Opting for salary sacrifice can be a smart way to grow your superannuation balance and strengthen your financial future. By contributing additional pre-tax income to your super fund, you could set yourself up for a more comfortable retirement. Here’s what to consider when deciding if salary sacrifice is right for you. What Is Salary Sacrifice?Salary […]
Starting 1 July 2025, new parents receiving government paid parental leave (PPL) will begin receiving superannuation contributions alongside their PPL payments. The government announced this change in early 2024, and the necessary legislation has now been passed. Under this new arrangement, eligible parents with children born or adopted on or after 1 July 2025 will […]
The Australian Taxation Office (ATO) has expanded its data-matching efforts, including a specific program focused on high-value “lifestyle” assets. From 2023 through 2026, the ATO will work with insurance providers to gather information on assets exceeding certain value thresholds, aiming to enhance tax compliance. The assets and respective value thresholds targeted include: • Caravans and […]
With BAS deadlines approaching, it’s a perfect time to ensure your business is prepared to meet reporting requirements. If your business is registered for GST, you’ll need to lodge a Business Activity Statement (BAS) monthly or quarterly, and in some cases annually, depending on your turnover and circumstances. When you register for an Australian Business […]
If you own a holiday home that you sometimes rent out, it’s important to understand how this affects your tax obligations. Rental income from your holiday home is taxable, and you may be able to claim expenses associated with earning that income. However, expenses must be proportionally allocated if: Expenses directly related to renting out […]
You may have heard that the annual cap on non-concessional contributions (NCCs) has increased for 2024–2025. This is great news for superannuation members who want to maximise their retirement savings. NCCs are your own after-tax contributions, meaning they’re distinct and separate from concessional contributions such as compulsory employer contributions made for you, additional salary sacrifice […]
The ATO has recently confirmed that collection of business debts – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) withholding and GST – is among its key focus areas. This is a timely reminder for all businesses to ensure they’re meeting their obligations. The most recent ATO statistics show that although […]
With the latest statistics showing a significant rise in liquidations and with the ATO’s focused efforts on debt collection, small businesses face significant financial pressures. However, the answer isn’t to evade responsibilities or take shortcuts – business restructuring has to be done properly and in compliance with the relevant laws. The small business restructure roll-over […]
Does your business or investment structure make payments such as interest, dividends or royalties to any foreign residents? You may be required to withhold tax from these payments. The ATO is currently focusing on ensuring that taxpayers are aware of these obligations. If these withholding requirements apply to you, you’ll need to lodge a PAYG […]
If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year, from any source. This is called the “tax-free threshold”. If you have more than one job, change employers during the year, have a sole trader side gig or get government payments, it’s […]
Tax time 2024 sees the ATO continuing to turn the spotlight on rental property owners and inflated claims to offset increases in rental income. ATO data shows the majority of rental property owners are continuing to get information in their income tax returns wrong, even with most using a registered tax agent to complete their […]
Claiming work-related expenses is an area where taxpayers frequently make mistakes, and the ATO has flagged it a primary area of focus for tax time 2024. More than eight million taxpayers claimed a work-related deduction in 2023, with around half of those claiming a deduction related to working from home costs, so it’s clear that […]
Despite preventative approaches by the ATO and the National Anti-Scam Centre (NASC) to take down fraudulent websites and block scam text messages, ATO impersonation scams are on the rise as tax time approaches. Using unsolicited contact via SMS, email or on social media, ATO impersonators frequently offer refunds or assistance in resolving tax issues or […]
The Australian Securities and Investments Commission (ASIC) has issued a scam alert warning consumers that there has been an increase in the use of ASIC’s logo in social media scams promoting fake investments and stock market trading courses; cold calling scams; and impersonation accounts on Telegram. ASIC is working with the National Anti-Scam Centre (NASC) […]
The ATO is encouraging small business owners to prepare for their 2024 tax return lodgment by considering the following: […]