Helpful Articles and News from Garnet

Capital Works Deductions Explained

Capital Works Deductions Explained

What are capital works deductions? Understanding tax depreciation lingo can sometimes be confusing but as an investor, it’s important that you have a good understanding of the depreciation deductions you can claim to ensure you’re getting the most out of your...

Tax implications of having more than one job

Tax implications of having more than one job

If you are working two or more jobs casually or if you have overlapping contract work, you need to be careful to avoid an end of financial year tax debt. With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19...

Pension transfer cap to increase

Pension transfer cap to increase

From 1 July 2021, the general pension transfer balance cap will increase from $1.6m to $1.7m due to indexation. "Indexation is a technique to adjust income payments by means of a price index, in order to maintain the purchasing power of the public after inflation,...

Reform of the ABN System

Reform of the ABN System

The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. It has since become a de facto licence to do business despite no substantial changes in the application process in the intervening...