The main residence exemption is probably the most well-known feature of the capital gains tax (CGT) system to non-tax professionals. In straightforward cases, a property owned by individuals and used as a main residence throughout the period of ownership will receive a full exemption from CGT when the home is sold. Just about every homeowner… Continue Reading
Division 293 Shock!
Division 293 tax is an additional tax on concessional super contributions for “high income earners”, but the threshold isn’t so “high” and many taxpayers are caught by surprise when they receive the extra tax bill. This article explains what Division 293 tax is, who it applies to and how it can be dealt with, so… Continue Reading
ATO benchmarks – A handy business check-up
The ATO’s business benchmark data is a useful tool for smart business owners. These benchmarks can be accessed freely and used to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. The ATO has released its… Continue Reading
2019 Federal Government Budget
At 7:30pm tonight, Josh Frydenberg delivered his first budget announcing that the “budget is back in the black and Australia is back on track” and “for the first time in 12 years, our nation is again paying its own way”. The treasurer announced a forecast budget surplus of $7.1 Billion for 2019-20, $11 Billion for… Continue Reading
Single Touch Payroll (STP) – For all employers, big and small
As most employers will now be aware, the ATO has introduced Single Touch Payroll (STP), which is the process of reporting your salaries and wages, PAYG withholding and superannuation to the ATO from your payroll solution each time you pay your employees. STP became compulsory on 1 July 2018 for employers with 20 or more… Continue Reading
FBT Exemptions and Exclusions
It will be no surprise to any employer that, in the ever-changing employment landscape, there has been a huge push in recent times away from the traditional structure of employment relationships and that the expectations of employees have changed dramatically. What employees are looking for in a job is often centred less around financial benefits… Continue Reading
Getting social: digital marketing and financial incentives for small business
Over the past year we’ve seen a number of tax incentives on offer for small business, including a reduction in the company tax rate, an increase in the instant asset write-off threshold and, in the digital arena, the tax deductibility of expenditure on intangible assets, such as commercial websites. Never has there been a better… Continue Reading
Personal Services Income Explained
One of the most fundamental concepts in Australian taxation law is that of “substance over form”, which seeks to treat any particular arrangement based on the true nature of the arrangement, regardless of how it is labeled. Over the years, many sections of legislation have sprouted up to formalise the process of classifying arrangements correctly,… Continue Reading
PAYG Withholding: New penalties for non-compliance
Combating the black economy has been a key priority of the government in recent years. To reduce business activity that takes place “under the radar” of the tax system, new laws commencing 1 July 2019 will prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply with their… Continue Reading
New work test exemption for recent retirees
Many superannuation members are surprised to learn that Australia’s superannuation system places tight restrictions on who can make contributions after age 65. In some instances, this knowledge can unfortunately come too late, with members over 65 being shocked to learn that they can no longer make additional super contributions to their fund after retiring. From… Continue Reading
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- Payday Superannuation: What Employers Need to Know
- 2026 Federal Government Budget
- Changes to deductibility of ATO interest charges
- 2025 Federal Government Budget
- 2024 Federal Government Budget
- 2023 Federal Government Budget
- Revised method for claiming working from home expenses
- October 2022 Federal Budget
- 2022 Federal Government Budget
- Professional firms – ATO compliance approach to allocation of profits
- NSW 2022 COVID-19 Business support
- NSW 2021 COVID-19 Micro-Business Grant
- NSW 2021 COVID-19 JobSaver Payment
- NSW 2021 COVID-19 Business Grant
- Greater Sydney COVID-19 Lockdown – What Government Support is Available?
- Be aware and get ready for the upcoming increases to superannuation guarantee payments!
- The COVID-19 tax relief measures and support available for your 2021 tax returns!
- Government Grants Currently Available!
- 2021 Federal Government Budget
- Utilising taxable losses against prior year profits!
- The Benefits of Annual Tax Planning
- Xero Updates – March 2021
- Setting sales targets in uncertain times
- New wages subsidy for employers of apprentices and trainees
- Is your SMSF breaching NALI rules unknowingly?
- 2020 Federal Government Budget
- Jobkeeper – Nominate Additional Employees
- New options for claiming home office expenses during COVID-19
- COVID-19 effects on rental property owners
- Risks involved in consolidating super
- JobKeeper Payment: Eligibility Tests Clarified!
- NSW Government’s Economic Stimulus Package
- Rent relief for Businesses: The Commercial Tenancies Code of Conduct
- JobKeeker Payment – Government Clarifies Employer Eligibility
- JobKeeper Payment – The Next Round of Government Support!
- Second Government Coronavirus Rescue Package
- Government’s Response to Coronavirus Outbreak
- The Super Guarantee Opt-out is In!
- Going, going, gone! Main Residence Exemption removed for Foreign Residents
- The Crowdfunding Craze – Implications for Promoters and Contributors
- An Update from the 2020 Xero Roadshow
- Tis the Season! Tax implications of Christmas festivities
- Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
- $10,000 cash payment limit expected to take effect from 1 January 2020
- Superannuation Guarantee Amnesty legislation re-introduced
- GST on Imports – Are you optimising your Cash Flow?
- ForPurposeCo. – The epitome of social enterprise!
- “Where’s my refund?” and other questions about your 2019 Tax Return
- ABN registrations under scrutiny: does yours stack up?
- To SMSF, or not to SMSF?
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