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 […]
Federal Budget 2024-25
The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures. Some of these may affect you directly or indirectly. We have provided a summary of these measures and what they […]
Selling your home? Beware of a partial capital gains tax (CGT) liability!
May 2024 Newsletter Introductory textThis month’s edition of our client newsletter includes an article on being aware of a partial capital gains tax (CGT) liability that may apply to you if you sell your main residence, potentially qualifying for a CGT exemption. This is followed by an item that explains why you should be wary […]
Six super strategies to consider before June 30
April 2024 Newsletter This month’s edition of our client newsletter sets out six different strategies for boosting your superannuation nest egg while potentially saving on tax. This is followed by an item that explains what happens to your tax status on leaving Australia to live or work somewhere else in the world. You might be […]
Stage 3 tax cuts – a tax saving opportunity?
March 2024 Newsletter This edition of our client newsletter features a run down on what taxpayers can do to maximise the benefits of the Stage 3 tax cuts that have recently been passed by Parliament. It explores some options for shifting taxable income from this year (2023-24) to the next (2024-25) by bringing forward deductions […]
Running a small business? Here’s what you need to know about CGT concessions.
Capital Gains Tax (CGT) concessions provide an opportunity for small businesses in Australia to reduce, disregard or defer some, or all of the capital gains from a business asset. It is important to understand these concessions and how they can impact your business’s bottom line. In this article, we will delve into the key aspects […]