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Tax Time Targets

The ATO has flagged four priority areas this tax season. With tax season upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping: 101 of working with the ATO is that you can’t claim it if you can’t prove it. If you are audited, the ATO will […]

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. But, there are a few problems. Firstly, the announcement is just that, it is not yet law. And, we do not know the position of the new Government on this measure and, we are yet to see draft legislation or detail […]

1 July 2022 and superannuation contribution changes

Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all superannuation members, young and old, to grow their retirement savings. What are the changes? Originally announced in the 2021 Federal Budget, the following changes apply from […]

Changes to Payroll Obligations 1 July 2021

Changes to Payroll Obligations 1 July 2021 There are two key changes for businesses to consider in relation to their payroll obligations which will take affect from 1 July 2021. If you are unsure what impact these changes will have on your business, please contact our office. Superannuation Guarantee Rate The superannuation guarantee rate will […]

2020-21 Federal Budget – Temporary loss carry-back for companies

Start date – losses incurred in 2019/20. Election first available when lodging 2020/21 tax return.   The Government has announced that the tax law will be amended to allow corporate tax entities with an aggregated turnover of less than $5 billion to elect to carry-back tax losses from the 2019–20, 2020–21, or 2021–22 income years […]

Jobkeeper Payment Overview

The JobKeeper Payment scheme is a temporary subsidy for businesses significantly affected by coronavirus (COVID-19). Eligible employers, sole traders and other entities can apply to receive $1,500 per eligible employee per fortnight from 30 March 2020, for a maximum period of 6 months. A jobkeeper fortnight is defined as the fortnight beginning on the 30th of […]

Land tax and stamp duty surcharges

Changes to land tax and stamp duty are in effect, however the laws are slightly different for each state. These taxes are primarily targeted towards foreign purchasers and foreign owners, but if you have a property in a discretionary trust or wish to buy a property in an existing trust then these surcharges may affect […]

Changes to Personal Income Taxes

On 5th July 2019 the changes to individual tax rates had received Royal Assent as Act No.52 of 2019. The 2019 Act gives effect to three-stages of personal tax cuts which was announced in the 2019-20 Federal Budget. Please click this link to continue reading If you have any questions about these changes please call […]

When did you last review your SMSF’s investment strategy?

You may be aware that the Australian Tax Office (ATO) has issued letters to nearly 18,000 SMSF trustees as part of a campaign to ensure trustees are aware of their investment obligations. Of key concern is ensuring that trustees have considered diversification and liquidity of their assets when formulating and executing their fund’s investment strategy. […]

Wills and Estate Planning

Most people will agree that a Will is an important part of Estate Planning, but it is not a set and forget type of document. There are many things to consider including changes in personal circumstances, finances, family additions and breakdowns. Our lives are constantly changing and so are the needs and requirements of a […]