SMSF trustees with limited recourse borrowing arrangements (LRBAs) are now feeling the impact of 10 interest rate rises since May 2022 in one hit, from July 2023. SMSF trustees relying on the ATO’s safe harbour terms to ensure that … Read Full Story
Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc. The tax treatment … Read Full Story
The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO … Read Full Story
The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: Cents per kilometre method This method … Read Full Story
Since Budget night, the ATO has released more information around the small business lodgement amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that … Read Full Story
Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of: Minimum wage increase The National Minimum Wage applies to employees who aren’t covered by an award or … Read Full Story
The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should … Read Full Story
Another key Federal Court case may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is … Read Full Story
The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after … Read Full Story
The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one … Read Full Story
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