$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

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

2024-04-15T10:30:05+10:00April 15th, 2024|Budget, General, News|

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first

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

The Redesigned Stage 3 Personal Income Tax Cuts

2024-01-30T13:24:28+10:00January 30th, 2024|ATO, Budget, General, News|

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more

The key influences of 2024

2024-01-21T16:25:34+10:00January 18th, 2024|ATO, Budget, Corporate, General, News, SMSF, Super|

Uncertainty has reigned over the last few years, but can we expect more consistency as we kick off 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the right direction, but it is likely to return

Up to 10 years in prison for deliberate ‘wage theft’

2024-01-21T15:35:14+10:00December 21st, 2023|Corporate, General, News|

Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and: For individuals - 5,000 penalty units (currently $1,565,000). For businesses - 25,000 penalty units (currently $7,825,000). The reforms

Fixed-term employment contracts limited to 2 years

2023-12-08T06:07:22+10:00December 6th, 2023|Corporate, General, News|

From 6 December 2023, employers can no longer employ an employee on a fixed-term contract that: is for 2 or more years (including extensions) may be extended more than once, or is a new contract: o   that is for the same or a substantially similar role as previous contracts o   with substantial continuity of

30% tax on super earnings above $3m

2023-10-12T12:11:23+10:00October 12th, 2023|ATO, General, News, SMSF, Super|

Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality. The draft legislation appears largely unchanged

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