The rise and rise of OnlyFans, YouTube, TikTok and other online platforms offer amazing opportunities for content creators to generate an income from their side hustle. As these opportunities increase alongside the sometimes-considerable income streams, the Australian Tax Office (ATO) has issued warning to the rising industry. How are content creators taxed? An update released by […]
When is a side hustle a business? Read More »
The 2023 Australian Intergenerational Report provides a 40-year projection of the outlook of the economy and the Government’s budget to 2062–63. The report forecasts structural trends that will give current generations an insight and encouragement about what we need to be doing now to successfully navigate the future. The report links the continued growth and prosperity of
What will Australia look like 40 years from now? Read More »
A superannuation ‘downsizer contribution’ can be an excellent way to build a member’s superannuation balance. From 1 January 2023, those who are aged 55 and over may be able to make a ‘downsizer contribution’ to their superannuation fund from the proceeds of the sale of their family home. Prior to this date, the age limit
What you need to know about superannuation downsizer contributions Read More »
After a client receives their income tax assessment, we are often asked “What is the Medicare Levy Surcharge I have paid for?” In short, the Medicare Levy Surcharge is a payment some medium and high-income earners pay in addition to the Medicare Levy. The surcharge helps fund Australia’s public health system and encourages those people who
What is the Medicare Levy Surcharge? Read More »
The best interests duty for mortgage brokers is a statutory obligation for mortgage brokers to act in the best interests of consumers (best interests duty), and to prioritise consumers’ interest when providing credit assistance (conflict priority rule). These two obligations are collectively referred to as the Best Interests Duty. Based on the Royal Commission’s recommendations,
What is the Best Interests Duty for mortgage brokers? Read More »
The end of the financial year is fast approaching. Have you made a start on your trust distribution minute and/or intend to pay your beneficiaries a dividend? If you have a discretionary trust, then 30 June 2023 is an important date for you. The purpose of a trust is to separate the legal and beneficial
Trust Distribution Minutes and Dividend Statements: what you need to know before June 30 Read More »
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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From 1 July 2025, a proposed new tax will apply to future earnings on super balances above $3m. Based on what we know to date, what can you expect if you’re likely to find yourself in this situation? The proposed tax on superannuation earnings is not yet law. What we know so far is that
Proposed Tax on Future Earnings on Super Balances above $3m Read More »
The Federal Government has received final submissions for a raft of proposed industrial relations reforms it hopes to introduce to parliament later in the year. So, what do we know about the possible changes and how could they affect employers? Five key areas of change Information released by the Department of Employment and Workplace Relations
Proposed Industrial Relations reforms and what they mean for business Read More »
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