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 ATO has announced its annual warning to employers planning their staff Christmas parties and FBT tax implications. Hosting these events are a Fringe Benefits Tax (FBT) minefield. The warnings are timely as we head into the Christmas party season and many small businesses shout their staff to celebrate the year that was. This article
Everything you need to know about Christmas parties and FBT Read More »
It’s that time of year when some of you may have received a tax bill from the ATO. Depending on the amount, it can sometimes be a stretch to pay it off in one go, meaning you need to sign up to a payment plan and pay in predetermined instalments over time. So if you
Everything you need to know about ATO payment plans Read More »
Treasury has released draft legislation to enact the Federal Government’s plan to increase the tax rate on earnings on superannuation balances over $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to implementation. The draft legislation seems to be
Draft legislation released for 15% on earnings for superannuation balances over $3m 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 »
Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the Fringe Benefit Tax (FBT) implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability.
How well do you know Fringe Benefit Tax? Read More »
As the end of the financial year (EOFY) approaches, it is important for businesses to prepare themselves accordingly. This is the time when businesses must reconcile their accounts, file their tax returns and make necessary adjustments to their financial strategies. Proper preparation can help businesses maximise their returns and avoid costly mistakes. Here are some
Top Tips to get you through the End of Financial Year Read More »
1 July 2000 was the day the Goods and Services Tax (GST) was introduced to all Australians. This presented confusion to consumers, business owners and accountants alike with an endless list of GST dos and don’ts. In a nutshell, GST is a tax we pay via the items that we buy. As a simple example,
Goods and Services Tax (GST) Explained Read More »
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 »
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