With the total superannuation sector worth more than $3.5 trillion at the end of March 2023, superannuation is serious business. There are many types of superannuation funds available but sometimes having too many to choose from can be confusing. … Read Full Story
With the cost-of-living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they … Read Full Story
This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Under this change, small … Read Full Story
Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Seniors Health Card (CSHC). WHAT IS THE CSHC? … Read Full Story
With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximize your claims in … Read Full Story
F rom 1 July 2023, trustees and directors of SMSFs must report certain events that affect their members transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 … Read Full Story
If you run your business through a family trust, there’s some good news on thedistribution front. I n mid-April, the ATO responded to the landmark trust distribution case, namely the Guardian AIT appeal ruling in January by the Full … Read Full Story
One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing accounting, taxation and GST treatment. OPTIONSHow … Read Full Story
It’s now only a week or so until the Federal Budget, which is to be handed down on 9 May. Some of the things to look out this year potentially include: Abolition of Temporary Full Expensing Under current legislative … Read Full Story
Are you an employer who needs to make superannuation guarantee (SG) contributions for your employees? If so, it may be worthwhile bringing forward these SG contributions to before 1 July to benefit from a tax deduction this financial year. … Read Full Story
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