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

May 2023 Federal Budget Summary

2023-05-10T12:17:33+10:00May 10th, 2023|ATO, Budget, General, News, Support|

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

Budget 2023-24

2023-05-10T12:16:37+10:00April 27th, 2023|ATO, General, News|

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

What will the ATO be asking about your Holiday Home?

2023-05-09T23:40:58+10:00April 6th, 2023|ATO, Family, General, News|

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

What’s the Deal with Working from Home?

2023-03-15T08:34:52+10:00March 15th, 2023|ATO, Corporate, Family, General, News, WFH|

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

Future earnings for super balances above $3m taxed at 30% from 2025-26

2023-03-01T09:24:18+10:00March 1st, 2023|ATO, General, News, Super|

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%.

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