It is tax planning time! In most instances, tax planning happens in the final quarter of the financial year between April and June. 30 June is fast approaching, so now is a great time to plan and forecast for the end of and new financial years to ensure you’re in the best possible tax position. […]
6 tax planning strategies to minimise your tax Read More »
In the lead up to 30 June, we want to remind you about the tax savings opportunities available via contributions to your superannuation. Upon your retirement from the workforce, your superannuation is likely to be a vital source of your future income. There are many ways to ‘top up’ your super while you’re still earning
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The Australian Taxation Office (ATO) has announced its 2022 tax-time hit list. The four priorities for the ATO this tax time are: Record-keeping Work-related expenses Rental property income and deductions Capital gains from crypto assets, property and shares ATO assistant commissioner Tim Loh said the ATO was targeting problem areas where it saw people making mistakes.
Four priorities for the ATO this tax time Read More »
For those fortunate to expect a tax refund each year, there are wise ways to spend your tax refund. For many, it can be an exciting time waiting for those hard-earned dollars to hit your bank account and planning what to spend their refund on. This can often be an opportunity to treat yourself with
Five wise ways to spend your tax refund Read More »
On Tuesday evening, Federal Treasurer Jim Chalmers handed down the 2023-24 federal budget. A surplus of $4.2 billion is forecast in 2022-23, but an underlying cash deficit of $13.9 billion is expected in 2023-24 (and a $35.1 billion deficit for 2024-25). The budget papers note that the global economic outlook has deteriorated and is highly
Australian Federal Budget 2023/24: the wins for small business Read More »
Crypto-assets (crypto) also known as cryptocurrencies, coins or tokens are digital assets that do not have a physical form. They may not be backed by physical assets. Crypto is a high-risk investment. This is because it is so volatile, often fluctuating by huge amounts within a short period. As with any investment, you must be
What is crypto and why is it such a risk? Read More »
With the introduction this month of the compulsory Director ID Number (DIN), it is timely to take a closer look at what is illegal phoenixing, a practice that the DIN aims to target. Illegal phoenixing involves company directors transferring assets of an existing company to a new company, leaving the old company with the existing
What is illegal phoenixing? Read More »
If your business has employees, then paying superannuation on time is undoubtedly a topic you know much about. The government’s superannuation guarantee requires employers to pay a superannuation contribution equal to 10% (2021/2022) of an employee’s ordinary time earnings if an employee is paid $450 or more before tax in a month. If you use
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It is probably safe to say that one of the financial matters we all dread is our tax. For those with more complicated tax matters and expensive deductions, the importance of keeping and tracking receipts for tax purposes is crucial. So, how do you stay on top of them? How do you safely store these
The importance of keeping receipts for tax purposes Read More »
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