If you’re a new client with a Tax Agent, you’ll now find that there’s a requirement to undergo a proof of identity process. More info can be found from the ATO’s Agent Client Verification page. Strong client verification helps to protect tax practitioners, clients and Australia’s tax and super systems from misuse due to identity […]
Happy New Financial year! Now that 2022/23 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 earnings […]
As the start of the new financial year rolls around, those employing staff and hiring eligible contractors need to be aware that Super Guarantee and Award Wages are increasing as of July 1st. Super Guarantee If you have employees, or hire eligible contractors, you’ll need to ensure your payroll and accounting systems are updated to […]
Low and middle income tax offset (LMITO) ended on 30 June 2022. This means the LMITO doesn’t apply for the 2022–23 income year. From 1 July 2022 you may be eligible for the low income tax offset only, if you earn up to $66,667. If you’re a lower/middle income earner, your tax return outcome may be different […]
If you’re an employer wanting to claim a tax deduction for super payments made before 30th of June, you’ll need to ensure you get your payment in well before the end of the month. The Small Business Super Clearing house (SBSCH) will be unavailable from Saturday 24th to Sunday 25th June 2023 due to a scheduled […]
Each year the ATO has a few key areas of focus that prioritise common mistake areas. This financial year’s three areas of focus are: rental property deductions work-related expense capital gains tax To maximise your claims and reduce the likelihood of an ATO audit or adjustments later, let’s deep dive into what they’re looking into: […]
If you rent out property – rental and/or holiday rental, there’s a plethora of record keeping requirements that are required by the ATO to stay on top of your investment requirements for the income and deductions related to the investment property. The ATO’s review of income tax returns found that common mistakes are; rental income […]
There are a number of ways you can grow your super to make a positive difference to give you more optionality for your lifestyle in retirement. If you are, or have been employed, you should make the most of employer’s contributions by: checking your employer’s super guarantee contributions are paid into your fund (if you’re eligible […]
Each year on June 1st, Student Loans have an indexation added to their loans to maintain its real value by adjusting it in line with changes in the cost of living. Historically these indexations have been 0.6-3.9%. This coming June 1st 2023, the indexation rate being applied to loans will be increased to 7.1%. As […]
Most businesses have assets which are expected to decline in value over time. These might include assets such as: machinery, tools and safety equipment, motor vehicles, furniture, computers and phones. Firstly we quantify the total cost of the asset and then know how much of the total cost of each asset you can write off […]
Times are tough – between inflation and increasing interest rates and supply costs there’s a lot to keep on top of to maintain good cashflow. Some tips to stay on the front foot with your cashflow include: Contacting utilities (electricity, gas, internet, phone, etc) providers to ask for a better deal; if they don’t offer […]
Capital gains tax (CGT) is the tax you pay on profits from selling assets, such as property or shares. The capital gain (or loss) is the difference between what it cost you and what you get when you sell (or dispose of) it. You report capital gains and capital losses in your income tax return […]
Whilst the 1st of July is the start of the new financial year and the first date that organised folks can lodge their tax returns for the previous financial year, there are a few stragglers who have not have submitted their FY 22 tax return as yet. As your registered Tax Agent we have until […]
Single Touch Payroll Phase 2 will streamline reporting information about employees to government agencies. This expansion of Single Touch Payroll (also known as STP Phase 2) reduces the reporting burden for employers who need to report information about their employees to multiple government agencies. It also helps Services Australia’s customers – who may be your […]
It’s easy to make mistakes when it comes to managing your rental property finances. Here are the three most common mistakes made by rental property owners: Keeping records for 5 years Forgetting to keeping financial records for at least five years after the property is sold. Did you know you must have evidence of your […]
How you calculate working from home deductions will change for the coming 2022-23 tax returns. If you’re working from home, you can deduct expenses you incur to work from home such as stationery, energy and office equipment. You can claim tax deductions for home-based business expenses if you operate some or all of your business […]
The Medicare levy helps fund some of the costs of Australia’s public health system known as Medicare. It is an amount you pay in addition to the tax you pay on your taxable income. The Medicare levy is 2% of your taxable income. We calculate your Medicare levy when you lodge your income tax return. […]
With the increased prevalence of cyber attacks on businesses and individuals it’s important we take precautions to ensure we’re safeguarding our information and access. Here are some tips that are worthwhile reviewing to stay on top of cyber security: Application Control – Application control is a security approach used in PCs that utilise Microsoft’s operating […]
When managing our Self Managed Super Fund (SMSF) it’s important to ensure that your in-house assets aren’t more than 5% of your SMSF’s total assets. An in-house asset is: a loan to, or an investment in, a related party of your fund (that includes: members of your fund, trustees, associates of fund members; relatives, business […]
Nothing like a fresh start to a new year to kick start a health kick or action that self help book we have just read. The ATO even have some top tips to start the year right for our super and tax. Some of their suggestions include: Is Your Hobby a Business or Not? If […]
