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 […]
Compensation from your bank or financial institution – is it taxable?
February 2024 Newsletter With Christmas a distant memory life, and tax obligations, are returning to a familiar routine. In this issue we look at a variety of tax issues, including a consideration of the tax consequences if you receive compensation when your bank or financial institution hasn’t acted as ethically and correctly as they could […]
Give yourself a super gift this Christmas
Superannuation remains a cornerstone of financial planning for most Australians. In this issue, we provide you with a practical to-do list to make sure that your super is working optimally for you. This to-do list includes consolidating your super, reviewing your investment strategy, checking your beneficiary nominations and insurance within your superannuation. Undertaking these tasks can significantly impact your […]
Christmas deductions – 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, […]
Are you tax-time ready in 2023?
Whether you’re getting organised for an individual tax return or a business tax return, the more preparation you do before heading in for an appointment with your accountant, the more time you’ll save and ultimately the better your tax return will be. Tax returns require you to have a handle on two essential things: money […]