Get your employees’ super right for the new financial year
It’s a new financial year. Make sure your employees’ pay and superannuation contributions are processed right, with a number of changes and rate adjustments coming into effect from 1 July 2024. As the new financial year begins, employers need to keep an eye on various...
Get ready for tax time 2024
As the ATO gears up for tax time 2024, it has flagged three primary areas where taxpayers frequently make mistakes. It has emphasised the importance of getting tax returns right the first time to avoid unnecessary complications from having to amend tax returns and...
Federal Budget 2024: Business Measures
Treasurer Jim Chalmers has handed down the 2024-25 Federal Budget with various tax-related measures concerning SMEs. On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major SME business tax-related measures...
Super on Paid Parental Leave
In a win for gender equality, the Australian government enhancing women's retirement savings by paying super on government PPL and expanding the PPL. The government has announced that from 1 July 2025, it will commence paying super on Government Paid Parental Leave...
Revised stage 3 tax cuts now law
The revised stage 3 tax cuts are now law, and it is time to be proactive about your time planning. Find out how it will affect you here. Now that the revised stage 3 tax cuts have passed all stages of Parliament and received Royal Assent, the new rates are law and...
FBT electric vehicle home charging rate
With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity. Since the introduction of EV incentives by various state governments to encourage the...
Estate planning considerations
Estate planning is a complex area that requires careful consideration of tax implications, which can vary widely depending on individual circumstances. Many issues that affect the distribution of assets to beneficiaries will need to be considered before an individual...
Are you receiving PSI?
Do you earn PSI? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals use their personal effort or skills. Personal Services Income (PSI) generally only applies to individuals that...
Foreign investors to pay more for residential property
Foreign investors will soon be paying more for residential housing under a government plan to boost housing stock for Australians. In response to various media commentary and public sentiment that foreign investors are one of the most significant factors causing the...
ATO’s continued focus on illegal early release super funds
ATO is continuing to target illegal early release of super in 2024. Find out about the tools and strategies they are using this year. As a new calendar year commences, the ATO’s priorities in the SMSF sector remain consistent. As with previous years, the greatest area...