As the festive season approaches, you may be thinking of hiring new employees to help with your business to help with the influx of trade and tourists. Here are some key things to remember when it comes to your tax and super obligations. Withhold the right amount of tax As an employer, you’ll need to […]
Eligible farmers in the Surf Coast Shire are invited to apply for Victorian Government grants to strengthen drought preparedness. The On-Farm Drought Infrastructure Grants Program has grants of up to $5,000 available, with eligible businesses to provide dollar-for-dollar matching funding. Eligible farmers can apply for grants for on-farm improvements including water infrastructure upgrades, stock containment […]
From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. Employers will be liable for the super guarantee charge (SGC) unless contributions are received by their employees’ superannuation fund within 7 days of payday. It will ensure millions of Australians receive the superannuation […]
Are you using business money or assets for private purposes? Using money or assets from your company or trust for private purposes can have tax consequences if you don’t account for these transactions correctly. That’s why it’s important to get it right. Business money and assets that you can use for private purposes include: salary and […]
Sometimes relationships breakdown and whilst you might have each gone your seperate ways when it comes to tax time the question of spouses and dependants will crop up in your tax return to determine your Medicare levy reductions, Medicare levy surcharge (MLS) and private health insurance rebates. If you had a spouse (married or defacto […]
A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance. […]
Holiday homes can be a get-away sanctuary of a home away from home, a place where family memories can be made. When considering selling your holiday home it’s worth considering the Capital Gains Tax (CGT) If your holiday home was owned prior to September 20th 1985 then you don’t need to worry about CGT. But […]
If your partner is a low-income earner, working part-time, or currently unemployed, adding to their super could benefit you both financially. If you’d like to help them by putting money into their super, you might be eligible for a tax offset, while potentially creating additional opportunities for both of you through super spouse contributions. There […]
If your not-for-profit (NFP) organisation has an active ABN at June 30th 2024 you must lodge an annual NFP self-review return starting from the 23/24 income year. Those who don’t have to complete the NFP self-review return include: Certain types of government entities An Australian Charities and Not-for-Profits commission (ACNC) type of entity Taxable NFP […]
The ATO has issued a notice on it’s intention to collect Crypto asset data from cryptocurrency designated service providers until the 2026 financial year. Data that might be collected and matched with the ATO include: client identification details and account names, as well as transaction details including transaction date/time, amounts of transfers, linked bank account […]
A reminder from the Australian Charities and Not-for-profits Commission (ACNC) and the ATO that if your not-for-profit organisation has charitable purposes, it cannot self-assess as income tax exempt. For your organisation to be eligible for income tax exemption, it may need to register as a charity with the Australian Charities and Not-for-profits Commission (ACNC) and be endorsed […]
Lifestyle communities and some of the issues that can crop up from them were recently featured on ABC’s 7:30 report segment. A potential resident should be aware of whether the community is a Retirement Village which operates under the Retirement Villages Act 1986 (Victorian Government legislation) or is a Land Lease Community which operates under […]
As ‘tax time’ is here, the Australian Taxation Office (ATO) has announced it will be taking a close look at three common errors being made by taxpayers: Incorrectly claiming work-related expenses Inflating claims for rental properties Failing to include all income when lodging ATO Assistant Commissioner Rob Thomson said the ATO is focused on supporting […]
Happy New Financial year! Now that 2023/234 financial year has closed, it’s a great time to get organised and download our simple Tax Return Checklist and see what records you need to compile to make your tax return as simple and efficient as possible. Additional investments If you have additional income from dividends, interest, or […]
Non-charitable not-for-profit (NFP) organisations with an active ABN are preparing to lodge their first NFP self-review return by 31 October. The critical first step in preparing for lodgement is to update any new associates and authorised contacts appointed to your NFP. This is because: the NFP needs to set up access to Online services for business to lodge the return it […]
As we round out another financial year, if you’re an employer, it’s time to review your end of financial year (EOFY) employer tax and super obligations. As an employer, it’s important you keep on top of your payroll governance. This includes: using your tax and super software to record the amounts you pay withholding the right […]
When you attend university or an approved higher education provider, you can get a HECS-HELP loan to pay for your studies if you are enrolled in a Commonwealth supported place (CSP). Whether you’re an employee with a study loan or an employer it’s worth understanding a little bit about the student loan repayment process to […]
The Medicare Levy Surcharge is an extra 1% to 1.5% levy paid by Australian taxpayers who don’t have Private Hospital Cover and are considered by the Government to be high income earners. If you have to pay the Medicare levy, you may also have to pay the Medicare levy surcharge (MLS) if both: you, your […]
Super is a way of saving for retirement and you need to meet very strict conditions to access it early. Beware of people claiming you can use a self-managed super fund (SMSF) to withdraw your super early and pay off business debts, buy a car or pay for a holiday. This is a warning sign of a […]
Whether you’re an individual, company, trust, partnership or SMSF, Tax returns for financial year ending 2023 are now due. Tax Agents are required to lodge all FY23 returns by 15th of May 2024. If your return is lodged before the 15th of May and your return requires a tax payment there is until the 5th […]
