Vacant residential land tax (VRLT) for Victorian homes from 1 January, 2025
The Victorian Government introduced vacant residential land tax (VRLT) on 1 January 2018 and the VRLT is assessed each calendar year. Please read on for important changes from 1 January 2025. Prior to 1 January 2025, VRLT applied only to vacant residential land in inner and middle Melbourne. From 1 January 2025, VRLT will expand […]
Christmas and Tax
December 2024 Newsletter This month’s newsletter is packed with helpful articles for the festive season and beyond. As year-end celebrations approach, our first article explains the tax rules around Christmas expenses for business owners. We cover FBT, GST credits, and what’s tax deductible, so you can avoid any surprises. Next, we explore claiming self-education expenses. While these […]
Christmas deductions in 2024 – what can you claim for Christmas functions and gifts?
With Christmas and the festive season just around the corner, business owners are getting ready for their end of year celebrations. Knowing the rules around Fringe Benefits Tax (FBT), Goods and Services Tax (GST) credits, and what’s tax deductible will help you plan enjoyable summer festivities with staff and clients, without unnecessary tax surprises. First, […]
How taxable is that side hustle?
November 2024 Newsletter This month’s edition of our client newsletter includes an article on whether income from ‘side hustle’ activities are subject to tax. This article provides a brief summary of the types of side hustles that exist, whether such activities are considered a business or a hobby and the tax issues to consider if […]
Making contributions later in life
October 2024 Newsletter This month’s edition of our client newsletter includes an article on making contributions later in life. Changes to superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. This article provides a brief summary of what you need to know about making contributions […]
Who is a spouse under the tax laws, and why does it matter?
September 2024 Newsletter This month’s news edition of our client newsletter includes an article on who is a spouse under the tax laws and why it matters. Whether you have a spouse or not can impact your individual tax assessment with the ATO as your spouse’s income can impact your eligibility for certain tax rebates […]
7 benefits of using a tax accountant
Taxes and tax returns – one thing is for certain, they come along every year. The team at Colledges is here to help you tackle those tax forms that can look like cryptic crossword puzzles, and to find deductions that you didn’t think were possible. We make sense of tax time with plain English, so […]
The Importance of “Tax Residency”
August 2024 Newsletter This month’s edition of our client newsletter includes an article on the importance of “tax residency”. Whether you are a tax resident of Australia or not can have significant consequences for you so if you find yourself in any such circumstances (eg, you undertake a foreign posting for a period or you […]
Division 293 tax – will you be caught?
July 2024 Newsletter This month’s edition of our client newsletter includes an article on the extra 15% “Division 293 tax” which applies to high income earners who have income and concessional superannuation contributions exceeding $250,000 in 2023/24. The article explains how the extra tax works and how you can pay for it if you’re liable. This […]
Getting tax-time ready for 2024 – a checklist
Tax time is here again for 2024. This year, the Australian Taxation Office (ATO) https://www.ato.gov.au/media-centre/ato-flags-3-key-focus-areas-for-this-tax-time has announced it will be taking a close look at these three common errors being made by taxpayers: 1. Incorrectly claiming work-related expenses 2. Inflating claims for rental properties 3. Failing to include all income when lodging. The ATO’s website […]