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 […]
Let’s talk about death and taxes with Angelo Sirianni, Partner at Colledges
There are two things certain in life – death and taxes. In this article, we talk about both. We interviewed Angelo Sirianni, who is a Partner at Colledges, about why it’s essential to have that sensitive conversation with your family. We know it’s not an easy subject and we’re here to help you work through […]
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 […]
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 […]
Financial Wellbeing: How well is your household budget supporting your lifestyle needs?
The cost of living in general has changed considerably over the last twelve months and Australians are feeling more financially stressed than they have for some time. When the economy puts more pressure on people and it’s time to tighten the purse strings, having better control of your money has a significant impact on your […]
Working from home – your reporting obligations and what you can claim as a deduction
We haven’t seen a paradigm shift in Australia’s workforce this significant for many years. The ability to work from wherever you want to call your office and use the hours in your day to be as productive as you need, is now a real thing! Work-life balance has become much more achievable. Many Australians are […]
Do you have your Will ready? Here’s what you need to know
Have you been thinking about creating a Will but haven’t had the time? At Colledges, we’re working right alongside our clients supporting them to manage and grow their financial spheres. We get involved in their financial successes as well as their challenges, their growth and succession planning. Therefore, we’re in the perfect position to see […]
What is STP and how does it work?
STP stands for Single Touch Payroll, which was introduced by the government in July 2019 to make it much each for businesses to manage their payroll obligations. It streamlines the process of payroll, and allows you to report on employees’ payroll information to the ATO directly, each time you pay them through STP-enabled software. This […]
End Of Financial Year Checklist for Individuals (Non-Business)
In order to complete your income tax return, you need to ensure that you compile all your records together, declare all of your assessable income, maximise your deductions and ensure you make the most of available tax offsets. Please see below our checklist to help you gather your documentation. INCOME Individual PAYG Payment Summaries (Group […]
Proof of Purchase – ATO targeting other work-related expenses in 2022
Every year the ATO reminds us that “this year we are paying close attention to what people are claiming as ‘other’ work-related expense deductions”. This comes after a number of people have been found by the Administrative Appeals Tribunal (AAT), to have made false claims on their tax returns. An IBM salesman claimed $5,400 for […]