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
Shuffling the Deck: 2022-23 Budget 2.0 Last night the Treasurer, Jim Chalmers, handed down his first Federal Budget. Given the rapidly escalating economic risks – a deteriorating global growth outlook, rising inflation and structural spending pressure, he promised a "solid and sensible budget". There is nothing in this Budget that would create a UK style
The Australian Tax Office (ATO) is now writing to businesses with an active ABN whose tax debt meet the criteria for disclosure of debts. This means your tax debt may now negatively affect your credit rating and ability to source new finance. Businesses with over $100,000 in tax debts may receive letters from the ATO
The Australian Tax Office has flagged an important change in its approach to debt collection and insolvency, with a return to full-time status for its collections department. Recovery of debts is a "key focus" of the ATO's payment and debt strategies moving forward. Businesses, and Directors, need to be aware of the actions the
We are hosting a webinar next week to provide an update on the current state of play in business and personal finance. Sharon Lewis (Designer Financial Services, Director of Commercial & Mortgages) is presenting, she will cover a general economic market update, interest rate update, business funding, property funding, asset finance and alternative funding
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of
