A wealth of scientific research has underlined the profound impact of financial issues on physical and mental well-being. Those wrestling with debt are more susceptible to various conditions, such as insomnia, hypertension, chronic pain, and even cardiac issues. However, it is our mental health that often bears the heaviest toll. Acute financial stress can
Tax planning applies to anyone who lodges a tax return and receives a tax assessment. In light of the Australian Taxation Office (ATO) shifting its focus to the small business ATO debt accumulated during the COVID-19 pandemic, understanding your tax payment schedule is vital for maintaining healthy personal and business cash flows. Tax planning
Ace in the Hole: Budget 2023-24 Last night the Treasurer, Jim Chalmers, handed down his second Federal Budget. The ‘ace in the hole’ of the 2023-24 Federal Budget was despite global economic uncertainty, a $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take. A forecasted
The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023 Little has been released to date on the impending Budget beyond the tax on super balances above $3m and the decision not to extend the temporary $1,500 low and middle income tax offset beyond 30 June 2023. Cost of living is a
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: • How many days was it rented out and was the rent in line
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method
The Government has announced that from 2025-26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up to $3m. From $3m onwards, the rate will increase to 30%.
In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate financial returns. Sometimes in
It’s that time of year again - what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax effective Christmas season: Tax & Christmas For GST registered businesses (not tax exempt) that are not
Reminder: Your immediate attention regarding obtaining a director ID is required. The deadline to obtain your director ID is 30 November 2022. We feel obliged to inform you of the possible penalties below that may be enforced by the ABRS if you do not obtain the Director ID by the due date: Last year, we
