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 […]