ATO

More women using ‘downsizer’ contributions to boost super

2024-10-10T15:30:16+10:00October 31st, 2024|ATO, Family, General, Super|

If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies). In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of

Payday super: the details

2024-10-10T14:59:37+10:00September 10th, 2024|ATO, Corporate, General, Super|

‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current

It wasn’t me: the tax fraud scam

2024-10-10T14:57:37+10:00September 1st, 2024|ATO, Corporate, Family, General, News, NSW, Scams|

You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is rapidly becoming the most common tax

When is a gift not a gift?

2024-08-14T21:32:09+10:00August 14th, 2024|ATO, Family, General|

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank

Earned an income from the sharing economy?

2024-08-14T21:40:59+10:00July 22nd, 2024|ATO, General|

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing

$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

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