Latest Blogs

 

New Tax-Related Measures Announced by the Government

New Tax-Related Measures Announced by the Government

From Government Redesigned Stage 3 Tax Cuts According to the government, it will make changes to the Stage 3 Tax Cuts and will commence on 1 July 2024. While the government still needs support to make changes to pass through Parliament, the purpose of redesigned Stage...

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Can You Use Your SMSF for Property Development?

Can You Use Your SMSF for Property Development?

It is a known fact that Australians have a keen interest in property investment. One of the main reasons for this is the 15% preferential tax rate on income during the accumulation phase, which can potentially mean no tax during retirement. Due to this, many trustees...

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Stage 3 Personal Income Tax Cut Changes

Stage 3 Personal Income Tax Cut Changes

The government announced new changes to individual income tax rates and thresholds on 25 January 2024 that may come into effect from 1 July 2024. Keep in mind that these changes are not yet law. From 1 July 2024, the tax cuts will: • 19% tax rate will be reduced and...

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Is Novated Lease Worth It in 2024?

Is Novated Lease Worth It in 2024?

Are you planning to finance a new car this year? If yes, you may wonder how to go for it. Many of you may have heard about leasing a new car purchase, but have you learnt about a novated lease? Novated lease is helpful in buying a new car while saving more on taxes....

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Maximising Benefits with Spouse Super Contributions

Maximising Benefits with Spouse Super Contributions

In today’s blog, we’ll explore how you can strategically leverage spouse super contributions for maximum financial benefits. In this comprehensive guide, we'll walk you through two powerful strategies, splitting your contributions with your spouse and claiming a tax...

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Navigating GST Credits with Reliable Accountants

Navigating GST Credits with Reliable Accountants

In today's blog, we're demystifying GST credits and exploring when you are allowed to claim GST credits and when you can't claim them. Claiming GST credits isn't always straightforward. To know what conditions you need to meet to claim GST credits and when you are not...

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When Can You Claim Your Super Early?

When Can You Claim Your Super Early?

When you want to access your super early, then you may need to meet a few conditions because there are certain circumstances in which you can claim your super early. The circumstances will be discussed in this blog. When Are You Allowed to Claim Your Super Early? You...

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The Key Issues and Influences of 2024

The Key Issues and Influences of 2024

Inflation and Labour Supply According to Michelle Bullock, RBA Governor, inflation is going in the right direction but it intends to return to target slightly more slowly than expected. Though there have been positive indications, there is still uncertainty. In the...

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How to Avoid Giving the ATO a Bonus this Christmas?

How to Avoid Giving the ATO a Bonus this Christmas?

If you don’t want to pay tax on Christmas, then you should read this blog where we’ll discuss a few tips to help you avoid giving the ATO a bonus this festive season. Keep Team Gifts Spontaneous $300 is the minor benefit threshold for FBT so anything at or above this...

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Latest Tax News for December 2023: What You Must Know?

Latest Tax News for December 2023: What You Must Know?

In today’s blog, we’ll explore the latest tax news for December 2023. Let’s delve right into recent developments. ATO’s Lodgment Penalty Amnesty is Nearing Its End You can take the benefit of ATO’s lodgment penalty amnesty until 31 December 2023. To be eligible for...

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Holding Costs for Vacant Land Explained

Holding Costs for Vacant Land Explained

From 1 July 2019, section 26-102 ITAA 1997 applies and can reject the deduction for losses or outgoings relating to holding land if there is no substantial and permanent structure available for usage or in usage on the land. Some exceptions apply to the operation of...

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Eligibility Criteria to Claim Self-Education Expenses

Eligibility Criteria to Claim Self-Education Expenses

The ATO issued a new draft ruling TR 2023/D1, which focuses on the availability of deductions for self-education expenses for individuals. For self-education expenses incurred by someone who is not running a business to be deductible, they must be incurred in gaining...

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Latest Tax Update on Division 7A and UPEs

Latest Tax Update on Division 7A and UPEs

In this blog, we’ll cover the latest tax updates that have been announced in the past few months. Let’s get started: Division 7A and UPEs In Bendel and Commissioner of Taxation [2023] AATA 3074, the ATO’s long-held position was successfully challenged by the taxpayer...

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Individual Tax Return Lodgment with a Tax Return Accountant

Individual Tax Return Lodgment with a Tax Return Accountant

Are you worried about queries like how to get assistance from a sole trader tax return accountant, the process of individual tax return lodgment, and so on? No worries, you can seek help from a professional tax accountant who will guide you thoroughly about all tax...

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Streamlining Business: Nominate Your Agents in 5 Easy Steps

Streamlining Business: Nominate Your Agents in 5 Easy Steps

In today’s blog, we’ll discuss the client-to-agent linking process to help you know the steps involved in this process. Let’s get started: What is the Linking Process? To protect you and your clients against identity-related theft, the ATO is improving the security of...

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New to Tax and Super: A Beginner’s Guide

New to Tax and Super: A Beginner’s Guide

Welcome to the world of taxes and superannuation in Australia. If you're new to the tax and super system, this blog will be your guide to kick-start your journey. To learn everything about taxes and superannuation, continue reading this blog. Let’s get started: Why Do...

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What Accountants Are Asking about the Absence Rule?

What Accountants Are Asking about the Absence Rule?

The blog shares the most common questions that are asked by accountants about the absence rule. Does the Absence Rule Apply? Main residence that becomes a rental property and a new property purchased For instance, a person purchased his main residence in January 2015...

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When is Food GST-Free?

When is Food GST-Free?

In a recent case before the Administrative Appeals Tribunal (AAT), it was discovered that while Chobani plain yoghurt is GST-free, the 'flip' range of Chobani is taxable. This demonstrates how fine the dividing line can be between GST-free and taxable foods. In 2000,...

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Recent Changes and Updates in Taxation and Employment Laws

Recent Changes and Updates in Taxation and Employment Laws

 Unpaid Trust Distributions to a Company What happens when a trust assigns revenue to a private company beneficiary but doesn’t pay? The tax status of this underpaid amount was at the heart of a recent Administrative Appeals Tribunal (AAT) case in which a taxpayer...

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Workers Owed $3.6bn in Super Guarantee

Workers Owed $3.6bn in Super Guarantee

According to the Australian Taxation Office, workers are owed above $3.6bn in superannuation guarantee – the amount the regulators and government are looking to change dramatically. The statistics on employer superannuation guarantee compliance seem good with above...

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Difference between an Accountant and an Auditor

Difference between an Accountant and an Auditor

Many people often use the terms 'accountant' and 'auditor' interchangeably, as both professions require similar skills and knowledge in accounting, bookkeeping and data analysis. However, it is vital to understand the key differences between these two roles. Let’s get...

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