$20k instant asset write-off passes Parliament

2024-07-01T15:45:51+10:00July 9th, 2024|ATO, Corporate, General, News|

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 June 2024 can

What’s ahead for 2024-25?

2024-07-01T15:38:27+10:00July 1st, 2024|ATO, Budget, Corporate, General, News, Super|

Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased

What’s changing on 1 July 2024?

2024-06-04T20:55:32+10:00June 12th, 2024|ATO, Budget, Corporate, General, Super|

Here’s a summary of the key changes coming into effect on 1 July 2024: Tax cuts reduce personal income tax rates and change the thresholds. Superannuation guarantee increases from 11% to 11.5% - check the impact on any salary package arrangements. Superannuation caps increase from $27,500 to $30,000 for concessional super contributions and from

The Essential 30 June Guide

2024-06-04T20:39:45+10:00June 5th, 2024|ATO, Budget, Corporate, Family, General, News|

The end of the financial year is fast approaching. Click HERE for an insightful article titled "The Essential 30 June Guide," it outlines the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. In summary: Key Opportunities for You 1. Tax Cuts and Deductions: - Prepay deductible expenses and

Budget 2024-25 Summary: The Price is Right

2024-05-20T15:01:49+10:00May 15th, 2024|ATO, Budget, Corporate, General|

Last night, Treasurer Jim Chalmers unveiled his third Federal Budget, emphasising immediate inflation concerns and medium-term economic growth. The budget anticipates a modest surplus of $9.3 billion for the 2023-24 fiscal year. The Federal Government is tasked with supporting Australians amidst rising living costs while avoiding actions that could exacerbate inflation. Additionally, economic productivity

Company money crackdown

2024-04-27T10:15:47+10:00April 30th, 2024|ATO, Corporate, General|

The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred. While there

The assault on professional services

2024-04-15T10:38:36+10:00April 26th, 2024|ATO, Corporate, General|

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms - lawyers, accountants, architects, medical practices, engineers, architects etc., – are appropriately

Getting back what you put in: Loans to get a business started

2024-03-31T10:47:25+10:00April 4th, 2024|ATO, Corporate|

It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications. A case before the Administrate

The Fringe Benefit Tax traps

2024-03-31T10:38:37+10:00March 25th, 2024|ATO, Corporate|

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use.

How to take advantage of the 1 July super cap increase

2024-03-11T09:07:53+10:00March 11th, 2024|ATO, General, News, Super|

From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution

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