superannuation guarantee (SG) rate payable to employees and some contractors. While the increase from 10.5% to 11% may seem straightforward, there are complexities involved especially in the common case where the work to which superannuation was owed was performed in June but the employee was not paid for …

July 2023 – Employee contractor case law, Fair work changes, Choosing your business structure and more….. Read More »

June 2023 – Maximising cashflow, Side-hustles, Tax time focus areas and more…..

With the end of the financial year looming, the ATO has announced its three key focus areas for Tax Time 2023 – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, we inform readers of the type of records …

June 2023 – Maximising cashflow, Side-hustles, Tax time focus areas and more….. Read More »

2023-2024 Budget

The federal budget, handed down last night, contained a number of tax, superannuation, and social security/cost of living proposals including: The end of temporary full expensing Small business energy initiative Crackdown on unpaid tax and superannuation No change to stage 3 tax cuts Confirmation of an extra 15% tax on super ‘earnings’ for account balances …

2023-2024 Budget Read More »

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