Employers beware: increase in super guarantee
Employers with manual payroll processes beware, the rate of super guarantee has increased to 10%, make sure you’re not underpaying super and avoid penalties. With the advent of a new financial year, there is an important change from 1 July 2021 that employers should...
Workplace giving v salary sacrifice donations
Have you made a donation through workplace giving or a salary sacrifice arrangement? What you can deduct on your tax return may differ. With tax time well and truly upon us, many of us will be looking at what deductions we can claim in this year’s tax return. If...
ATO crackdown on individual taxpayers with data-matching on novated leases
The ATO crackdown on individual taxpayers continues with another data-matching program on novated leases. Following on from the revelation that the bulk of tax collected by the ATO comes from individual taxpayers, it comes as no surprise that the ATO is continuing to...
Personal Use and Collectables in Self Managed Super Funds
Contrary to popular belief, your Self Managed Super Fund can actually invest in collectables such as artworks, jewellery and wine as well as personal use assets such as boats, classic cars or other vehicles. However, investment in these assets must meet very strict...
Get ready for tax time 2021
Get ready, tax time 2021 is fast approaching, the ATO noted it will be focusing on work-related expenses such as car and travel expenses. While the ATO annual statistics releases are usually quite dry and technical, it does give a nice insight into why the ATO does...
Private health insurance rebate frozen
Is your private health insurance getting more expensive every year? This could be the sneaky reason why... The government has once again quietly sought to freeze the private health insurance income thresholds for the private health insurance incentive, this time for...
ATO target rental property owners
Rental property owners beware, the ATO has commenced 2 data-matching programs designed to obtain a myriad of information to ensure that various income tax reporting obligations have been met. Specifically, the ATO will run a new data-matching program to collect...
Facing financial difficulty?
Can I be released from my tax debts when facing financial difficulty? As the economy adjusts to the removal of most government COVID support measures, coupled with the slow rollout of national vaccination and mostly closed international borders, there is no doubt that...
2021 Fringe Benefits Tax Return due soon
The 2021 Fringe Benefits Tax return for the period 1 April 2020 to 31 March 2021 is due soon. For those businesses that prepare their own returns, lodgment of the return can be made up until 25 June 2021 without incurring a failure to lodge on time penalty. Although...
Life insurance in super: costs on the way up?
It is estimated that around 70% of Australians with life insurance hold it through their super fund. Having insurance through your super fund is tax-effective and has various advantages such as having cheaper premiums and usually having fewer health checks. Most funds...